Chicago, July 11, 2024 (GLOBE NEWSWIRE) -- The Software Asset Management Market is expected to grow from USD 3.5 billion in 2024 to USD 7.3 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 16.0% during the forecast period, according to a new report by MarketsandMarkets™.
The demand for the software asset management market is increasing globally due to the need for cost optimization, regulatory compliance, and effective management of digital transformations.
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Software Asset Management Market Dynamics:
Drivers:
- Growing need to manage and optimize software assets
- Rising need to manage audits and meet regulatory compliances
- Proliferation of multicloud adoption
- Growing focus on remote workforce management driving software asset management market
- Rising spending on software
- Rising IT investments across industries
Restraints:
- High initial investment
- Resistance to change and lack of awareness
Opportunities:
- Rising trend of AI and ML incorporation with software asset management solutions
- Expansion into emerging markets
- Integration with ITSM
- Expansion of IoT driving demand for software asset management tools
- Increasing focus on sustainability and green IT practices
List of Key Players in Software Asset Management Market:
- Flexera (US)
- Snow Software (Sweden)
- USU Software AG (Germany)
- Ivanti (US)
- BMC Software (US)
- ServiceNow (US)
- Certero (UK)
- Matrix42 (Germany)
- Broadcom (US)
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Based on the offerings, the solutions segment will gain the largest market share during the forecast period.
The software asset management market has been experiencing significant growth and is projected to continue expanding in the coming years. The software asset management market is experiencing robust growth driven by the increasing complexity of software licensing, the need for compliance with regulatory standards, and the rising incidence of software audits. Solutions in this market include license management, which ensures that organizations are using the software within the terms of their licenses; audit and compliance management, which helps in adhering to legal and vendor requirements; software discovery, which identifies all software assets within an organization; optimization and metering, which maximizes software utilization and tracks usage; and other solutions that streamline the management of software assets. Key drivers include the escalating costs associated with software procurement, the need to mitigate legal and financial risks from non-compliance, and the growing emphasis on operational efficiency and cost optimization. According to market insights, the software asset management market will expand as organizations increasingly recognize the strategic importance of managing their software assets effectively.
Major software asset management market vendors include IBM, Microsoft, and Oracle, which offer comprehensive software asset management solutions integrated with their broader software ecosystems. Flexera and ServiceNow are also key players, providing robust software asset management tools for license optimization, compliance, and audit readiness. Other notable vendors include BMC Software, Snow Software, and Ivanti, which offer specialized solutions for software discovery, usage tracking, and asset optimization. These vendors drive innovation in software asset management, helping organizations manage their software assets more effectively, reduce costs, and ensure compliance with complex licensing agreements and regulatory requirements.
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Based on services, the managed services segment will grow at the highest CAGR during the forecast period.
Managed services majorly provide IT support to enhance client experiences. Companies outsource certain IT functions to third-party providers called Managed Service Providers (MSPs). These may be outsourced functions such as keeping IT equipment and other services functional by fully outsourcing the IT team.
The managed services segment in the software asset management market is experiencing robust growth driven by several key trends. The increasing complexity of managing multi-cloud environments and the proliferation of SaaS applications have led organizations to rely on managed services to ensure cost optimization and compliance across diverse platforms. Integration with cybersecurity is becoming paramount, with managed services incorporating automated patching and continuous monitoring to safeguard against threats. AI and automation are enhancing these services, providing advanced capabilities for software discovery, license optimization, and compliance reporting. Regionally, North America leads in adoption due to its advanced IT infrastructure. At the same time, Europe focuses on compliance and data protection, and the Asia-Pacific region is driven by rapid digital transformation. Leading solution providers in this market include Anglepoint, ServiceNow, Inviso, and SoftwareOne, which are recognized for their comprehensive service offerings and client-centric approaches.
Based on the deployment model, the cloud will grow at the highest CAGR during the forecast period.
In the cloud segment of the software asset management market, there's been a notable shift towards cloud-based solutions driven by the flexibility, scalability, and cost-effectiveness they offer. Recent statistics reveal a significant uptick in adoption, with businesses increasingly leveraging cloud-based software asset management solutions to manage software licenses, optimize usage, and ensure compliance across diverse IT environments. As organizations migrate workloads to the cloud, there's a growing demand for software asset management solutions that seamlessly integrate with cloud platforms and provide real-time visibility into software assets. Solution providers are innovating to meet these demands, offering features like automated license management, predictive analytics, and multi-cloud compatibility. Regionally, while mature markets like North America and Europe lead in cloud-based software asset management adoption due to their advanced IT infrastructures, emerging markets in Asia-Pacific and Africa are catching up rapidly, driven by digital transformation initiatives and the need for centralized management of software assets in distributed cloud environments. Key players in the cloud-based software asset management market include established software vendors, niche providers, and cloud service providers offering software asset management as part of their broader cloud-based management portfolios.
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