New York, United States, Dec. 19, 2023 (GLOBE NEWSWIRE) -- License management is a powerful tool that an organization uses to document and manage its software licenses to assure compliance with the software developer's license. It offers total transparency into how much software is being used across the company, can optimize all licenses, cut costs, and protect upcoming software investments. When software is bought, installed, or accessed by an organization, a license agreement is made with the licensor.
In addition to the licensor's inherent rights, these End-User License Agreements (EULA) specify the terms under which the product may be used, which could expose the organization to risks like data security breaches, employee liabilities, unanticipated costs associated with non-compliance, and unfavorable legal positions. Businesses across various industries utilize software licensing management to monitor, regulate, and optimize software usage within their organizations. Digital technologies are being adopted across many manufacturing industries due to the rapidly expanding features of the software used, which stimulates the expansion of the licensing management market.
Download Free Sample Report PDF @ https://straitsresearch.com/report/license-management-market/request-sample
Growing Demand for Optimizing Software and Audit-Readiness in Organizations Propel the License Management Market
According to Straits Research, "The global license management market size was valued at USD 977 million in 2021. It is expected to reach USD 2,125 million by 2030, growing at a CAGR of 10.2% during the forecast period (2022–2030)." Optimization is essential to this growing trend as more companies adopt cloud computing and go digital at every opportunity. Businesses are focusing on decreasing operational costs due to the ongoing erosion of their profit margins. Using licensing management software is another way to reduce costs. Companies are constantly seeking strategies to increase software use and reduce the losses resulting from license non-compliance. Businesses may manage all contracts, agreements, licensing entitlements, and software inventories from a single location with license management.
By employing license management software to efficiently organize and archive software agreements, businesses may safeguard themselves against unanticipated license payments and penalties. Several strategies, including fewer license purchases, avoiding fines for non-compliance, decreasing renewals by doing away with shelfware maintenance, and optimizing volume discounts, it has enabled enterprises to reduce the cost of purchasing software.
Increasing Cloud Hosting Business Creates Lucrative Opportunities for License Management
Businesses view the cloud as a critical component of their IT strategies to stay relevant in the market. The advantages of low-cost, scalable, and flexible solutions offered by cloud computing technology are advantageous to customers. Over 90% of companies claim to utilize cloud computing in some way. As a result of advancements in cloud technology, businesses from various industry sectors are eager to take advantage of the commercial potential of cloud hosting. Now that cloud hosting is available, the license management hosting team may benefit from its potential for increased revenue. DXC offers hosting programs for Microsoft SPLA, Citrix, and VMware; RLMCloud from Reprise Software; and FlexNet Cloud Licensing Service from Flexera Software are all available for managing software licenses in the cloud.
Regional Insights
North America will command the market, expanding at a CAGR of 9.86% over the forecast period. Most of the top producers of licensing management software, such as Agilis Software, IBM, Micro Focus, and Oracle, to mention a few, have their primary offices in the US. Since its member countries, especially the US and Canada, invest extensively in technological breakthroughs, the region is among the most revenue-producing. Over many years, the quantity of new products sold by foreign vendors in the area has increased tremendously. For instance, Chronicle Graphics presented their new License Management System. This new enterprise-level platform allowed OnePager Pro and Express users to quickly and rapidly obtain and activate their license keys online. Thus, these elements drive market share.
Europe will likely grow at a CAGR of 10.2% by 2030. The coronavirus pandemic accelerated the growth phase of the SaaS industry and the subscription industry. The SaaS industry is growing due to paid conference and collaboration software applications. The Subscription Industry Study 2021 by billwerk, which focuses on the DACH region, claims that the pandemic increased demand in the software as a service (SaaS) segment as the number of people working from home and homeschooling prompted the need for specialist software tools to skyrocket. Even for firms that previously had little to do with it, the advent of software-assisted processes and equipment has raised the necessity of licensing management across all industries. These factors are promoting market expansion across Europe.
Key Highlights
- By component, the global license management market issegmented into Software and The Software section is projected to advance at a CAGR of 10.1% and hold the largest market share over the forecast period.
- By deployment, the global license management market issegmented into Cloud and On-premise. The Cloud section is projected to advance at a CAGR of 10.3% and hold the largest market share.
- By end-user, the global license management market issegmented into BFSI, Healthcare & Life Sciences, IT & Telecommunication, Media & Entertainment, and Others. The BFSI section is projected to advance at a CAGR of 9.75% and hold the largest market share over the forecast period.
- By region, the global license management market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.North America commands maximum market share.
Competitive Players in the Market
- USU Software AG
- Cherwell Software LLC
- DXC Technology Co
- Flexera Software LLC
- Reprise Software Inc.
- Snow Software AB
- Oracle Corporation
- IBM Corporation
- Thales Group
- ServiceNow Inc.
Market News
- In 2022, IBM Corporation announced the development of a new 33-month work order according to its agreement with the Defense Microelectronics Activity (DMEA) to offer security services designed to improve the Department of Defense's (DoD) microelectronics supply chain for mission-critical platforms.
- In 2022, Oracle and Microsoft Corp announced the release of Oracle Database Service for Microsoft Azure. Customers of Microsoft Azure can provision, manage, and manage enterprise-grade Oracle Database solutions in Oracle Cloud Infrastructure (OCI) using a familiar interface.
Global License Management Market: Segmentation
By Component
- Software
- Services
By Deployment
- Cloud
- On-premise
By End-user
- BFSI
- Healthcare & Life Sciences
- IT & Telecommunication
- Media & Entertainment
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
Get Detailed Market Segmentation @ https://straitsresearch.com/report/license-management-market/segmentation
About Straits Research Pvt. Ltd.
Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.
Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.
For more information on your target market, please contact us below:
Phone: +1 646 480 7505 (the U.S.)
+91 8087085354 (APAC)
+44 208 068 9665 (the U.K.)
Email: sales@straitsresearch.com
Follow Us: LinkedIn | Facebook | Instagram | Twitter
