Software Asset Management Market Insights and Forecast to 2028

Software Asset Management Market Forecast - 2028

The global Software Asset Management market size is projected to reach USD 2252.6 million by 2028, from USD 1243 million in 2021, at a CAGR of 8.4% during 2022-2028.

The growing requirement to handle audits and satisfy regulatory compliance standards, the need to manage and optimize the purchase, deployment, maintenance, use, and disposal of software applications within the business, and decreased software spend costs are key factors anticipated to propel software asset management market expansion.

Software Asset Management Market Trends

The software asset management market has benefited from the pandemic. The COVID-19 pandemic and the rise of remote work settings have made it more difficult for companies to operate. The COVID-19 epidemic has emphasized how important it is for businesses in all industries to adopt digital technologies, make use of software asset management services and solutions for license and cost optimization, and maximize the return on IT assets.

The growing need for the business to manage and optimize the selection, implementation, maintenance, use, and disposal of software applications is expected to fuel the growth of the Software Asset Management market. As businesses devote a significant percentage of their IT budgets to it, software management is becoming a more crucial component of business plans. Organizations are increasingly searching for software asset management solutions to manage and optimize IT assets in order to effectively navigate the quickly shifting landscape. Organizations acquire or pay for a variety of software licenses over time. It might be simpler to monitor in smaller businesses. Organizations have better platforms to optimize their software asset management strategies thanks to software asset management technologies. Lower time spent on job execution, lower IT expenditures with correct license management, improved levels of productivity, and more trust in IT processes are some of the main direct benefits of software asset management strategies.

The majority of businesses are spreading their computer resources among several settings as they adopt cloud-based models more frequently. Due to its advantages of flexibility, scalability, and low cost, cloud-based software asset management has grown in popularity. Additionally, it enables enterprises to collect data from diverse software assets and centrally evaluate data created from many locations, making data collection and analysis simple. Software asset management companies including Snow Software, IBM, and ServiceNow have introduced software asset management Software-as-a-Service (SaaS) products in response to the shift to the cloud in order to meet global demand for SaaS. This in turn is expected to create a lucrative growth opportunity in the Software Asset Management market.

Software Asset Management Market Insights

Based on type, The cloud segment is expected to be the most lucrative during the forecast period. This is a result of the fast adoption of the cloud for digital transformation by enterprises in diverse countries.

Based on application, The fastest-growing segment of the global software asset management market is healthcare & life science. adoption of cutting-edge products and services in the market for software asset management. Healthcare facilities such as hospitals and clinics can track, manage, and track their software assets with the help of software asset management solutions. Healthcare facilities that use software asset management programs for managing medical device operations adhere to governing body regulations.

Due to a greater need to increase licensing prices and optimize audits to satisfy compliance standards throughout the course of the anticipated term, North America has the section of the global software asset management market with the greatest growth rate.

Software Asset Management Market Scope and Market Size

Software Asset Management market is segmented by players, region (country), by Type and by Application. Players, stakeholders, and other participants in the global Software Asset Management market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application for the period 2017-2028.

Software Asset Management Market By Type

• On-premises
• Cloud

Software Asset Management Market By Application

• Banking, Financial Services, and Insurance
• IT and Telecom
• Manufacturing
• Retail and Consumer Goods
• Government
• Healthcare and Life Sciences
• Education
• Media and Entertainment
• Others

By Company

• Snow Software
• Flexera
• BMC Software
• Ivanti
• Certero
• Servicenow
• Aspera Technologies
• Cherwell Software
• Scalable Software
• Broadcom
• Symantec
• IBM
• Micro Focus
• Microsoft

By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA