Global Software Asset Management Market to 2027 - High Adoption of Cloud-Based Solutions is Driving Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Software Asset Management Market By Component, By Deployment Type, By Enterprise Size, By End User, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" report has been added to ResearchAndMarkets.com's offering.

The Global Software Asset Management Market size is expected to reach $5,370.4 Million by 2027, rising at a market growth of 17.3% CAGR during the forecast period.

Software asset management (SAM) refers to the business mechanism, which includes handling and optimizing different aspects like the purchase, utilization, maintenance, deployment, and scrapping software applications in a company. By adopting SAM, companies aim to decrease information technology (IT) costs and business & legal issues regarding the ownership and usage of software while simultaneously increasing IT responsiveness and end-user productivity.

Software asset management is a constant and emerging way through which companies manage their licenses and other software assets. It requires the inclusion of all the employees of every level of the company, from the executive management team to every end-user.

Software asset management facilitates control and accountability for expenditure and standards via user management & approval procedure that is expected to lead to the top-class practice at the procurement phase. It also enables responsibility and control for the retirement of IT/software assets maintained by financial & physical goals.

By adopting SAM tools, companies can also ensure that there is no overbuying and over-licensing. Along with that, it also lays down the foundation for choosing the best-fit license types, developing the highest flexibility on the basis of current & future needs, and reducing the risk of cost-oriented surprises.

COVID-19 Impact Analysis

The outbreak of the COVID-19 pandemic has disturbed all aspects & sections of life & society along with businesses. In the current scenario, widespread communication is possible because of the internet and hence, is playing a crucial role in managing and operating businesses. The pandemic has provided a great opportunity for businesses to go digital.

In addition, consumer demand has consequently decreased because customers are gradually decreasing non-essential spending from their budgets as the normal economic status of most people has been strictly affected by the pandemic. Due to this, the demand for Solutions is expected to witness a decline.

Market Growth Factors:

The increasing requirement for managing and optimizing software applications activities among companies

The software is one of the crucial parts of various business processes and management of several types of software is also becoming an important part of business strategies because companies are increasingly spending on building an advanced IT infrastructure. There is an increase in demand for software asset management solutions among enterprises to manage and optimize their IT assets in order to stay updated with the swiftly changing landscape.

High adoption of cloud-based solutions

With the high penetration of the internet and growing digitalization across the globe, companies are widely adopting and allocating their budget to advanced solutions to build a strong IT infrastructure. There is increasing popularity of cloud-based software asset management in the market since they offer a wide range of benefits including scalability, flexibility, and low cost. This is expected to further create lucrative opportunities for the key market players.

Marketing Restraining Factor:

Limited budget of SMEs along with the dearth of knowledge among them

There are a high number of SMEs that exist across the world, which are contributing majorly to the economy of the world. These SMEs generally have a limited budget for their business operations, which discourage them to adopt various advanced technology, software, or solutions. In addition, SMEs find it challenging to understand the ROI from software asset management solutions and services in comparison to the large enterprises, because the complications in the management of a wide range of software on several devices are prevalent in large enterprises than SMEs.

Scope of the Study

Market Segments Covered in the Report:

By Component

• Solutions
• Services

By Deployment Type

• On-premise
• Cloud

By Enterprise Size

• Large Enterprises
• Small & Medium Enterprises

By End User

• Manufacturing
• BFSI
• IT & Telecom
• Healthcare
• Retail & Ecommerce
• Government
• Others

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Key Market Players

• Snow Software AB
• USU Software AG
• Ivanti, Inc. (Clearlake Capital Group, L.P.)
• BMC Software, Inc.
• ServiceNow, Inc.
• Certero
• Matrix42 AG (Corten Capital)
• Broadcom, Inc.
• Eracent
• Scalable Software

For more information about this report visit https://www.researchandmarkets.com/r/toefvp