The software asset management is used for the management and optimization of software applications within organizations. They are used for the protection of software assets throughout their lifecycle. It helps in the analyzing the investment in the software assets and also prevents the piracy of the software. The primary objective of using software asset management is reducing the operational cost and also increasing the efficiency of the organization. It also helps to enhance the cyber security of the organizations.
Currently the global software asset management market is observing vibrant growth on the account of increasing demand for enhanced management of assets by various organizations. This is expected to increase the market growth of the overall market during the forecast period. Additionally, it reduces the software and support cost associated software licenses.Software asset management market is anticipated to record a CAGR of 15% over the forecast period. The market is expected to attain a total market value of USD 5 billion by 2027.
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The software asset management market is expected to showcase a vibrant growth by the end of the forecast period. The market is segmented on the basis of component, deployment, and organizations size and end-user industry. On the basis of component, it is sub-segmented into solutions and services. On the basis of deployment, it is sub-segmented into on-premise and cloud. The increasing demand for cloud based operations across the different organizations is expected to be a major reason for the growth of sub-segment during the forecast period. On the basis of organization size, it is sub-segmented into small and medium scale enterprises and large scale enterprises. On the basis of end-use industry, it is sub-segmented into BFSI, IT & telecom, government, healthcare, retail and others.
The large scale organizations are continuously focusing on enhanced handling of the asset as they are involved in management of the large number of audits by the organizations. The software asset management are reducing the high expenditure on the licenses and over compliance associated the organizations. The software management enables the better management of enterprises.
The growing penetration of internet across the globe leads to the expansion of various cloud based services. This is expected to propel the market growth of the software asset management during the forecast period. Additionally, the growing adoption of the cloud based services across various enterprises in order to enhance the business operations is expected to foster the growth of market during the forecast period.
The lack of awareness coupled with the lack of budget regarding the software management is expected to hinder the market growth of the software asset management during the forecast period.
Our-in depth analysis of the global software asset management market includes the following segments:
On the basis of regional analysis, global software asset management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is expected to be the largest region for the overall market during the forecast period. The increasing adoption of upgraded technology coupled with the growing digitization is expected to be the major reason for the growth of market in the region. Europe is expected to be the second largest region for the market. The high adoption of cloud based services is expected to be the major factor for the growth of market in the region. For instance, according to Eurostat the percentage of total enterprises which uses cloud computing services and has an internet access was 19% in 2014 and it increased to 27% in 2018.
Global software asset management market is further classified on the basis of region as follows:
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