Report Ocean has released a research study titled “Software Asset Management Market 2023 Forecast to 2031 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
Software asset management market to reach USD 5.4 billion by 2027. Global software asset management market is valued approximately at USD 1.7 billion in 2020 and is anticipated to grow with a healthy growth rate of about 18.1% over the forecast period 2021-2027. Software asset management refers to a business practice which involves management and optimization of the deployment, maintenance, purchase, utilization, and disposal of the software application within an organization. Software asset management can serve a range of functions within an organization, depending on their IT infrastructures, software portfolios, business goals and resource availability.
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The global software asset management market is being driven by simpler management and lower software spent cost and rising need to manage audits and meet regulatory compliance standards. Furthermore, evolution of IoT and the rapidly growing number of IoT devices will provide new opportunities for the global software asset management industry. IoT enabled asset management makes use of sensors which empowers organizations to know information regarding their assets, eliminating the requirement for human effort. Hence, with growth in the IoT connected devices, the demand for software asset management is likely to increase. According to Statista, the total installed base of IoT active device connections across the globe amounted is expected to increase from 10 billion in 2019 and is expected to reach 30.9 billion units by 2025
Major market player included in this report are:
USU Software AG
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here’s a comprehensive analysis of key points related to the Software Asset Management (SAM) market:
- Market Growth and Size:
- The Software Asset Management market is experiencing substantial growth, driven by the increasing need for efficient software license management and compliance.
- Market size is projected to reach [provide estimated figures] by [specify the year], with a significant compound annual growth rate (CAGR).
- Cost Optimization and Efficiency:
- Organizations are adopting SAM solutions to optimize software costs, enhance efficiency, and ensure compliance with licensing agreements. SAM helps in identifying unused or underutilized licenses, leading to potential cost savings.
- Cloud-Based SAM Solutions:
- The market is witnessing a shift towards cloud-based SAM solutions, offering scalability, accessibility, and real-time monitoring capabilities. Cloud-based solutions also facilitate remote management and updates.
- Compliance and Risk Management:
- Compliance with software licensing agreements and the mitigation of legal and financial risks associated with non-compliance are driving the demand for SAM solutions. Organizations are leveraging SAM tools to maintain audit-readiness.
- Automation and AI Integration:
- SAM solutions are integrating automation and artificial intelligence (AI) to streamline processes such as software discovery, inventory management, and license optimization. This integration enhances accuracy and reduces manual effort.
- Vendor Management and Negotiation:
- SAM tools support effective vendor management by providing insights into software usage patterns, enabling organizations to negotiate favorable licensing terms and avoid unnecessary expenditures.
- Security and Vulnerability Management:
- SAM is increasingly integrated with security measures to address vulnerabilities related to outdated software versions. Proactive management of software updates and patches helps in maintaining a secure IT environment.
- User Training and Awareness:
- SAM solutions are not only technological tools but also involve user training and awareness programs. Educating employees on software usage policies and compliance practices is crucial for successful SAM implementation.
- Integration with IT Service Management (ITSM):
- Integration with ITSM tools is a growing trend in the SAM market. This integration streamlines workflows, enhances collaboration between IT teams, and ensures a holistic approach to IT asset management.
- Predictive Analytics for Future Planning:
- Advanced SAM solutions are incorporating predictive analytics to forecast future software needs, allowing organizations to plan and budget effectively. This proactive approach aligns with long-term business strategies.
The detailed segments and sub-segment of the market are explained below:
By Deployment Model:
By Organization Size:
IT and ITeS
Retail and eCommerce
Healthcare and Life Sciences
Media and Entertainment
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Rest of the World
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