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A recent report published by Infinium Global Research on software asset management market provides in-depth analysis of segments and sub-segments in the global as well as regional software asset management market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional software asset management market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global software asset management market. According to the report, the global software asset management market is projected to grow at a CAGR of 18.3% over the forecast period of 2021-2027, growing from over USD 1.8 billion in 2020 to more than USD 5.8 billion in 2027.
Information technology has become a central part of many organizations across various industries. These organizations use different software for different applications including production, maintenance, marketing, finance, and others. The software used in the firms has become their assets. Software asset management helps in the management of purchase, deployment, maintenance, utilization, and disposal of software in the firm. Organizations ensure reduced cost of IT, lowered business and legal risks associated with the software, and improved IT productivity in the organization by implementing the software asset management services. The software asset management market is fragmented with the presence of several players having smaller market shares.
COVID-19 has impacted many countries across the world and turned out to be the worst crisis than many other economic, strategic, and political crises that happened earlier. The outbreak has affected many industries, including the Information & Communication Technology (ICT) sector. However, the adoption of collaborative software and cloud services witnessed a positive impact on the industry. Moreover, the adoption of technologies such as big data, AI, IoT lowered the impact of the pandemic on the industry. Furthermore, industrial IT solutions registered a sudden growth due to pandemics. Many organizations adopted remote working culture, where employees worked from their homes. This, in turn, augmented the demand for software asset management solutions. In addition, several firms focused on reducing operational costs by optimizing resources. Software asset management solutions helped such firms to manage, and optimize the software resources to reduce IT costs. The outbreak of the pandemic had a long-term positive impact on the market, as it gave a boost to the adoption rate of software asset management and other IT solutions.
The rise in the number of small and medium-scale enterprises is majorly driving the demand for software asset management. These small firms are upgrading their technology base by adopting a digital working environment. Many of these firms use software asset management services to optimize their operations. Further, growing demand to reduce the IT costs of the organizations is augmenting the growth of the market. The costs related to the purchase, maintenance, and licensing of software are growing. To reduce these costs, the organizations implement software asset management solutions. However, the lack of awareness regarding software asset management solutions among organizations is majorly hampering the growth of the market. Nevertheless, the growing adoption of cloud computing services by the firms is expected to offer growth opportunities to the market players.
In terms of region, the global software asset management market is segmented into North America, Europe, Asia Pacific, and RoW. North America held the largest market share among the region in the global software asset management market mainly due to the presence of large consumers and the increasing adoption of IT in various enterprises. Moreover, the presence of several major market players in North America augmented the growth of the software asset management market in the region. On the other hand, Asia Pacific is anticipated to grow with the highest CAGR in the forecasted period. The growth is attributed due to the growing demand for cost reduction solutions and the strong presence of several market incumbents.
The report on global software asset management market covers segments such as solutions, services, deployment, organization size, and end user. On the basis of solutions, the sub-markets include license management, audit and compliance management, configuration management, and others. On the basis of services, the sub-markets include managed services, and professional services. On the basis of deployment, the sub-markets include on-premises, and cloud. On the basis of organization size, the sub-markets include large enterprises, and SMEs. On the basis of end user, the sub-markets include BFSI, IT & telecommunication, government, healthcare, manufacturing, retail, and others.
The report provides profiles of the companies in the market such as IBM Corporation, Microsoft Corporation, BMC Software, Inc., USU Software AG, Snow Software, Inc., Lansweeper NV, Certero Limited, Xensam AB, Flexera Software LLC, and ServiceNow, Inc..
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of software asset management market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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