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.
New York, Dec. 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "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" - https://www.reportlinker.com/p06193323/?utm_source=GNW
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 would 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 would 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 would further create lucrative opportunities for the key market players.
Market Restraining Factors
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.
The software asset management market is classified into solutions (license management, audit and compliance management, software discovery, optimization, and metering, contract management, configuration management, and others) and services (managed services and professional services). The solution segment is estimated to acquire the highest market share over the forecast period.
Deployment Type Outlook
The software asset management market is divided into on-premises and cloud. The on-premises deployment model is estimated to garner the highest market share during the forecast period. It is because companies across different regions are moving to cloud to bring digital transformation at speed.
Enterprise Size Outlook
The software asset management market is bifurcated into large enterprises and SMEs. The SMEs segment is anticipated to witness a significant growth rate in the market over the forecast period. These enterprises would encounter several challenges due to their restricted budget and would need better ways to resolve complications for enhancing the cost optimization of their business procedures.
The software asset management market is fragmented into education, BFSI, healthcare, IT & telecom, manufacturing, government, retail & eCommerce, and others. Manufacturing segment would obtain the largest revenue share of the market during the forecast period.
The software asset management market is analyzed across North America, Europe, Asia Pacific, and LAMEA. North America is anticipated to garner the largest share in the software asset management market over the forecast period. Europe is estimated to acquire the second-largest market share over the forecast period followed by North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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, and Scalable Software.
Recent Strategies Deployed in Software Asset Management Market
Partnerships, Agreements and Collaborations:
Jul-2021: USU Group signed an agreement with a New York-based advertising and software company. This agreement aimed to utilize USU Software Asset Management for Oracle optimization. The Oracle optimization outcomes uncovered by USU at the time of customers’ Pilot would provide instant ROI.
Jun-2021: Snow extended its partnership with BMC, a global leader in software solutions for the Autonomous Digital Enterprise. This partnership aimed to offer its customer the best results and help them fulfill substantial issues in their environments since they adjust to hybrid methods of working.
Apr-2021: BMC Software teamed up with StarLink, the fastest-growing Value-added Distributor (VAD) in the META region. This collaboration aimed to embark on the expansion journey by capitalizing on StarLink’s capabilities and expertise, its extensive channel network, a robust customer installed base over various business verticals, especially telecom, BFSI, oil and gas, government, and the highly skilled on-the-ground Sales and Technical teams.
Mar-2021: USU formed a partnership with NICE inContact, an industry leader of cloud contact center software. This partnership aimed to provide inContact CXone, the world’s #1 native cloud contact center platform, and USU Knowledge Management to numerous customer service companies around the world.
Dec-2020: Aspera, a part of the USU Group came into an agreement with the European industry giant. Under this agreement, European industry giants would use Aspera’s SAP Optimization solutions and related services.
Sep-2020: BMC Software formed a partnership with Cimcor, the leader in next-generation, file and system integrity monitoring software. This partnership aimed to make the best practices approach for closed-loop change control, CimTrak’s file & system integrity monitoring software bolsters the BMC Change Management application and its security procedures with a validation and verification process.
Jun-2020: Matrix42 formed a partnership with VAD Technologies, an established IT and Technology value-added distributor. In this partnership, VAD Technologies would promote the Matrix42 solutions via its comprehensive network of channel partners across the Middle East.
May-2020: Matrix42 partnered with SVA System Vertrieb Alexander, provider of system integration services. This partnership aimed to penetrate Matrix42 into the German-speaking region and make it an international market leader in the area of digital workspace management.
Mar-2020: BMC Software entered into a partnership with NEC Australia, a leader in integrating IT and network technologies. This partnership aimed to streamline NEC’s internal operations and enhance customer experience through BMC’s Service Management & Service Assurance capabilities.
Product launches and Product Expansions:
Oct-2021: USU introduced USU Bot Universe, the leading solution provider for IT and customer service. This service provides a distinct chatbot ecosystem, developing new application areas for bots. As a single chatbot could only cover limited areas, the intelligent and flexible integration of dialog systems as a network of expert chatbots would allow them to serve users more efficiently and precisely.
Oct-2021: USU released Knowledge Management Version 7.2 including user interface, advanced analytics, streamlined editor, and AI-powered automatic document tagging. These latest features are developed to further enhance the agent experience, which would make it easier than ever to develop, find and provide support information to users.
Apr-2021: Ivanti launched Ivanti Neurons for IT Service Management (ITSM) and Ivanti Neurons for IT Asset Management (ITAM). Further, Ivanti Neurons for ITSM would empower service desk analysts and users with Interactive Neurons for pre-ticket automation, leading to decreased ticket volumes into the service desk, and post-ticket automation for more precision, enhanced mean time to remediation, and optimal customized experiences. In addition, Ivanti Neurons for ITAM offers IT teams, a complete picture of IT assets from cloud to edge that is crucial for the new remote work surrounding.
Dec-2020: Eracent announced that its IT Management Center Discovery solution would include Oracle Database detection and reporting, approved by Oracle’s Global Licensing and Advisory Services (GLAS) third-party tool verification program. Due to this, the data provided by ITMC Discovery about Oracle Database installation and use would be accepted by Oracle for usage in for a range of license management activities that compliance audits and true-ups, among others.
Aug-2020: Snow launched its BYOL optimization functionality, the first for a cloud management platform. The platform would make it simpler for customers to increase their savings with Azure HUB and reduce their risk of license non-compliance on Amazon Web Services (AWS). This functionality is available in Snow Commander, which brings together cloud management & software asset management offerings to assist companies to recognize, understand, and more efficiently manage their software and cloud investments.
Feb-2020: Certero released Version 7 of its Unified Platform, including Enterprise ITAM and SAM products. This release involves major improvements to Certero for Cloud, which would assist customers to maximize their subscriptions costs across a broader variety of leading enterprise SaaS providers.
Acquisitions and Mergers:
Jan-2021: Ivanti acquired Cherwell Software, a global leader in enterprise service management solutions. This acquisition aimed to expand the reach of Ivanti’s Neurons platform, which offer end-to-end service and asset management from IT to various business and from every endpoint to the IoT edge.
Oct-2020: BMC Software took over ComAround, a global software company. This acquisition aimed to develop on their respective self-service, ITSM, and AI market leadership & expertise to offer NLP-based full-context-search knowledge management offerings.
Sep-2020: BMC Software acquired Alderstone, a leading provider of ITSM adoption and modernization solutions. This acquisition aimed to provide robust migration tools & services so that users can rapidly and efficiently modernize their service management with the BMC Helix solution.
Jul-2020: Matrix42 took over FireScope, a leader in the secure enterprise asset discovery and monitoring marketplace. This acquisition aimed to develop one powerful provider of secure, Cloud-based digital work environments for the global workforce.
Jun-2020: ServiceNow completed the acquisition of Sweagle, a Belgium-based configuration data management company. This acquisition aimed to expand ServiceNow’s DevOps and IT Operations Management (ITOM) capabilities, providing users the capability to use machine learning to recognize and assist in preventing potential misconfigurations from leading outages in production and accelerating remediation.
Aug-2020: Aspera, a part of the USU Group expanded its geographical reach by securing a partner sales structure for customer acquisition and support. Through the new positioning of the company in the Japanese market, they can act even more targeted and would also bring Aspera more directly into the visibility & perception of appropriate customers than before.
Scope of the Study
Market Segments covered in the Report:
By Deployment Type
By Enterprise Size
• Large Enterprises
• Small & Medium Enterprises
By End User
• IT & Telecom
• Retail & Ecommerce
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Snow Software AB
• USU Software AG
• Ivanti, Inc. (Clearlake Capital Group, L.P.)
• BMC Software, Inc.
• ServiceNow, Inc.
• Matrix42 AG (Corten Capital)
• Broadcom, Inc.
• Scalable Software
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