Software Asset Management Market Overview

The size of the software asset management market share was estimated at 2.72 billion USD in 2022. According to projections, the market for software asset management will increase from USD 3.17 billion in 2023 to USD 8.1146 billion by 2030, growing at a 16.90% compound annual growth rate (CAGR) throughout the course of the forecast year (2023 - 2030).

The global market trends are witnessing an increase in the demand on both software users and sellers to conform to rules and compliances that promise a good expansion return to market operations and aid in the market's expansion throughout the current forecast period of 2023-2030.

Verified Market Research narrows the accessible data set by employing primary sources to check the data before creating a full-fledged market research report. The report includes a quantitative and qualitative evaluation of market factors that the client is interested in. The "Global Software Asset Management Market" is primarily divided into sub-segments that may provide categorised data on the market's most recent trends.

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Market Segmentation

The software asset management market is divided into two components: solutions and services. Software asset management systems assist data centre operations managers in identifying, locating, visualising, and managing all assets, as well as planning capacity for future development. The tactical goal of implementing a software asset management programme is to match the number of software licences obtained with the number of real licences consumed or used. A good software asset management programme must ensure that all installed software is used by the terms and conditions of the individual vendor licencing agreement and that the number of licences purchased is balanced with the quantity consumed. Companies can decrease the liability connected with software piracy by undergoing an audit by a software vendor or a third party such as the Business Software Alliance (BSA).

Regional Classification

According to regional analysis, the worldwide software asset management market is divided into five key regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. During the projected period, North America is expected to be the largest region for the total market. The increasing usage of improved technology, combined with increased digitization, is likely to be the primary driver of market expansion in the region. Europe is predicted to be the market's second-largest region. The increased adoption of cloud-based services is likely to be a prominent element in the region's market growth. According to Eurostat, the percentage of total firms that use cloud computing services and have internet connectivity was 19% in 2014 and climbed to 27% in 2018.

Industry News

The software asset management market is divided into the following industrial verticals: government, retail & consumer goods, healthcare & life sciences, BFSI, media & entertainment, manufacturing, IT & telecom, and others. Digital technology is reshaping the industrial industry's approach to business. To compete, market competitors concentrate on new product innovations and improvements that incorporate modern technology and features.

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Key Players

Some of the key players of software asset management market include Aspera Technologies (US), BMC Software (US), CA Technologies (US), Microsoft (US),  Symantec (US), Certero (UK), Cherwell Software (US), Flexera (US), IBM (US), Ivanti (US),Micro Focus (UK), Scalable Software (US), ServiceNow (US), CloudFabrix Software Inc.(U.S) and Snow Software (Sweden)

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