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Software asset management market is expected to grow at a CAGR of 14.8% during the forecast period
The software asset management market size is expected to grow from USD 1.16 billion in 2017 to USD 2.32 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period. The increasing need to manage the life cycle of assets and compliance-readiness are expected to be driving the software asset management market. The lack of awareness of the software asset management solutions and services among the Small and Medium-sized enterprises (SMEs) and budget constraints are expected to be the major restraining factors for the growth of the market.
Software discovery, optimization, and metering solution segment is expected to hold the largest market size during the forecast period
The software discovery, metering, and optimization solution helps organizations analyze, track, and maintain the ever-changing software asset requirements. With the help of these solutions, organizations can improve the efficiency of their software, maintain an ongoing record of their software usage, identify unused license software, and view the task history to know the usage trend analysis. Due to the aforesaid benefits, the organizations adopt the discovery, metering, and optimization solution to ensure compliance, reduce their downtime, and make effective business decisions about their future software spending.
“SMEs segment is expected to grow at a higher CAGR during the forecast period
Organizations with employees between 1 and 1,000 are categorized as SMEs. Cost-effectiveness is an important need for small businesses, as they always face constraints in marketing themselves and gaining visibility due to limited budgets. Moreover, the SMEs use software asset management solutions for license management, software discovery, optimization, and metering. Due to the limited budget, the SMEs mostly prefer cloud-based solutions over the on-premises solutions, and this adoption trend is expected to accelerate in the years to come, thereby enabling the cloud deployment type to have a considerable market size during the forecast period. The SMEs segment has a huge potential to flourish in the software asset management market during the forecast period.
Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
The APAC region is expected to gain major traction in the software asset management market, due to the penetration of several companies in the region. Therefore, software asset management solutions are said to be gaining popularity in the APAC region. Factors such as a huge market potential and the increasing spending capacity of customers have encouraged organizations in this region to expand their reach and rely on different software providers to carry out operations. Additionally, the increasing adoption of cloud and mobile technologies, and the growing trend of outsourcing a few operations to specialist companies have led to the rapid adoption of software asset management solutions in APAC countries, such as India, China, and Australia.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people.
The break-up of profiles of primary participants has been given below:
- By Company Type: Tier 1 – 22%, Tier 2 – 41%, and Tier 3 – 37%
- By Designation: C-level – 72%, D-level – 19%, and Others – 9%
- By Region: North America – 64%, Europe – 19%, APAC – 12%, RoW – 5%
The software asset management market comprises major vendors, such as Aspera Technologies (US), BMC Software (US), CA Technologies (US), Certero (UK), Cherwell Software (US), Flexera (US), IBM (US), Ivanti (US), Micro Focus (UK), Microsoft (US), Scalable Software (US), ServiceNow (US), Snow Software (Sweden), and Symantec (US).
The software asset management market has been segmented by component (solutions and services), deployment type, organization size, industry vertical, and region. The report would help market leaders/new entrants in this market in the following ways:
The report segments the software asset management market comprehensively and provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers have been further split across different industry verticals and regions.
Reasons To Buy the Report
From an insight perspective, this research report focuses on various levels of analysis – market share analysis of the top players and company profiles, which together comprise and discuss basic views on the competitive landscape; the emerging and high-growth segments of the software asset management market; and the high-growth regions and their respective drivers, restraints, challenges, and opportunities.
The report would enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help firms in garnering a greater market share.