Global Software Asset Management Market Assessment, By Component [Software, Services], By Deployment Mode [On-premises, Cloud-based], By Company Size [Large Enterprises, Small and Medium Enterprises], By End-user [Banking, Financial Services and Insurance, Government, Retail and E-commerce, IT and Telecom, Manufacturing, Energy and Utilities, Healthcare, Education, Others], By Region, Opportunities and Forecast, 2017-2031F

Software Asset Management Market is projected to witness a CAGR of 16.45% during the forecast period 2024-2031, growing from USD 3.14 billion in 2023 to USD 10.62 billion in 2031.

Software Asset Management Market Size Share, Growth 2031

Global software asset management market&nbsp;is projected to witness a&nbsp;CAGR of 16.45%&nbsp;during the forecast period 2024-2031, growing from&nbsp;USD 3.14 billion&nbsp;in 2023 to&nbsp;USD 10.62 billion&nbsp;in 2031. The paramount emphasis on IT cost optimization is one of the major factors driving growth of the global software asset management market. In the face of growing financial pressures, businesses are looking to justify and extract value from technology spending, especially during economic uncertainty. One of the most common areas for potential savings is software license, where many organizations lack visibility and control. Organizations can reduce software license obstacles by 24% through optimization. It comes with the added complication of managing multiple vendors and contracts, which is another driver for organizations turning toward external support and software asset management solution, providing the guarantee of compliance and cost effectiveness.
For instance, in June 2023, Snow Software, Inc. introduced Snow Copilot, its first generative artificial intelligence assistant, designed to enhance IT asset management and financial operations. It offers advanced data insights and natural language responses developed in Snow Labs.
<h2 style="text-align: justify;">Digital Transformation to Drive Global Software Asset Management Market</h2>
The global software asset management market is undergoing a transformation in the digital age. The global spending on digital shift has been forecasted to reach USD 4 trillion by 2027, driven by advancement in artificial intelligence and Generative AI. This results in organizations have more complex software assets to manage, particularly as they continue to invest heavily in digital technologies such as AI. This increase in digital transformation expenditure is projected to represent two-third of all information and communication technology investments, thus underscoring the importance for high performance software asset management solutions. Solutions are essential to adequately manage and optimize software investments, maintain compliance, control costs while navigating through rapidly changing IT landscape characteristics, driven by complex technological changes and software asset management market demands.
For instance, in November 2023, Inoapps Limited becomes the first global partner accredited in Oracle&rsquo;s new Software Asset Management Program, offering regular software license reviews, potential audit exemptions, and proactive management to align contracts with actual usage.
<h2 style="text-align: justify;">Growing Cybersecurity Concerns to Promote the Software Asset Management Market Size</h2>
The increasing incidence of cybercrime has encouraged the need for software asset management solutions. The research report from Ivanti, Inc. stated that 73% of executives are boosting security budgets to deeply indicate the increased focus on cyber-security across organizations. Nevertheless, it is indeed a strategic asset, since 91% of leaders believe cybersecurity leadership should be part of establishing security measures that ate integrated with advanced software asset management solutions. This consists of safeguarding threatening challenges against cloud environments, data, and identity. The need for effective asset management have become crucial to monitor compliance and alleviate shortcomings as boards get more involved in cybersecurity decisions. Good software asset management can enable organizations to align IT and security efforts, thereby improving protection and efficiency across the board.
For instance, in June 2024, USU Software AG optimized SAP SE licenses for a French smart home automation firm, enhancing Software Asset Management with precise usage data and simulations, aiding in the renegotiation of its framework agreement.
<h2 style="text-align: justify;">Government Initiatives Acting as a Catalyst</h2>
The role of governments is critical in spending revenue in the software asset management market as they make efforts to draft standards and regulations for increased compliance and efficiency. Governments help to drive the creation of frameworks and tools that simplify software licensing terms and automate regulatory compliance such as ISO/IEC 19770-1, 2, and 3. This compliance is guaranteed by the standards that companies must adhere to for managing their software assets, leading to wide range of demands from all types and sizes in software asset management solutions. Moreover, government policies supporting the transparency and quality of software procurement practices encourage organizations to adopt efficient asset management solutions which are expected to contribute significantly towards software asset management market growth.
For instance, in May 2024, the Real Property Policy Division enhances federal real estate management by supporting compliance with Executive Order 13327, improving asset tracking, and overseeing the Federal Real Property Profile Management System.
<h2 style="text-align: justify;">BFSI Sector Leading in Software Asset Management Market</h2>
The global software asset management market is being led by the Banking, Financial Services and Insurance (BFSI) sector due to considerable investments in this area to improve better management of software. The digital banking market is set to expand from USD 8.2 billion in 2021 to USD 13.9 billion by 2026, growing at 11.3% annually. Managing these assets effectively is crucial to streamline operation and optimize cost, especially as investment grows in various software tools such as customer relationship management system, collaboration platforms, and compliance enforcement solution. Proper maintenance ensures that these tools help maintain customer relationships, safeguard information and enforce compliance. This drives demand for advanced solutions managing software asset management across sectors.
<a href="https://www.marketsandata.com/industry-reports/software-asset-management-market/sample-request">Download Free Sample Report</a>
<h2 style="text-align: justify;">North America Dominates Software Asset Management Market Share</h2>
North America software asset management market share is expected to be characterized by major advancements and investments in 2024. Leading technology firms such as IBM Corp. and Microsoft Corp. have enriched the software asset management tools with advanced automation capabilities and predictive analytics for license management functions. Industry benchmarks are redefined with new announcements from the software asset management institute and IT asset management council certification programs. These efforts highlight North America&rsquo;s commitment to optimizing software investments and adapting to evolving compliance requirements, positioning the region as a global leader in software asset management.
For instance, in July 2024, ServiceNow Inc. unveiled its Washington, D.C. platform release, introducing new features for intelligent automation, Sales and Order Management, and Platform Analytics, aimed at accelerating enterprise transformation and reducing costs.
Future Market Scenario (2024 &ndash; 2031F)
<ol>
<li>The software asset management market may witness expansion on all advanced automation tools, introducing new abilities through the elimination of manual tracking and compliance tasks for further efficiencies in software asset management process.</li>
<li>Artificial intelligence, predictive analytics, and intelligent recommendation of software asset management for license optimization and forecasting service is expected to growth of market in the forecast period.</li>
<li>Cloud-based software asset management utilization strategy will become more complicated as cloud adoption expands with the need for cost and compliance management tools.</li>
<li>Global and regional regulations will change, forcing organizations to continuously update their software asset management practices to comply with the new standards.</li>
</ol>
Report Scope
&ldquo;Software Asset Management Market Assessment, Opportunities and Forecast, 2017-2031F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global software asset management market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
<table>
<tbody>
<tr>
<td width="301">
Report Attribute
</td>
<td width="301">
Details
</td>
</tr>
<tr>
<td width="301">
Base Year of the Analysis
</td>
<td width="301">
2023
</td>
</tr>
<tr>
<td width="301">
Historical Period
</td>
<td width="301">
2017-2022
</td>
</tr>
<tr>
<td width="301">
Forecast Period
</td>
<td width="301">
2024-2031
</td>
</tr>
<tr>
<td width="301">
Projected Growth Rate
</td>
<td width="301">
CAGR of 16.45% between 2024 and 2031
</td>
</tr>
<tr>
<td width="301">
Revenue Forecast in 2031
</td>
<td width="301">
USD 10.62 billion
</td>
</tr>
<tr>
<td width="301">
Segments Covered
</td>
<td width="301">
Component, Deployment Mode, Company Size, Industry
</td>
</tr>
<tr>
<td width="301">
Regions Covered
</td>
<td width="301">
North America, Europe, South America, Asia-Pacific, Middle East and Africa
</td>
</tr>
<tr>
<td width="301">
Key Companies Profile
</td>
<td width="301">
Freshworks Inc., IBM Corporation, Ivanti, Inc., Microsoft Corporation, Oracle Corporation, SAP SE, ServiceNow, Inc., SolarWinds Corporation, USU Software AG, Zoho Corporation
</td>
</tr>
<tr>
<td width="301">
Customization Scope
</td>
<td width="301">
15% free report customization with purchase
</td>
</tr>
<tr>
<td width="301">
Pricing and Purchase Options
</td>
<td width="301">
Avail the customized purchase options to fulfill your precise research needs
</td>
</tr>
<tr>
<td width="301">
Delivery Format
</td>
<td width="301">
PDF and Excel through email (subject to the license purchased)
</td>
</tr>
</tbody>
</table>
In the report,&nbsp;global software asset management market&nbsp;has been segmented into the following categories:&nbsp;
<ul style="text-align: justify;">
<li>By Component
<ul>
<li>Software
<ul>
<li>License Management</li>
<li>Audit and Compliance Management</li>
<li>Software Discovery, Optimization, and Meeting</li>
<li>Contract Management</li>
<li>Configuration Management</li>
<li>Others</li>
</ul>
</li>
<li>Services
<ul>
<li>Professional Services</li>
<li>Managed Services</li>
</ul>
</li>
<li>By Deployment Mode
<ul>
<li>On-premises</li>
<li>Cloud-based</li>
</ul>
</li>
<li>By Company Size
<ul>
<li>Large Enterprises (&gt; 1000)</li>
<li>Small and Medium Enterprises (&lt; 1000)</li>
</ul>
</li>
<li>By End-user
<ul>
<li>Banking, Financial Services and Insurance (BFSI)</li>
<li>Government</li>
<li>Retail and E-commerce</li>
<li>IT and Telecom</li>
<li>Manufacturing</li>
<li>Energy and Utilities</li>
<li>Healthcare</li>
<li>Education</li>
<li>Others</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
Major software asset management market players are responding to the challenge by providing solutions that are integrating the management of SaaS with the traditional software asset management offerings. The software asset management market opportunity is on the rise due to an increasing demand for effective management of decentralized software acquisition and improved optimization of SaaS expenditure. The software asset management market will expand further as more businesses are moving towards cloud-based models, highlighting the importance of asset management across all software environments.
In March 2024, Freshworks Inc. launched a new data center in UAE, powered by Amazon Web Services, enhancing its regional offerings in customer and employee service solutions while ensuring data compliance and performance.
In February 2024, Flexera Software, Inc. completed the acquisition of Snow Software, Inc., expanding its technology asset management and financial operations capabilities. This merger enhances customer insights and management tools for hybrid IT environments.
Key Players Operating in Global Software Asset Management Market are:
<ul style="text-align: justify;">
<li>Freshworks Inc.</li>
<li>IBM Corporation</li>
<li>Ivanti, Inc.</li>
<li>Microsoft Corporation</li>
<li>Oracle Corporation</li>
<li>SAP SE</li>
<li>ServiceNow, Inc.</li>
<li>SolarWinds Corporation</li>
<li>USU Software AG</li>
<li>Zoho Corporation</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul style="text-align: justify;">
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
</ul>
If you can't find what you're searching for or have any custom requirements for global software asset management market, you may approach our team at&nbsp;<a href="mailto:info@marketsandata.com">info@marketsandata.com</a>.

Global Software Asset Management Market Assessment, Opportunities and Forecast, 2017-2031F

The global software asset management market is experiencing robust growth driven by increased demand for license compliance, cost optimization, and efficient IT asset management, particularly as organizations expand their digital transformation efforts.

FAQs

Industry Reports

Blogs

Case Studies

Industry News

Press Release

Infographics