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Software Asset Management Market

Rising Adoption of Cloud-based Solutions Driving Software Asset Management Market Growth

Software Asset Management Market by Component (Software and Services)

Software Asset Management Market Outlook

Software Asset Management Market is anticipated to be worth around US$ 2,120.4 Million in 2022, with the market reaching over US$ 7,149.9 Million in 2033. It is also projected to be worth US$ 2336.6 Million in 2023 and is estimated to grow at a CAGR of 11.8% during the forecast period 2023 to 2033.

Software asset management (SAM) is a set of practices and procedures that organizations use to manage and optimize their software assets throughout their lifecycle. SAM involves monitoring the software usage, tracking licenses and maintenance agreements, identifying and mitigating risks related to software usage, and ensuring compliance with licensing agreements and other legal requirements.

SAM is important because it helps organizations reduce software costs, manage software license compliance risks, and optimize their IT investments. SAM can be implemented through a combination of people, processes, and technology tools.

Increasing adoption of the cloud computing technology together with increased focus on security and data privacy are the major factors influencing the growth of the software asset management market. As security threats and data privacy concerns continue to rise, SAM solutions can help organizations mitigate risks related to software usage and ensure compliance with legal and regulatory requirements.

Software asset management market accounts for the 25.1% of the asset management market.

According to the geographical market estimates, the North American region will account for 28.2% of the global market in 2022. In Europe, consumption for these solutions is estimated to account for around 21.3% of the market in 2023.

Software Asset Management Market Size (2023)

US$ 2336.6 Million

Projected Market Value (2033)

US$ 2,53,824.3 Million

Global Market Growth Rate (2023 to 2033)

11.8%

Cloud segment Market Share (2022)

55.4%

Indian Market Growth Rate (2023 to 2033)

13.1%

SME Segment Market Share (2022)

59.1%

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What are the Major Impediments to the Growth for Software Asset Management?

“Lack of Awareness Along with The Complexity of Software Licensing”

Many organizations are not aware of the benefits of SAM and how it can help them reduce costs, ensure compliance, and mitigate risks related to software usage.

Moreover, software licensing agreements can be complex and varied, and understanding them can be challenging. This can make it difficult to ensure compliance and optimize software usage. Such factors are hampering the market growth.

  • In May 2021, Flexera had updated its tools to provide interoperability between its Software Vulnerability Manager solution & VMware Workspace ONE Unified Endpoint Management (UEM). This update aims at identifying, prioritising, and meeting the requirement for third-party patch release to address application vulnerabilities.
  • In March 2021, Ivanti had acquired Cherwell with the purpose of expanding the reach of its Neurons platform and provide end-to-end service & wealth management across all business lines and from all endpoints to the IoT edge.
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What Factors Are Accelerating the Adoption of Software Asset Management in United States?

“Increasing Regulatory Compliances Are Boosting the Growth of Software Asset Management Market”

Organizations are increasingly subject to regulatory requirements related to software licensing and usage, such as software audits, which are driving the need for SAM solutions.

Additionally, as security threats and data privacy concerns continue to rise, organizations need SAM solutions to mitigate risks related to software usage and ensure compliance with legal and regulatory requirements.

These aspects are aiding the acceptance of these technologies in the United States region, accounting to the region's considerable market share of 24.4% in 2022.

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What are The Opportunities for The Charging of Software Asset Management in India?

“Rapidly Expanding IT industry is Hastening the Adoption of Software Asset Management

India has a rapidly growing IT industry, with increasing adoption of software applications in various sectors. This presents a significant opportunity for SAM solutions to help organizations manage and optimize their software assets.

Additionally, India has a large number of SMEs, which may not have dedicated IT teams or the resources to manage software assets effectively. SAM solutions can help these organizations optimize their software usage and costs.

These factors enable India's market to grow at a CAGR of 13.1% during the predicted period.

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What Factors Influence France’s Market Share in The Global Software Asset Management Market?

“Strong IT infrastructure is Facilitating the Adoption of Software Asset Management Services

France has a strong IT infrastructure and a mature technology market, which provides a favourable environment for the adoption of SAM solutions.

Moreover, French organizations are focused on reducing costs and optimizing their IT investments, which has created a demand for SAM solutions to help identify areas for cost savings.

Such considerations are predicted to hasten the deployment of software asset management in France.

Category-wise Insights

Why Cloud Segment Hold the Major Market Share for Software Asset Management Market?

The adoption of cloud computing has been increasing rapidly in recent years, with more organizations moving their software applications to cloud environments. This has created a need for SAM solutions that can manage and optimize software usage and costs in cloud environments.

Moreover, cloud-based SAM solutions offer greater scalability and flexibility than traditional on-premises solutions, which makes them more appealing to organizations of all sizes.

These factors are influencing the major share of 55.4% of cloud segment in the market.

Why the Adoption of Software Asset Management is Maximum in Small & Medium scale industries?

Small and medium-scale industries often have limited IT resources, which makes it challenging to manage and optimize software assets effectively. SAM solutions can help these organizations streamline their software asset management practices and optimize software usage and costs.

Small and medium-scale industries are subject to the same regulatory requirements related to software licensing and usage as larger organizations. SAM solutions can help these organizations ensure compliance with legal and regulatory requirements.

Thus, market share of software asset management in small & medium scale industries is analysed to be 59.1% in 2022.

Competitive Landscape

The SAM market is expected to continue to grow, driven by factors such as the increasing complexity of IT environments, growing need for cost optimization, and rising regulatory requirements related to software licensing and usage. As a result, competition in the SAM market is expected to remain intense, with established players and new entrants vying for market share and seeking to differentiate themselves through innovation and superior customer service.

  • In February 2023, GoTo had launched a new remote monitoring & management (RMM) tool and an all-new free offering for GoTo Resolve. The most recent updates include additional RMM capabilities to address the needs of IT professionals, advancing GoTo Resolve's journey towards an integrated IT service management (ITSM) solution.
  • In July 2021, Snow Software had launched Snow Atlas, an integrated platform designed to help enterprises in identifying, managing, and optimizing their investments in technology simultaneously on-premises & in the cloud.

Recent developments related to key players providing solutions have been tracked by the analysts at Persistence Market Research, which will be accessible in the full report.

Software Asset Management Market Report Scope

Attribute

Details

Forecast Period

2023 to 2033

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Pacific
  • Middle East and Africa (MEA)

Key Countries Covered

  • United States
  • Canada
  • Brazil
  • Mexico
  • Germany
  • United Kingdom
  • France
  • Spain
  • Italy
  • China
  • Japan
  • South Korea
  • India
  • Indonesia
  • Malaysia
  • Singapore
  • Australia
  • New Zealand
  • Turkey
  • South Africa
  • GCC Countries

Key Market Segments Covered

  • Deployment
  • Component
  • Organization Size
  • Industry
  • Region

Key Companies Profiled

  • IBM Corporation
  • Freshworks Inc.
  • Ivanti
  • Solarwinds
  • Zoho Corporation
  • Aspera
  • Snow Software
  • BMC Software
  • SAP SE
  • Hewlett Packard Enterprise
  • Microsoft Corporation
  • VMware Inc.
  • Oracle Corporation

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Key Segments of software asset management Market Industry Research

By Deployment:

  • Cloud
  • On-Premise

By Component:

  • Software
  • Services

By Organization Size:

  • Large Enterprises
  • Small and Medium Enterprises

By Industry:

  • BFSI
  • IT & Telecom
  • Retail & Consumer Goods
  • Healthcare
  • Manufacturing
  • Government
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East and Africa

- Companies Covered in This Report -

  • IBM Corporation
  • Oracle Corporation
  • Freshworks Inc.
  • Ivanti
  • Solarwinds
  • Zoho Corporation
  • Aspera
  • Snow Software
  • Comparex AG
  • BMC Software
  • SAP SE
  • Hewlett Packard Enterprise
  • Microsoft Corporation
  • VMware Inc.

- Frequently Asked Questions -

In 2023, the market value of software asset management was US$ 2,336.6 Mn.

The global software asset management market is estimated to advance at a 11.8% CAGR through 2033.

The market for software asset management is forecasted to climb to US$ 7,149.9 Mn by 2033 end.

Demand for software asset management market in India is projected to rise at a CAGR of 13.1% for 2023-2033.

In 2022, the North America software asset management market held a dominant market share of 28.2%.

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