The “Software Asset Management Market by Solution (License Management, Audit and Compliance Management, Software Discovery, Optimization, and Metering), Service, Deployment Type, Organization Size, Industry Vertical, and Region – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global software asset management market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 18.1% during the forecast period, to reach USD 4.8 billion by 2026 from USD 2.0 billion in 2021.
Key factors that are expected to drive the growth of the market are the rising need to manage audits and meet regulatory compliance standards, growing need to manage and optimize the purchase, deployment, maintenance, utilization, and disposal of software applications within the business, and lower software spend cost. These factors are driving the demand for software asset management.
The COVID-19 Impact on the global software asset management tools market
The pandemic has had a positive impact on the software asset management market. The COVID-19 pandemic and the proliferation of remote work environments have created new complex barriers for businesses to overcome. The COVID-19 pandemic has reinforced the need for companies in the various sector to implement digital technologies and harness the power of software asset management solutions and services for license and cost optimization and achieve greater ROI on IT assets.
The services segment is expected to grow at a higher CAGR during the forecast period
Based on services, the software asset management market is segmented into two categories: professional and managed services. These services assist in building, assessing, and leveraging software asset management environments to avoid time wastage and effort on a failed implementation. These services help optimize software licensing costs, IT assets, and ensure compliance standards by managing audits.
Enterprises need active support from skilled professionals to minimize their software asset downtime during the pre-and post-installation of software asset management solutions. These services provide the necessary support to uphold the efficiency of business processes, increase enterprise growth, and reduce unwanted IT expenses.
Healthcare and life sciences industry vertical to hold the highest market share in 2021
Healthcare and life sciences is one of the fastest-growing verticals with respect to the adoption of advanced technologies and services in terms of the software asset management market. It is in fact, a highly regulated one.
Software asset management solutions can help healthcare organizations, hospitals, and clinics in tracking, monitoring, and managing their software assets to improve the efficiency. Healthcare institutions using software asset management solutions for operational activities and management of medical devices have to adhere to regulations as per the laws of governing bodies.
In the recent years, the focus on the healthcare and life sciences industry vertical is increasing across the regions. The risk associated with selecting and managing the appropriate software is of utmost importance to this industry vertical. The strict laws governing the healthcare and life sciences industry vertical encourage the healthcare companies to adopt effective software asset management solutions and associated services.
APAC to grow at the highest CAGR during the forecast period
Asia Pacific has witnessed the advanced and dynamic adoption of new technologies and is projected to record the highest CAGR during the forecast period.
In addition, the IT spending across organizations in the region is gradually increasing, which is projected to lead to a surge in the adoption of software asset management solutions and services. China, Japan, and Australia and New Zealand (ANZ) are the leading countries in terms of the adoption of software asset management solutions and services in the region.
While the expenditure on technology solutions in APAC has increased, a setback is witnessed due to the recent COVID-19 pandemic. The COVID-19 pandemic makes it more urgent for business leaders across APAC to increase their rate of cloud adoption and digital transformation.
Also, the current pandemic has forced the government and public sector across APAC to shift toward digital innovation and meet regulatory compliance standards, which is driving huge market opportunities for software asset management vendors.
The study includes an in-depth competitive analysis of key players in the software asset management market with their company profiles, recent developments, COVID-19 developments, and key market strategies.