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Software Asset Management Market Growing at a CAGR 18.1% | Key Player Flexera, Ivanti, BMC Software, Servicenow, Certero

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Software Asset Management Market Growing at a CAGR 18.1% | Key Player Flexera, Ivanti, BMC Software, Servicenow, Certero

November 04
19:00 2021
Software Asset Management Market Growing at a CAGR 18.1% | Key Player Flexera, Ivanti, BMC Software, Servicenow, Certero
Snow Software (Sweden), Flexera (US), USU Software AG (Germany), Ivanti (US), BMC Software (US), ServiceNow (US), Certero (UK), Matrix42 (Germany), Broadcom (US), Eracent (US), Scalable Software (US), Belarc (US), IBM (US), Micro Focus (UK), Microsoft (US), ManageEngine (US), Xensam (Sweden), InvGate (Argentina), Symphony SummitAI (US), 1E (UK), Open iT (US), Lansweeper (Belgium)
Software Asset Management Market with COVID-19 Impact, by Component, Deployment Model (On-premises, Cloud), Organization Size (Large Enterprises, SMEs), Vertical, & Region (North America, Europe, APAC, MEA, and Latin America) – Global Forecast to 2026

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.

Services segment to hold a larger market size 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.

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SMEs segment to grow at the highest CAGR during the forecast period

SMEs are defined as organizations with an employee strength ranging from 1 to 1,000. These enterprises face greater challenges of a limited budget as compared to large enterprises and require better methods to resolve complexities for improving the cost optimization of their business processes. However, the SMEs segment is expected to grow at a higher CAGR during the forecast period. Due to the limited budget, SMEs mostly prefer cloud-based solutions over on-premises solutions, and this adoption trend is expected to accelerate in the years to come, enabling the cloud deployment model to have a considerable market size during the forecast period. SMEs use software asset management solutions for license management, software discovery, optimization, and metering. These factors are also expected to encourage more SMEs to adopt software asset management solutions and services at a rapid pace. This segment has a huge potential and will continue to flourish in the software asset management market in the coming years.

The software asset management market comprises major providers, such as Snow Software (Sweden), Flexera (US), USU Software AG (Germany), Ivanti (US), BMC Software (US), ServiceNow (US), Certero (UK), Matrix42 (Germany), Broadcom (US), Eracent (US), Scalable Software (US), Belarc (US), IBM (US), Micro Focus (UK), Microsoft (US), ManageEngine (US), Xensam (Sweden), InvGate (Argentina), Symphony SummitAI (US), 1E (UK), Open iT (US), Lansweeper (Belgium), and License Dashboard (UK). 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.

The players in this market have embraced different strategies to expand their global presence and increase their market shares. New product launches and enhancements, partnerships, mergers and acquisitions, have been the most dominating strategies adopted by the major players from 2019 to 2021, which helped them strengthen their offerings and broaden their customer base.

Snow Software is a technology intelligence solutions company. It offers software asset management, Software-as-a-Service (SaaS) management, asset discovery and inventory, cloud automation and orchestration, as well as audit defense solutions. The company aims to help organizations understand and manage their technology consumption. It is one of the major providers of on-premises and cloud-based software asset management solutions across the world. Snow Software offers software recognition and normalization for over 700,000+ applications so organizations can easily get the insights they need from top vendors with the largest IT spend including Oracle, IBM, Microsoft, VMware, SAP, Micro Focus, and Citrix. Snow Software has its footprint around the globe, with offices in Europe, North America, Latin America, and APAC.

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USU Software AG is one of the leading providers of smart software and services for IT and customer service management and is a holding company for various subsidiaries that operate as international software and service companies. On January 2021, the USU Group announced that it would unit all of its subsidiaries under the common USU umbrella brand. As part of the new branding, software asset management solutions leader, Aspera GmbH, is now operating exclusively under the brand name USU. Aspera software asset management solutions are now complemented by USU Software AGs integrated solution portfolio, featuring innovative digital-first AI and cloud technologies.

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