Software Asset Management Market to Witness Impressive Growth, projected to Reach US$ 7.15 billion by 2033 | Persistence Market Research

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

New York, July 18, 2023 (GLOBE NEWSWIRE) — The Software Asset Management Market Size is expected to be worth over US$ 2.13 billion in 2022, rising to around US$ 7.15 billion by 2033. It is also expected to be valued US$ 2.36 billion in 2023 and to increase at a CAGR of 11.8% from 2023 to 2033. The Software Asset Management (SAM) market is a rapidly growing industry that focuses on providing solutions and services to help organizations effectively manage their software assets.

Software Asset Management (SAM) is a set of practices and processes that enable organizations to effectively manage and optimize their software assets throughout their lifecycle. SAM involves activities such as software discovery, inventory management, license compliance, contract management, and software usage tracking. The primary goal of SAM is to ensure that organizations have the right software licenses to meet their business needs while minimizing costs and reducing the risk of non-compliance.

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Methodology

The information presented in this research report is based on a comprehensive analysis of various sources, including industry reports, market studies, and expert opinions. Both primary and secondary research methods were employed to gather relevant data and insights.

Market Dynamics

Market Drivers

• Increasing software license complexity and the need for effective license management.
• Rising instances of software audits and the need for license compliance.
• Growing demand for cloud-based SAM solutions due to scalability and cost advantages.
• Emergence of new technologies such as AI and machine learning for advanced SAM capabilities.
• Stringent regulatory compliance requirements across industries.

Market Challenges

• Lack of awareness and understanding about SAM among organizations.
• High implementation and maintenance costs associated with SAM solutions.
• Difficulty in tracking software usage in virtualized and hybrid IT environments.
• Complexity in managing software licenses across multiple vendors.
• Integration challenges with existing IT infrastructure.

Future Outlook

The SAM market is expected to witness sustained growth in the coming years due to the increasing adoption of SAM practices by organizations across various industries. The market is likely to be driven by the need for cost optimization, regulatory compliance, and effective software license management. Cloud-based SAM solutions are anticipated to gain significant traction due to their scalability and flexibility.

However, challenges such as high implementation costs, integration complexities, and lack of awareness may hinder market growth to some extent. Vendors that can address these challenges and provide comprehensive SAM solutions with advanced features are expected to gain a competitive edge in the market.

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Competitive Landscape

The SAM market is highly competitive, with several key players vying for market share. Major vendors operating in the market include:

• 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.

The market is characterized by partnerships, collaborations, and strategic acquisitions to enhance product offerings and expand market reach. Vendors are also investing in research and development to develop advanced SAM solutions.

Recent Developments

• Snow Software acquired Scalable Software in 2022 to expand its cloud-based SAM offering.
• IBM acquired Tricentis in 2022 to strengthen its SAM capabilities for cloud and agile environments.
• Flexera acquired Certero in 2022 to expand its global reach and customer base.
• Ivanti acquired Asset Optimization in 2022 to strengthen its SAM capabilities for hybrid and multi-cloud environments.

Market Segmentation

• 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

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Regional Analysis

North America holds a significant share in the SAM market. The region is technologically advanced and has a high adoption rate of software solutions across various industries. The presence of major software vendors and the increasing need for license compliance and cost optimization drive the SAM market in North America. Additionally, stringent regulatory requirements in sectors such as healthcare and finance contribute to the demand for robust SAM practices.

Europe is another prominent region in the SAM market. Countries such as the United Kingdom, Germany, France, and the Netherlands have a strong presence of large enterprises and industries that rely heavily on software applications. The European market is driven by regulatory compliance requirements, the need for effective license management, and the growing awareness of SAM benefits. Additionally, the region’s focus on data protection and privacy regulations influences the adoption of SAM solutions.

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