Northbrook, IL 60062 -- (SBWIRE) -- 01/12/2024 -- 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, according to research report by MarketsandMarkets™.

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.

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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.

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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Key Dynamic Factors For Software Asset Management Market:

Increasing Requirements for Regulatory Compliance:

The observance of software licencing and usage laws is becoming increasingly important to governments and industry regulators. This encourages businesses to spend money on SAM solutions in order to guarantee that legal requirements are met.

An increase in software audits

Software providers carry out audits to make sure licence terms are being followed. Organisations use SAM solutions to better track and manage their software assets because they are afraid of audits.

Cloud Computing Uptake:

The models used to provide software have changed as a result of the growing use of cloud services. Software as a Service (SaaS) and Infrastructure as a Service (IaaS) cloud environments require licence management systems to be flexible.

Software Licencing Model Complexity:

With so many different licencing models (subscription, usage-based, etc.) in the software business, managing licences manually is becoming more and more difficult for organisations. SAM tools facilitate negotiating the complexities of licencing contracts.

Initiatives for Digital Transformation:

Efficient SAM is necessary for organisations implementing digital transformation initiatives in order to maximise software expenditure, guarantee licence compliance, and match software assets with business goals.

Put Cost Optimisation First:

Effective SAM can assist in identifying underutilised or underused software licences, minimising wasteful spending, which is something that organisations are increasingly seeking for in order to optimise costs.

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Competitive and Segmentation Analysis:

In order to comprehend the dynamics of any market, including the Software Asset Management (SAM) industry, competitive and segmentation studies are essential. Different vendors compete for market share in the competitive landscape by providing solutions that meet the changing needs of organisations. Vendors distinguish themselves by innovations in technology, pricing policies, and features. In order to diversify their product lines and obtain a competitive advantage, larger companies frequently participate in mergers and acquisitions. Meanwhile, up-and-coming businesses might concentrate on certain areas or launch cutting-edge features to take on more established firms. With segmentation analysis, the market is categorised according to a number of variables, including end users, deployment models, organisation size, and geographic locations.

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