According to our latest market study on Software Asset Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Deployment, Organization Size, Industry Vertical, and Geography, the market is expected to grow from US$ 2,250.37 million in 2021 and is projected to reach US$ 5,150.51 million by 2028; it is expected to grow at a CAGR of 12.6% from 2021 to 2028.

Software asset management (SAM) is built on the foundation of compliance. According to software suppliers, users should not use more software than they are licensed for. Although SAM is far broader than compliance, compliance is where license management becomes a critical component of the business strategy. It is also the initial objective for most businesses when they start using software asset management. Software license compliance aims to prevent under-licensing by assuring compliance with license entitlements, typically with an over-emphasis on the number of licenses relative to the number of software installations. Beyond software license compliance, software license management, which includes software license optimization, focuses on right-licensing - eliminating unneeded licenses in terms of kind, number, and function. Many SAM programs nowadays are primarily focused on software licensing compliance, with some components of software license management thrown in for good measure. Ideally, such practices will develop into a full-fledged software asset management system. For instance, Cherwell's Software Asset Management application provides IT organizations with complete visibility and control over software license agreements and compliance information within the company, including a software usage analysis module that tracks users, dates of use, software versions, and deployments associated with licensed software and contracts. Records of software usage should be kept for at least three years.

Impact of COVID-19 Pandemic on Global Software Asset Management Market

The COVID-19 outbreak has wreaked havoc across the globe. It has affected various industries in North America, including the software industry, and directly impacted IT and tech spending. According to the Center for Strategic and International Studies, due to the COVID-19 impact, the US experienced a contraction in GDP. Presently, the US is the world's worst-affected country due to the COVID-19 outbreak with the highest number of confirmed cases and deaths, as per the recent World Health Organization (WHO) statistics. The high number of COVID-19 cases has negatively impacted the country and region's economy. There has been a decline in overall business activities and growth of various industries operating in the region. The US is a prominent for software asset management market in almost all organizations. The massive increase in the number of confirmed cases and the rise in reported deaths have affected businesses across all industries. Thus, this has affected the revenue of key market players operating in North America software asset management market. The business shutdowns and cancellation and postponement of product launches across the US, Canada, and Mexico, have impacted the adoption of software asset management in 2020. However, while the software asset management market experienced fluctuations due to nationwide shutdowns and stay-at-home orders, the disruption has caused an acceleration in remote working. The software industry, which is considered a structural winner, has given greater digital capabilities across all industries.

Key Findings of Study:

Geographically, the software asset management market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America. In 2020, North America accounted for a significant share in the global software asset management market. The software asset management market is analyzed based on component, deployment, organization size, industry vertical, and geography. Based on component type, the software asset management market is segmented into solutions and services. In 2020, the solutions segment held a larger market share. In terms of deployment type, the software asset management market is segmented into on-premise and cloud. In 2020, the cloud segment accounted for a larger market share in global software asset management market. Based on organization size, the market is segmented into SMEs and large enterprises. In 2020, the large enterprises segment accounted for a larger market share. In terms of industry vertical, the global software asset management market is segmented into BFSI, IT and Telecom, manufacturing, retail, and consumer goods, government, healthcare and life sciences, media and entertainment, and others. The manufacturing segment held the largest market share in 2020 in global software asset management market.

Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com