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  • Software Asset Management Industry Size, Share, Trends, Analysis and Forecast to 2029

    (I-SoftwareNews.Com, July 01, 2024 ) According to a research report "Software Asset Management Market Size Share, Growth Analysis, by Offering (Solutions (License Management, Audit & Compliance Management, Contract Management), and Services), Deployment Mode, Vertical and Region - Global Industry Forecast to 2029" published by MarketsandMarkets, the software asset management market is expected to grow from USD 3.5 billion in 2024 to USD 7.3 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 16.0% during the forecast period. Software asset management solutions provide comprehensive tools for tracking, managing, and optimizing software assets throughout their lifecycle. To ensure efficient and accurate asset management, software asset management integrates various data sources and technologies, including real-time usage metrics, license compliance tools, contract management systems, and automation features. These solutions enable organizations to monitor software usage, identify cost-saving opportunities, ensure regulatory compliance, and enhance cybersecurity measures, ultimately supporting better decision-making and maximizing the value of their software investments.

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    Browse 288 market data Tables and 52 Figures spread through 401 Pages and in-depth TOC on "Software Asset Management Market Size Share, Growth Analysis, by Offering (Solutions (License Management, Audit & Compliance Management, Contract Management), and Services), Deployment Mode, Vertical and Region - Global Industry Forecast to 2029"

    By organization size, the large enterprise segment will hold a larger market size during the forecast period.

    Organizations with an employee strength of more than 1,000 can be considered large enterprises. Software asset management in large enterprises is evolving beyond mere compliance and cost-saving measures. With the advent of hybrid work environments, enterprises are increasingly leveraging software asset management to drive innovation and agility. Modern software asset management solutions are integrated with advanced analytics and machine learning algorithms that provide predictive insights, enabling proactive management of software assets; this allows enterprises to anticipate future software needs and align them with strategic business goals. Additionally, software asset management in large enterprises focuses on enhancing cybersecurity. Ensuring that all software is up-to-date and properly licensed, software asset management helps minimize vulnerabilities that cyber threats could exploit. Integrating software asset management with broader IT asset management (ITAM) frameworks also enables a unified approach to managing hardware and software assets, improving overall IT governance.

    Furthermore, sustainability is becoming a significant aspect of software asset management in large enterprises. Companies now use software asset management to optimize their software usage to reduce digital waste, contributing to their overall environmental, social, and governance (ESG) goals. Software asset management tools are also being utilized to support remote work by managing software licenses and ensuring employees can access necessary tools without compromising security or compliance.

    By region, the Middle East & Africa will grow at the second-highest growth rates during the forecast period.

    In the Middle East and Africa region, including GCC countries, South Africa, Egypt, Nigeria, Turkey, and others, the software asset management market is expanding rapidly amid growing digital transformation initiatives and increased ICT investments. Countries across the region are enhancing their digital infrastructure to support economic growth, with software asset management playing a crucial role in managing software licenses and ensuring compliance with regulatory standards.

    The market is characterized by a strong demand for software asset management solutions to optimize software usage, reduce costs, and mitigate risks associated with software audits. Local vendors like Ettesaq, specializing in software licensing consulting, help large enterprises navigate the complexities of software contracts and optimize their software portfolios. Their services cover everything from software procurement and compliance to ongoing asset management.

    The software asset management market in the Middle East and Africa is witnessing distinct trends, including heightened digital transformation efforts, increased regulatory scrutiny, and growing cloud adoption. In the Gulf Cooperation Council (GCC) countries, particularly the UAE and Saudi Arabia, there is a strong push towards intelligent government initiatives and digital economies, driving the demand for robust software asset management solutions to manage extensive software portfolios. In South Africa, businesses increasingly invest in software asset management to ensure compliance with complex software licensing agreements and optimize costs amid economic pressures. Nigeria and Kenya are emerging markets where the adoption of software asset management is accelerating, fueled by the expansion of IT infrastructures and a growing awareness of the benefits of effective software management. Across the region, incorporating AI and machine learning in software asset management tools is a key trend, enhancing predictive analytics capabilities and improving asset tracking and utilization.

    Key Players

    Some of the key players operating in the software asset management market are – Flexera (US), Snow Software(Sweden), USU Software AG(Germany), Ivanti(US), BMC Software(US), ServiceNow(US), Certero(UK), Matrix42(Germany), Broadcom(US), and Eracent(US).

    About MarketsandMarkets™

    MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

    The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

    Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

    To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

    Mr. Rohan Salgarkar
    MarketsandMarkets™ INC.
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    Mr. Rohan Salgarkar


    Source: EmailWire.Com


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