Software Asset Management Market Size is Expected to Reach USD 4.27 Billion at a CAGR of 13.8% by 2027
Software Asset Management Market Size – USD 1.63 Billion in 2019, Market Growth – CAGR of 13.8%.
NEW YORK, NY, USA, April 9, 2022 /EINPresswire.com/ — Market growth is driven by various factors such as growing demand for cloud-based software and stringent government regulations
Market Size – USD 1.63 Billion in 2019, Market Growth – CAGR of 13.8%, Market Trends – Emerging countless new opportunities for BYOD (Bring Your Own Device)
The software asset management market is expected to reach $4.27 billion by 2027, according to a new report from Reports and Data. Enterprise collaboration enables employees of an organization to share information while working on projects from various geographic locations involving a combination of networking capabilities, software technologies, and collaborative methods. Techniques may include video conferencing, groupware, and document sharing capabilities. Several industry collaboration software tools have similar features to those offered on popular social media sites.
Software Asset Management Market or SAM is a continuous and evolving method. It requires the involvement of all levels of the organization, from the management team to every end user. SAM is practiced by ensuring that they do not include unwanted software on a local computer system, taking inventory of purchased products, or defining the purpose and objectives of each software ecosystem in the organization.
SAM has three main phases, namely reconciliation, review, re-engineering and re-tooling. SAM enables control and accountability of spend and standards through user management and approval process, resulting in best in class practices during the procurement phase. It enables control and accountability for retirement of managed IT/software assets by financial and physical targets. This also includes planning and administering the completion of asset replacement/disposal and a contract with a third party for the replacement/disposal of IT assets.
Due to the presence of advanced economies, such as the United States (US) and Canada, North America is expected to hold the largest share of 31.3% in 2019. North America is the most developed region of the market, as almost all major companies are located. in this region. The region’s strong financial position also enables it to invest heavily in advanced testing tools and technologies. Organizations in the region are moving beyond the public cloud and entering a new era of hybrid IT, which combines private cloud, public cloud and traditional IT. Factors such as strict laws in these regions compel organizations to comply with regulations. Additionally, companies in these regions are investing heavily in technology, which has generated the need to manage the lifecycle of their complex software assets.
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Other key findings from the report suggest
• The Software Asset Management Market is expected to reach USD 4.27 Billion by 2027, growing at a CAGR of 13.8% during the forecast period.
• The on-premises deployment segment accounts for a larger share of 65.2% of the market in 2019.
• Computer and telecommunications end user is expected to grow at the highest rate of 14.1% during the forecast period.
• The services segment is expected to grow at a higher rate of 14.1% over the forecast period.
• The SMB end-user segment is expected to grow at a higher rate of 14.1% over the forecast period.
• APAC is expected to be the fastest growing market with the highest rate of 14.1% over the forecast period.
• Drivers of growth in this region are the presence of key players, favorable reimbursement policies and increasing use of technology.
• Growing business investments in developing countries in the APAC region are expected to benefit from market growth in the coming years. Additionally, the growing adoption of cloud and mobile technologies and the growing trend of outsourcing certain operations to professional firms has led to the accelerated approval of software asset management solutions in APAC countries, such as China, India and Australia.
• Different actors develop strategies to mark their presence in the industry.
• Major Players in Software Asset Management Market include IBM, Micro Focus, Microsoft, Snow Software, Flexera, BMC Software, Ivanti, Certero, Servicenow, Aspera Technologies, Cherwell Software, Scalable Software, CA Technologies, Symantec
To identify key industry trends, click the link below: https://www.reportsanddata.com/report-detail/software-asset-management-market
For the purposes of this study, Reports and Data has segmented the market based on deployment, components, organization size, end user, and region:
Deployment Outlook (Revenue, USD Million; 2017-2027)
• On the site
Components Outlook (Revenue, USD Million; 2017-2027)
Organization Size Outlook (Revenue, USD Million; 2017-2027)
• Small and medium-sized enterprises (SMEs)
• Large companies
End User Outlook (Revenue, USD Million; 2017-2027)
• IT and Telecom
• Retail and consumer goods
Regional Outlook (Revenue, USD Billion; 2017-2027)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Key questions addressed in the report:
• What is the expected market size of the global software asset management market during the forecast period?
• What CAGR is expected the global market to register between 2021 and 2028?
• Which regional market is expected to register a rapid CAGR throughout the forecast period?
• Which key factors are expected to drive the growth of the global market during the forecast period?
• What are the major restraints expected to hinder the growth of the global market?
• Which key players are operating the global software asset management market?
• What are the main results of Porter’s five forces analysis?
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