Global Software Asset Management Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Software Asset Management Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Software asset management is a business practice used to manage and optimize an organization's software assets. It aims to help organizations make full use of software assets and applications to achieve cost savings, compliance assurance, risk reduction, efficiency improvement, and other goals. Software asset management involves activities such as planning, procurement, deployment, maintenance, optimization, and disposal of all software owned or used by an organization, as well as the process of monitoring, evaluating, and improving these activities. By implementing SAM practices, companies can gain better insight into software usage and value, software over- or under-licensing, and improve system security, data integrity, and data security.

Market Overview:

The latest research study on the global Software Asset Management market finds that the global Software Asset Management market reached a value of USD 2611.45 million in 2023. It’s expected that the market will achieve USD 6978.73 million by 2029, exhibiting a CAGR of 17.8% during the forecast period.

Productiv Raises $45M to Accelerate SaaS-Driven Business Transformation

March 31, 2021

Productiv, the leading SaaS Management Platform, today announced it has closed a $45M Series C funding round led by IVP with additional participation from existing investors Accel, Norwest Venture Partners, Okta Ventures, and new strategic investor Atlassian Ventures. In conjunction with the financing, Steve Harrick of IVP will join the Productiv Board of Directors.

This latest financing brings the company’s total funding raised to $73M and underscores continued momentum. During the last year, Productiv has more than tripled revenue and doubled its headcount, added an impressive roster of enterprise customers including DocuSign, Kayak, PagerDuty, SentinelOne, Robinhood, and GlobalLogic, and welcomed technology industry veteran Aashish Chandarana as Chief Information Officer.

Advantages of Software Asset Management

There are many benefits to software asset management (SAM), first of all, SAM focuses primarily on ensuring that only approved applications are introduced into the local computing environment and that software licenses are fully and appropriately utilized. To this end, SAM will provide automated scanning tools, to enforce organizational policies regarding unapproved or pirated software. These tools provide SAM teams with information about every networked computer in the enterprise, including application names, locations, installation dates, and other key information that can be used to identify and remove unwanted software.

The second major benefit of SAM is to facilitate the overall management of the software assets themselves. Software is a major financial investment for a company and is closely related to important departments such as research, procurement, and deployment of capital expenditures. Improper management is likely to cause huge losses to the company, and a good SAM system can effectively prevent the company from such risks. In addition to this, SAM helps control a company's operational expenses such as ongoing licensing costs, upgrade costs, manufacturer support, and the impact on operations during outages. In terms of license management, the SAM program can measure license utilization and can acquire new licenses, negotiate better license rates, transfer unused licenses to other customers, or cancel unused licenses.

By managing the company's software assets in this way, enterprises can enhance the planning of the company's software procurement, control and reduce the wastage of software, and at the same time, the management can more accurately grasp the software assets, make correct decisions promptly, and improve the overall management efficiency of the companies, so SAM is increasingly favored by major companies.

Increased awareness of enterprise software asset management

In today's digital era, software has become one of the core assets of an organization, supporting various business processes and services, so cybersecurity is crucial to the survival of the enterprise. With cyberattacks becoming more frequent and increasingly sophisticated, companies around the world suffer cyber intrusions, data thefts, or other forms of automated attacks every year, sometimes costing companies billions of dollars. These attacks are often carried out by employees of an organization, such as downloading innocent-looking but extremely dangerous electronic software. Enterprise software is always exposed to threats from cybercriminals. Major companies around the world are paying more and more attention to the management of software assets. Major companies are constantly fighting to maintain the security of software systems.

Software asset management functions can well protect company systems and achieve the purpose of maintaining network security. The security contribution of software asset management focuses on the detection and removal of unapproved software and illegal (or unlicensed) software use. Even if an entity carefully limits a user's ability to access and modify computing assets, it is still possible for an individual to install a favorite application or utility. This exposes organizations to legal risks from piracy and security risks from attacks. In both cases, software asset management automation tools are used to defend against these risks, largely avoiding irreparable damage caused by malware attacks. Additionally, SAM programs provide entities with greater agility and the ability to respond faster to market changes. Specifically, SAM helps companies make better strategic and tactical decisions about software deployment by tracking all applications used by an organization and providing recommendations to senior management about which applications will perform well in the current environment. The decision provides a double guarantee for the company’s network security. Therefore, it is not difficult to see that the future growth of the software asset management market will be better.

Region Overview:

In 2022, the share of the Software Asset Management market in North America stood at 39.38%.

Company Overview:

The major players operating in the Software Asset Management market include Servicenow, Broadcom, IBM, 1E, Microsoft, etc. Among which, Servicenow ranked top in terms of sales and revenue in 2023.

ServiceNow makes the world better for everyone. The company's cloud-based platform and solutions help organizations digitize and unify so they can find smarter, faster, and better ways to implement workflows. As a result, employees and customers can be more connected, more innovative, and more agile. Companies can create the future they imagine. World partners with ServiceNow.

Segmentation Overview:

By type, Cloud segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Banking, Financial Services, and Insurance segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Software Asset Management market covered in Chapter 3:

BMC Software
ManageEngine
Eracent
Matrix42
Microsoft
Snow Software
Certero
Broadcom
InvGate
Productiv
SymphonyAI
Servicenow
Ivanti
License Dashboard
Xensam
1E
Flexera
Micro Focus
Open iT
Zylo
USU
Belarc
IBM

In Chapter 4 and Chapter 14.2, on the basis of types, the Software Asset Management market from 2019 to 2030 is primarily split into:

On-premises
Cloud

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Software Asset Management market from 2019 to 2030 covers:

Banking, Financial Services, and Insurance
IT and Telecom
Manufacturing
Retail and Consumer Goods
Government
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)