According to the research report titled ‘Global Software Asset Management Market Size study, by Component (Solutions, Services), by Deployment Model (On-premises, Cloud), by Organization Size (Large Enterprises, SMEs), by Vertical (BFSI, IT and ITeS, Telecom, Manufacturing, Retail and eCommerce, Government, Healthcare and Life Sciences, Education, Media and Entertainment, Others), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global software asset management market size was worth USD 1.7 billion in 2020 and is anticipated to reach USD 5.4 billion by the end of the forecast period 2021-2027, recording a CAGR of 18.1% throughout.
 

Growing necessity to manage audits & fulfil regulatory compliance criteria, along with escalating demand for simpler management solutions and reduced software expenditure are driving the global software asset management market growth.
 

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Moreover, evolving internet of Things (IoT) technology and expanding number of linked devices are likely to create new revenue prospects as these IoT-enabled asset management systems use sensors to provide organizations with information on their assets while eliminating human effort. Moreover, total installed base of IoT active device connections worldwide is predicted to grow from 10 billion in 2019 to 30.9 billion by 2025 owing to innovations.
 

For the uninitiated, software asset management is a business technique that encompasses the management and optimization of software application deployment, maintenance, procurement, use, and disposal within an organization.
 

Experts cite that budget restrictions and lack of knowledge among SMEs may hinder the market progress between 2021 and 2027.
 

Based on component, worldwide software asset management indutry is segmented into services, and solutions. As per the regional assessment of software asset management market, the industry North America (U.S., Canada), Europe (UK, France, Germany, Spain, Italy, ROE), Asia Pacific (China, Japan, South Korea, Australia, India, RoAPAC), and Latin America (Mexico, and Brazil).
 

North America market is touted to grab the highest revenue share during the forecast period, attributable to surging need to reduce software license costs, manage audits to fulfill compliance standards, and emergence of key competitors.
 

Considering the competitive landscape, Eracent, Broadcom Corp., Matrix42, Certero, ServiceNow Inc., BMC Software Inc., Ivanti, USU Software AG, Flexera, and Snow Software Inc. are the among the major contenders in global software asset management market.