The Rising Adoption of SaaS Model to Boost License Management Market Growth

License Management
License Management Market


License Management Market, By Component (Software, Services), By Deployment (On-Premise, Cloud), By Application (Audit Services, Advisory Services, Compliance Management, License Entitlement and Optimization, Operations and Analytics, Other Applications), By End-User Industry (BFSI, Healthcare and Life Sciences, IT and Telecommunication, Media and Entertainment, Other End-user Industries) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030

The global License Management Market is estimated to be valued at US$ 977 million in 2021 and is expected to exhibit a CAGR of 10.7% over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The software license management indicates to the procedure and tools the business utilizes to maintain and document the software goods the business utilizes, and where and how they are utilized. Software License Management is important to guarantee the business complies with each suitable enterprise license and agreements of end-user license. Very particularly, license management lay down the prescribed essentials and details that regulate how software might be utilized and how its supplier is to be recompensed. A usual agreement stipulates the number of licenses bought, how those acquisitions convert into allowed installations, and what takes place if licenses used increases than those bought.

Competitive Landscape:

Key players involved in the global license management market are Cherwell Software LLC, Oracle Corporation, USU Software AG, Flexera Software LLC, DXC Technology Co., ServiceNow Inc, Snow Software AB, Reprise Software Inc., IBM Corporation and Thales Group

Market Key Drivers:

The rising adoption of SaaS model in IT and Software companies is expected to augment the growth of global management market. For instance, as per the facts and figures it is reported that around 80% of companies employ at least one type of SaaS application.

The rising adoption of AI and ML in companies is projected to propel the growth of global license management market. For instance, as per the reports published by IBM, around 35% of the companies have adopted the AI technologies in their companies.

Covid-19 Impact Analysis:

The COVID-19 outbreak had affected the growth of management market as it has disrupted the supply chain in the initial phase of 2020 across the globe. Moreover, it has levied significant pressure on companies, whether large or small, attributed to the global shutdown restrictions, which have forced workers at large-scale to opt for remote work.

Key Takeaways:

The global management market is expected to exhibit a CAGR of 10.7 % during the forecast period due to the frequent launches of products and approval of the products, product innovations. For instance, in January 2022 - Miro Consulting introduced the 2022 model of its Oracle Licensing Guide. Miro Consulting is the dominant supplier of SAM, specialized in license management, cloud based service audit advisory and others

Among regions, North America, Asia Pacific and Europe are anticipated to witness robust growth in the global management market due to rising use of internal software’s, product launches and approvals and expansion of the market by the key players. For instance, as per IT Management Survey Report, in North America, 41% of people utilize internal software to regulate the companies numerous software licenses

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