The global License Management Market (hereafter referred to as the market studied) was valued at USD 977 Million in 2021, and it is projected to reach USD 1,723. 6 million by 2027, registering a CAGR of 10.
New York, June 01, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “License Management Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06249298/?utm_source=GNW
07% during the period 2022-2027 (hereinafter referred to as the forecast period).
There has been a continued shift towards managing IT services and their applications for both short-term and long-term strategic decisions. Businesses are investing heavily in their IT infrastructure to replace their existing legacy systems, depending on features and capabilities. Competitive upgrades and replacements could have a profound impact on the broader market share in the future.
With so many new technologies emerging almost daily, it’s essential for organizations large and small to understand what software is being used. Managing software licenses has always been a challenge, and in today’s technologically advanced world, it has become increasingly difficult. However, saving money by avoiding duplicate software licenses, over-licensing, and overspending or underspending should be high on every organization’s list.
Digital technologies are being adopted in various manufacturing industries owing to the rapidly changing capabilities of the software used, which is further driving the growth of the market.
As more businesses increasingly turn to cloud computing and embrace digital at every turn, optimization is a critical part of this growing trend.
Organizations’ profit margins keep shrinking, due to increased competition and rapidly changing technologies. Thus, various companies are increasingly focusing on reducing operational costs. License management software is one way to reduce costs as organizations seek to optimize software usage and avoid loss due to license non-compliance. License management allows companies to control all agreements, contracts, license rights and software inventory from a centralized location.
The Business Software Alliance (BSA) is a global industry organization whose mission is to champion the legal use of software and enforce business compliance. To fulfill this obligation, the BSA regularly performs court-ordered audits of organizations to ensure they are compliant with all software licenses, whether they are small family shops, enterprises massive, academic institutions or government agencies.
The COVID-19 outbreak across the world has significantly disrupted the supply chain. Additionally, it has placed significant pressure on businesses, both large and small, due to the global lockdown restrictions, which have forced large-scale employees to work from home. This has prompted organizations around the world to adopt multiple scanning technologies to collaborate remote work while maximizing productivity. However, large-scale remote work and the sudden wave of digitization pose several challenges and threats to IT teams in these companies.
Main market trends
Healthcare segment to drive market growth
Healthcare and life sciences are among the fastest growing verticals in adoption of advanced technologies and services in terms of licensing management market. It is in fact a highly regulated system. License management solutions can help healthcare organizations, clinics, and hospitals track, monitor, and manage their licenses and other software assets to improve efficiency.
Healthcare institutions using these solutions for operational activities and medical device management must comply with regulations in accordance with governing body laws. Over the past few years, the focus on the healthcare and life sciences industry vertical has grown across all regions.
The risk associated with selecting and managing the right software is of utmost importance to this industry vertical. Strict laws governing the healthcare and life sciences vertical industry encourage healthcare companies to adopt effective solutions for managing licensing and related services.
Meeting the licensing requirements of the healthcare and life sciences industry is fundamental to maintaining company activity in a state. Updating licenses will allow the organization to enter new markets, open new facilities, hire staff and obtain financing.
On the other hand, license violations can result in state-imposed penalties or delayed payments, preventing the business from growing. Licensing solutions save organizations from all these breaches. It allows the management, monitoring and tracking of all types of licenses and permits effortlessly and efficiently.
Many vendors offer license management solutions in an intuitive dashboard and interface, so staff require minimal technical training to use it regularly. These solutions also provide timely notifications that keep authorities informed of due renewals.
North America will hold a large market share
Most of the major vendors in the license management software market are headquartered in the United States – Agilis Software, IBM, Micro Focus, Oracle, to name a few. The region is one of the most revenue-generating as the constituent nations, including the United States and Canada, largely focus on technological innovations.
For many years, especially in 2014, the region has seen exponential growth in new product offerings from global suppliers. For example, Chronicle Graphics has released its new licensing system. This new enterprise platform has provided users of OnePager Pro and Express software with a fast and efficient way to automatically request and activate their license keys over the Internet. The company has licensed its technology to Fortune 500 companies spanning multiple industries and numerous government agencies and is a Microsoft Certified Partner.
Around the same time, Aspera Technologies announced significant business growth in the US market. Today, the company works with leaders in the petroleum, telecommunications and insurance industries in the United States.
Additionally, in 2021, after listening to its base of over 55,000 users, MyMediabox launched a range of additions to its licensing management software to provide users with new productivity tools to make the licensing process easier. The Mediabox-GD (Global Dashboard) is enhanced with graphically oriented Key Performance Indicators (KPIs), business intelligence trends and seamless access to all Mediabox services for licensors who track countless partnerships and products from consumption.
Site24x7 surveyed 613 IT professionals on various topics, organization sizes and geographies in its State of IT Management 2020 – 2021 survey report. In North America, 41% of respondents use software internal to manage the organization’s various software licenses, followed by third-party license management software.
Over four years, a Cost of Unused Software report collected data from 3.6 million users across 129 companies in the US and UK. Researchers found that 37% of all installed software goes unused, representing $259 per desktop and over $37 billion in wasted IT spending.
The market has high competitive rivalry and is fragmented. Market companies engage in partnerships with other companies to develop and launch advanced solutions in the market. As such, huge investments are seen in the market which increases the competition. Moreover, to stay in the market and retain customers, companies are developing advanced technologies to play competitive advantage, thus intensifying the competitive rivalry in the market.
March 2022 – GEFA BANK, financing partner for German SMEs and subsidiary of Société Générale, has selected DXC Technology for a digital transformation project. With the “G-Rocket” program, GEFA BANK and DXC Technology will migrate the bank’s critical applications and data from its existing data center to Microsoft’s Azure cloud platform. With the move to the Azure cloud, GEFA BANK and DXC will systematically deploy the bank’s application landscape to native cloud services such as Azure Kubernetes Service (AKS).
January 2022- Miro Consulting released the 2022 version of its Oracle Licensing Guide. Miro Consulting is the world’s leading provider of software asset management (SAM) services, specializing in license management, audit consulting, negotiation tactics, support management and cloud services for Oracle, Microsoft, IBM, Salesforce and AWS.
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