Software License Management (SLM) is a critical element of what is known as software asset management (SAM). SLM is arguably one of the most critical functions performed by IT teams. SLM software is used by organizations to document and manage their software licenses in an effort to ensure compliance with the developer’s software license.
The software involves software license tracking, documenting, and controlling how and where the software is used in the organization. The software assists organizations in complying with license agreements, i.e., End-User License Agreements (EULA).
SLM software facilitates organizations to maximize the expenditure on software and to automate software license entitlement and its delivery. The growing demand to optimize software investments by organizations would drive the growth of the SLM market.
Impact of COVID-19 Pandemic Outbreak on Software License Management (SLM) Market
The coronavirus pandemic has been the one of the biggest change maker in recent decades. The pandemic is wreaking havoc on enterprises across the world. As businesses scramble to adopt remote working culture, organization may be facing an unplanned financial risk:
the potential to exceed their software and services license entitlements. Most of the organizations have experienced loss in revenue due to the ongoing pandemic. While most organizations have a business continuity plan (BCP), it is unlikely they are budgeting for software licenses in addition to those they currently use.
It is becoming increasingly evident that SLM has a key role to play in helping organizations navigate through this crisis. Organizations are continuing adopting SLM software for avoiding software licensing penalties or fees during the pandemic, by creating accurate software asset reports with the help of software.
The market for SLM was expected to grow with a significant growth rate of around 12% CAGR, although that was before the world turned upside-down due to pandemic. While during the pandemic, SLM is still expected to become a major asset for companies wishing to drive down their software costs. The SLM market is expected to grow by nearly 4% - 5% in Q1-Q3 2020 and is projected to show increased growth post-coronavirus.
Software License Management (SLM) Market: - Market Dynamics
Rise in the Number of Software Audits
If an organization is using software for any of their business operations, they will must have a software license audit. Day by day frequency of software audits is up, and the true-up costs due to noncompliance are increasing dramatically. Many organizations are paying for software that is either unused or underused, sometimes just to avoid the consequences of noncompliance. Unfortunately, the software audits can also be conducted virtually. At any point of time, a software vendor will ask to prove that all the software that are currently in use is properly licensed or not. Here, the SLM software plays a critical role, by implementing SLM software minimizes the risk of noncompliance and expedites audits so you can get back to business as soon as possible. The best way to prepare for a software license audit is by actually having an SLM software in place to add visibility to what’s going on within the organization’s technology infrastructure.
Exponential Rise in Complexities for Managing Enterprise Software’s
Since the beginning of the industrial revolution, businesses have embraced new technologies enthusiastically that helped them to improved processes, lower costs and reduced workforces. The accelerated adoption of digital technology is transforming the industries and creating a highly competitive market. The intervening decades have seen exponential growth in system complexity in the adoption of technologies like cloud computing, virtualization, mobility and an array of trends — including Bring-Your-Own-Device (BYOD) and new software licensing models, which has transformed the way organizations use and manage applications. Fortunately, organizations of all sizes are recognizing the value of effectively managing software assets and the licenses related to those assets and adopting SLM software’s to effectively manage their software licensing.
Software License Management (SLM) Market: - Key Players
Key players in the SLM market are focusing on product innovation and strategic partnerships with the technology vendors to collaborate for offering advanced SLM software and services to effectively manage the software licensing. The major players offering SLM solutions includes
- IBM Corporation
- Flexera Software
- Aspera Technologies
- Cherwell Software
- DXC Technology
- Quest Software
- Snow Software
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global SLM market. The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with SLM market attractiveness as per segments. The report on SLM market also maps the qualitative impact of various factors on SLM market segments and geographies.
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of Latin America)
- Europe (Germany, Italy, U.K, Spain, France, BENELUX, Russia, Rest of Europe)
- East Asia (China, Japan, & South Korea)
- South Asia & Pacific (India, ASEAN, Australia & New Zealand, Rest of South Asia Pacific)
- Middle East and Africa (GCC Countries, Turkey, South Africa, Rest of MEA)
Software License Management (SLM) Market- Report Highlights:
- A detailed overview of parent market of SLM market
- Changing SLM market dynamics in the industry
- In-depth segmentation of the SLM market
- Historical, current, and projected SLM market size by value
- Recent industry trends and developments in SLM market
- Competitive landscape of the SLM market
- Strategies for key players in SLM and software and services offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on SLM market performance
- Must-have information for SLM market players to sustain and enhance their market footprint
- SLM Software
- Professional Services
- Training and Education
- Support and Maintenance
- Managed Services
- Professional Services
- Audit Services
- Advisory Services
- Compliance Management
- Software Inventory Management
- Usage Monitoring
- Government and Public Sector
- Energy and Utilities
Market Research Methodology - Perfected through Years of Diligence
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