The report talks about the shift in demands and emerging trends that are expected to drive the growth of the License Management Market. The rising demand for the License Management Market is expected to drive the demand for License Management Market, thereby bolstering the growth of the industry. Moreover, the report also studies the impact of the COVID-19 pandemic on the market.
The global license management market size reached USD 1,019.0 Million in 2021 and is expected to register a revenue CAGR of 11.5% during the forecast period, according to a latest analysis by Emergen Research. Companies are focusing on lowering their operational costs as a result of high volatility in raw material prices and lower profitability. As a result, they are looking for license management software to reduce costs, optimize software usage, and avoid any loss due to license non-compliance.
In addition, license management enables companies to manage all of their contracts, agreements, license entitlements, and software inventory from a single location. The growing demand for license management can also be attributed to its numerous benefits. For instance, it assists companies in efficiently organizing and storing software agreements in a secure location. As a result, companies can protect themselves against unexpected license fees and penalties. License management has also enabled companies to reduce software procurement costs by avoiding penalties for noncompliance, lowering renewal fees, and offering significant discounts.
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The report also profiles established and emerging players of the market, covering the business overview, product portfolio, strategic alliances, and business expansion strategies.
Some major companies in the global market report include Oracle Corporation, DXC Technology Company, IBM Corporation, Ivanti, Flexera Software LLC, Thales Cloud Security, ServiceNow, Inc., Snow Software, Inc., Labs64 Netlicensing, Reprise Software, TeamEDA Inc., and Persistent Security, LLC
Key Points of License Management Market:
- The cloud segment accounted for a significant revenue share in 2021. The rapid adoption of technologies such as big data, Machine Learning (ML), and others in various industries is a major factor driving the revenue growth of the segment.
- The audit services segment accounted for a significant revenue share in 2021. Increasing awareness regarding various benefits of audit management software is a major factor driving revenue growth of the market in the segment. For instance, auditing software enables companies to streamline their audit processes while also complying with regulations or internal policies.
- The banking financial services segment accounted for a significant revenue share in 2021. Increasing cases of financial fraud and rapid adoption of AI-based banking systems are major factors driving revenue growth of the market in the segment. Big data, AI, cloud computing, and other technologies have significantly altered the banking industry.
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The report studies the historical data of the License Management Market and offers valuable information about the key segments and sub-segments, revenue generation, demand and supply scenario, trends, and other vital aspects.
Emergen Research has segmented the global license management market on the basis of deployment mode, application, industry, and region:
· Deployment Mode Outlook (Revenue, USD Million; 2019-2030)
- On-Premises
- Cloud
· Application Area Outlook (Revenue, USD Million; 2019-2030)
- Audit Services
- Advisory Services
- Compliance Management
- Operation Analytics
- Software Inventory Management
- Others
· Industry Outlook (Revenue, USD Million; 2019-2030)
- Information Technology
- Banking Financial Services
- Healthcare
- Media Entertainment
- Others
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The complete regional analysis covers:
- North America (U.S., Canada, Mexico
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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