Rise in software license management features that help end-use industries optimize their business operations is a key driver for revenue growth of the license management market
The global licensing 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 reducing their operational costs due to high commodity price volatility and declining profitability. Therefore, they look for license management software to reduce cost, optimize software utilization and avoid loss due to license non-compliance.
Additionally, license management allows 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 many advantages. For example, it helps companies efficiently organize and store software contracts in a secure location. As a result, businesses can protect themselves against unforeseen license fees and penalties. License management has also allowed companies to reduce software purchase costs by avoiding penalties for non-compliance, reducing renewal fees and offering deep discounts.
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Another significant factor driving the market revenue growth is the rapid adoption of cloud-based solutions. Businesses view cloud computing as an essential part of their IT strategy in order to stay competitive in the global marketplace. Cloud computing technology provides businesses with benefits such as cost-effective, scalable, and flexible solutions. Additionally, advancements in cloud computing have enabled companies to capitalize on the business opportunities of cloud hosting. This has created opportunities for the licensing management hosting team to capitalize on business opportunities in the cloud hosting business.
The cloud segment accounted for a major share of revenue in 2021. The rapid adoption of technologies such as big data, machine learning (ML) and others across various industries is a major driver of segment revenue growth . These technologies are used to monitor, analyze and visualize raw data. Moreover, integrating these technologies with cloud-based solutions greatly helps companies improve their visualization capabilities and make complex data more accessible and usable. Cloud-based software has also enhanced data utilization and reduced data storage complications. This has dramatically increased business productivity, improved decision-making processes and reduced operational costs.
The audit services segment accounted for a major share of revenue in 2021. Increased awareness about the various benefits of audit management software is a major driver of market revenue growth in the segment. For example, audit software allows companies to streamline their audit processes while complying with regulations or internal policies.
In addition, this type of software facilitates the definition, implementation and monitoring of audit procedures for various purposes, including quality management, health and environmental protection. The integration of emerging technologies such as artificial intelligence (AI) and others with audit management software, which facilitates the generation of high quality reports and maintains accuracy during the audit, can also be attributed to increased demand for license management in audit services.
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The report predicts that the market is expected to grow at a significant rate owing to the rapid advancements and technological developments in the industry. The report offers strategic recommendations for businesses and investors to capitalize on lucrative growth opportunities. The report further provides a comprehensive analysis of the competitive landscape and provides comprehensive coverage with respect to company profiles, product portfolio, revenue generation, financial condition, and market position.
It also covers mergers and acquisitions, joint ventures, product launches, brand promotions, collaborations, agreements and partnerships, among others. It also offers insights into manufacturing processes, revenue estimates, R&D progress, and industry penetration.
Emergen Research has segmented the global license management market based on mode of deployment, application, industry, and region:
Deployment Mode Outlook (Revenue, USD Million; 2019-2030)
On the site
Application Area Outlook (Revenue, USD Million; 2019-2030)
Operation and analysis
Software inventory management
Industry Outlook (Revenue, USD Million; 2019-2030)
Banking and financial services
Media and entertainment
The global license management market is highly consolidated owing to the presence of a large number of companies in this industry. The report examines in detail the current position of these companies in the market, their past performance, supply and demand graph, production and consumption patterns, sales network, distribution channels and opportunities. growth in the market. The report examines the strategic approach of leading market players to expand their product offerings and strengthen their market presence.
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
The report also offers regional level analysis and market estimation for the regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
License Management Market Regional Outlook:
The rest of Europe
Rest of APAC
Rest of LATAM
Middle East and Africa
United Arab Emirates
Rest of MEA
Summary of key points from the report:
The report offers a comprehensive overview of the market size, share, and growth rate over the forecast duration.
It provides details of the current scenario, historical data, giving an accurate forecast of the market for the coming years.
The study categorizes the market based on product types, applications, end-users, market value and volume, industry verticals, and 5 major regions.
It also offers regional market analysis and forecasts for the major geographies of the industry i.e. North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. .
Industry supply chain, sourcing strategy, upstream raw materials and downstream demand analysis have also been undertaken in the research report.
The study offers a comprehensive understanding of demand and supply dynamics, including production and consumption rates, and overall market mapping.
The report uses different analytical tools including SWOT analysis, Porter’s five forces analysis, and price analysis to provide accurate market insights.
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