License Management Market Expected to Reach $ 1,141.9 Million

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License Management Market

According to a new market research report “Licensing Market by Component (Software and Services), Scope (Auditing Services, Consulting Services, Compliance Management), Type of Deployment, Size of Organization, Industry Vertical & Region – Global Forecast to 2022 “Published by MarketsandMarkets â„¢, Licensing Market Size Expected to Increase from $ 629.6 Million in 2017 to $ 1,141.9 Million by 2022, at a compound annual growth rate (CAGR) of 12.6% over the forecast period.

The growing demand for optimization of software investments and the growing need for audit preparation among enterprises are the major factors that are expected to drive the growth of the license management market. In addition, the growing adoption of license management software by small and medium-sized enterprises (SMBs) is expected to drive the growth of the license management market.

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Rapid adoption of license management software in North America, due to early adoption of technology, advanced IT infrastructure, and presence of many large organizations.

North America is made up of developed economies, such as the United States (US) and Canada. In this region, organizations are adopting quickly and are ready to invest in emerging technologies. The factors driving the growth of the license management market in North America are stable economy, technological improvements, and optimized infrastructure costs. The North American market offers an appropriate environment for startups and SMEs, in terms of government regulations and compliance. As a result, businesses are growing rapidly, resulting in a high demand for license management solutions and services. Hence, North America is expected to hold the largest regional share of the license management market.

The vertical sector of the Information Technology (IT) industry is expected to have the largest market size during the forecast period.

The IT industry vertical has seen a significant increase, owing to the faster pace of technological advancement. Organizations in the IT industry deploy a lot of software to ensure a smooth operational flow. Organizations face challenges in managing and governing their business software while focusing on their core competencies and business results. Licensing software and services enable organizations to manage and govern software and licensing, automate software delivery, including software updates, and enable product differentiation to exploit new opportunities. of the market.

The large enterprise segment is expected to hold the largest market share during the forecast period.

Organizations with more than 1,000 employees are categorized as large enterprises. These companies have an extensive business network and many sources of income. Large companies have their customers in various regions and possess high market shares, improved technical expertise and effective business strategies. Large companies run software license agreements that require renegotiation and renewal several times a year. The market share of the license management market is relatively high for the large enterprise segment compared to the SME segment.

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The main vendors in the licensing market are Aspera Technologies (United States), Cherwell Software (United States), DXC Technology (United States), Flexera Software (United States), Gemalto (Netherlands) , IBM (US), Oracle (US), Quest Software (US), ServiceNow (US) and Snow Software (Sweden). Some of the leading innovators in licensing software and services include Labs64 NetLicensing (Germany), Reprise Software (US), and TeamEDA (US).

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