Healthcare and life sciences are among the fastest growing verticals in adoption of advanced technologies and services in terms of licensing management market. Healthcare institutions using these solutions for operational activities and medical device management must comply with regulations in accordance with governing body laws.
Overview of the license management market
According to Verified Market Research, Global Licensing Market 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 10.07% during 2022-2027. License Management is a powerful tool an organization uses to document and manage its software licenses to ensure compliance with the developer’s software license. License management allows companies to control all agreements, contracts, license rights and software inventory from one 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.
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License Management Market – Geographic Overview
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. 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.
Main highlights of North America License Management Market
- 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.
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Recent Developments in the License Management Market
- In March 2022, GEFA BANK, a financing partner for German SMEs and a subsidiary of Société Générale, 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 on native cloud services such as Azure Kubernetes Service (AKS).
- In February 2022, Thales entered into a collaboration with Lantronix Inc. and Taoglas to develop and deliver application-specific smart industrial IoT solutions to connect data-dependent vertical industries, including Industry 4.0, Security and of Transportation.
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List of License Management Market Key Players
- USU Software AG
- Cherwell Software LLC
- DXC Technology Co
- Flexera LLC Software
- Recovery Software Inc.
- AB snow software
- Oracle Corporation
- IBM Corporation
- Thales Group
- ServiceNow Inc.
Mordor Intelligence has segmented the global license management market on the basis of component, deployment, application, end-user vertical, and geography:
- Component (Market Size & Revenue Based Forecast (USD Million), 2020-2027)
- Deployment (Market Size & Revenue Based Forecast (USD Million), 2020-2027)
- Application (Market Size & Revenue Based Forecast (USD Million), 2020-2027)
- Audit services
- Advisory services
- Compliance Management
- License rights and optimization
- Operations and Analytics
- Vertical End User (Market Size & Revenue Based Forecast (USD Million), 2020-2027)
- Health and life sciences
- IT & Telecommunications
- Media and Entertainment
- Other Vertical End User
- Geography (Market Size & Revenue Based Forecast (Million USD, 2020-2027)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
About Mordor Intelligence
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To view the original version on ABNewswire, visit: Licensing Management Market Outlook, Growth, Trends and Industry Expected to Reach $1723.6 Million by 2027 – Exclusive Report by Mordor Intelligence