The license management market is expected to grow from USD 629.6 Million in 2017 to USD 1,141.9 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period
Several factors, such as the growing demand to optimize software investments and increasing need for audit-readiness among enterprises, are driving the license management market growth. The increased adoption of license management software and services across various industry verticals, such as Information Technology (IT); Banking, Financial Services, and Insurance (BFSI); telecom; manufacturing; healthcare; media and entertainment; and retail and consumer goods; have boosted the growth of the market.
The license management market is segmented by component (software and services), application area (audit services, advisory services, compliance management, license entitlement and optimization, operations and analytics, software inventory management, usage monitoring, and others), deployment type, organization size, industry vertical, and region. The software component is estimated to dominate the market in 2017, whereas the services component is expected to witness the faster growth during the forecast period, due to the new features offered by deployment and integration, and support and maintenance services.
The professional services segment is expected to hold the larger market size, whereas the managed services segment is expected to grow at a higher CAGR during the forecast period. The professional services help enterprises in creating a highly available, secure, and superior network environment that supports the enterprise growth while accommodating the convergence of voice and data systems and traffic. Moreover, these services also help enterprises easily meet their revenue targets by limiting unauthorized and inadvertent over-deployment. The professional services segment includes deployment and integration, consulting, and support and maintenance.
The cloud deployment type is expected to gain more traction and grow at a higher CAGR during the forecast period. Cloud solutions are playing a significant role in increasing the opportunities for vendors in the global license management market, as they offer organizations various advantages, such as cost-effectiveness, minimum IT investments, automatic integrations, and easy accessibility. Additionally, companies are deploying solutions in the cloud to improve their mobility and decentralize the data storage and computing. However, security continues to be a critical issue that restricts the adoption of cloud solutions. The security issue is being gradually eradicated through rigorous security tests conducted to the highest standards by third parties.
The evolving need for the virtualized environment and the rapid growth of the Internet of Things (IoT) devices are expected to provide growth opportunities to license management vendors. The major vendors offering license management software and associated services across the globe are Aspera Technologies (US), Cherwell Software (US), DXC Technology (US), Flexera Software (US), Gemalto (Netherlands), IBM (US), Oracle (US), Quest Software (US), ServiceNow (US), and Snow Software (Sweden).
Some of the key innovators offering license management software and services include Labs64 NetLicensing (Germany), Reprise Software (US), and TeamEDA (US). These players have adopted various organic and inorganic strategies to achieve growth in the license management market.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 License Management Market, By Component
7 License Management Market, By Application Area
8 License Management Market, By Deployment Type
9 License Management Market, By Organization Size
10 License Management Market, By Industry Vertical