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License Management Market: Understanding The Key Product Segments And Their Future
License management is a software which helps enterprises manage and archive products to ensure compliance with end-user license agreements. License management software also helps businesses to monitor and track products and its licenses and to prevent illegal usage. License management tools also enable organizations to reduce costs, complexity and risks associated with software assets and licensing. Another benefit offered by these tools is reduction of overspending on software entitlements and cloud resources. Several companies are offering integrated license management solutions which help businesses to engage with their customers more effectively and efficiently. License management also helps the enterprises to retain their existing customers. These software also offer a wide range of features such as automated entitlement and software license management, electronic software delivery and targeted end-user communication. With rapid technological developments, companies have started to offer centralized license management for remote business operations and statistical analysis & reports on customer activation and usage.
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Growing demand for effective and efficient license management software across large enterprises and small & medium enterprises (SME’s) is mainly driving the license management market. Increasing illegal use of software products and piracy is supplementing the growth of license management market. In addition, enterprises are emphasizing on managing their software assets and reducing maintenance costs associated with licensing which is leading towards the increasing penetration of license management software. Apart from this, businesses are more inclined towards optimized software investments in business processes and high return on investments from their operations. This is also likely to have a positive impact on growth of license management market. However, low penetration of license management software and complexities involved in migrating to license management software is anticipated to restrain the growth of the market. In addition, rising security concerns and cyber-attacks is one of the major barriers for large scale adoption of license management software. Though, growing adoption of cloud-based technology and virtualization of business processes are projected to offer prominent opportunities for license management market in the near term.
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Global license management market is segmented by component, enterprise size, application, and end-use industry. By component, license management market is segmented into software and services. Among these, license management market by software, is further segmented into on premise and cloud-based license management. In terms of services, the market is bifurcated into professional services, managed services, and supporting & consulting services. Based on enterprise size, the market is categorized by large enterprises and small & medium enterprises (SME’s).
By application, the market is categorized into compliance management, license entitlement and optimization, usage monitoring and management, operations and analytics, and others such as audit services and instrumentation management. On the basis of end-use industry, license management market is segmented into banking, financial service and insurance (BFSI), information technology (IT) and telecom, retail, education, healthcare, government, energy & utilities and others such as manufacturing, logistics etc. Among these end-use industries, IT & telecom and BFSI segments are anticipated to observe flourishing growth due to increasing requirements related to the license management activities. Whereas, in terms of regions Asia Pacific and Middle East & Africa (MEA) are projected to obeserve lucrative opportunities in license management market due to increasing penetration of cloud-based technologies.
The growing adoption of cloud-based technology and penetration of license management software across the end-user industries has prompted a large number of companies to enter in the market. Some of the key players in the global license management market are Aspera Technologies, DXC Technology, International Business Machine (IBM) Corporation, Reprise Software, Quest Software, Oracle Corporation, Gemalto NV, Cherwell Software, Labs64 Netlicensing, Servicenow, Teameda, Flexera Software, Snow Software, Samanage Ltd., Flexera, Extensis, Reprise Software, Cryptlex, OpenLM.com, Soraco Technologies, Cogative, StarForce Technologies, Agilis Software, Anaqua, Aspera Technologies, Flowhaven, Bytes Technology, Rythium Technologies and Arxan.