(EMAILWIRE.COM, April 02, 2019 ) According to a new market research report "License Management Market by Component (Software and Services), Application Area (Audit Services, Advisory Services, Compliance Management), Deployment Type, Organization Size, Industry Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the license management market size 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.

The growing demand to optimize software investments and increasing need for audit-readiness among enterprises are the major factors expected to drive the growth of the license management market. Moreover, the increasing adoption of license management software by Small and Medium-sized Enterprises (SMEs) is expected to drive the license management market growth.

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

North America consists of developed economies, such as the United States (US) and Canada. In this region, organizations are rapidly adopting and willing to invest in emerging technologies. The factors driving the growth of the license management market in North America are the stable economy, technology enhancements, and optimized infrastructure costs. The North American market provides a suitable environment for startups and SMEs, in terms of government regulations and compliance. Owing to this, enterprises are growing rapidly, leading to the heavy demand for license management solutions and services. Therefore, North America is expected to have the largest regional share in the license management market.

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

The IT industry vertical has witnessed a significant rise, owing to the faster pace of technological advancements. Organizations in the IT sector deploy numerous software to ensure a smooth operational flow. Organizations face challenges in managing and governing their enterprise software while focusing on their core competencies and business outputs. License management software and services empower organizations by managing and governing the software and licenses, automating the software delivery including software updates, and enabling product differentiation to tap new opportunities in the market.

The large enterprises segment is expected to have the larger market share during the forecast period.

Organizations with more than 1,000 employees are categorized as large enterprises. Such enterprises have a huge corporate network and many revenue streams. Large enterprises have their customers across various regions and possess high market shares, enhanced technical expertise, and effective business strategies. Large enterprises manage software license contracts that require renegotiation and renewal several times in a year. The market share of the license management market is relatively high for the large enterprises segment as compared to the SMEs segment.

The major vendors in the license management market include 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).

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.