Software Asset Management (SAM) is a set of processes and tools used by organizations to manage and optimize the acquisition, deployment, maintenance, utilization, and disposal of software assets. According to a report by MarketsandMarkets, the global SAM market is expected to grow from $1.16 billion in 2020 to $2.32 billion by 2025, at a CAGR of 14.8% during the forecast period.
SAM is becoming increasingly important for businesses of all sizes, as it enables them to manage their software assets more effectively and efficiently, reducing costs and improving performance. SAM can help organizations identify and eliminate redundant or underutilized software, reduce the risk of non-compliance with software licensing agreements, and optimize software usage across the organization.
One of the primary benefits of SAM is that it helps organizations to manage their software licensing agreements. SAM enables organizations to track their software licenses and ensure that they are using the software in compliance with the licensing terms. This can help organizations to avoid costly penalties for noncompliance, which can result in significant financial losses and damage to their reputation.
SAM also helps organizations to optimize their software usage, enabling them to identify and eliminate redundant or underutilized software. This can help organizations to reduce software costs, as they can avoid purchasing unnecessary software licenses or maintenance agreements. SAM also helps organizations to optimize their software usage, enabling them to ensure that they are using the software in the most efficient way possible.
Another key benefit of SAM is that it provides organizations with a centralized view of their software assets. This enables organizations to track their software inventory, identify software that needs to be updated or replaced, and manage software licenses more effectively. SAM also provides organizations with tools to monitor software usage and identify potential security risks, such as unauthorized software or unpatched software.
SAM is used across a variety of industries, including healthcare, financial services, and government. In healthcare, SAM is used to manage medical software applications, ensuring that they are up-to-date and compliant with regulations. In financial services, SAM is used to manage trading and risk management software, ensuring that it is secure and up-to-date. In government, SAM is used to manage software applications used by government agencies, ensuring that they are compliant with regulations and secure.
When choosing a SAM solution, organizations need to consider a range of factors, including their software inventory, their software usage, and their budget. SAM solutions vary in price and functionality, with some systems offering basic features for smaller organizations, while others offer advanced features for larger organizations.
In conclusion, SAM is becoming increasingly important for organizations of all sizes, as it enables them to manage their software assets more effectively and efficiently, reducing costs and improving performance. With the global SAM market expected to grow in the coming years, organizations need to carefully consider their SAM requirements and choose a system that meets their needs and budget. By implementing a SAM solution, organizations can optimize their software usage, reduce the risk of non-compliance with software licensing agreements, and improve their overall software asset management capabilities. For more information please contact us at Coding Brains.