Market Trends of License Management Industry
This section covers the major market trends shaping the License Management Market according to our research experts:
Healthcare Segment to Drive Market Growth
- Healthcare and life sciences are among the fastest-growing verticals concerning the adoption of advanced technologies and services in the license management market. It is, in fact, a highly regulated one. License management solutions can help healthcare organizations, clinics, and hospitals track, monitor, and manage their licenses and other software assets to improve efficiency.
- Healthcare institutions using these solutions for operational activities and management of medical devices have to adhere to regulations as per the laws of governing bodies. In recent years, the focus on the healthcare and life sciences industry vertical has been increasing across the regions.
- The risks associated with selecting and managing the appropriate software are of utmost importance to this industry. The strict laws governing the healthcare and life sciences industry encourage healthcare companies to adopt effective license management solutions and associated services.
- Fulfilling the licensing requirements of the healthcare and life sciences industry is fundamental to keeping the business operating in a state. Updated licenses will allow the organization to enter new markets, open new facilities, hire staff, and obtain financing.
- On the other hand, license violations may lead to state-imposed penalties or delinquencies, preventing the business from growing. License management solutions save organizations from all such violations. It enables the management, monitoring, and tracking of all types of licenses and permits effortlessly and efficiently.
- Many vendors offer license management solutions on an intuitive dashboard and interface, so the staff requires minimal technical training to use it regularly. These solutions also provide timely notifications informing the authorities about due renewals.
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North America to Hold Significant Market Share
- Most top suppliers in the license management software market are headquartered in the United States, including Agilis Software, IBM, Micro Focus, and Oracle. The region is among the highest revenue-generating ones, as the constituent nations, including the United States and Canada, mainly focus on technological innovations.
- For many years, especially in 2014, the region saw exponential growth in new product offerings by global vendors. For instance, Chronicle Graphics released its new license management system. This new enterprise-level platform provided a fast and efficient way for OnePager Pro and Express software users to automatically request and activate their license keys over the internet. The company has licensed its technology to Fortune 500 companies, spanning multiple industries and numerous government agencies, and is a Microsoft Certified Partner.
- Around the same time, Aspera Technologies announced significant business growth in the US market. Now the company works with leaders in the petroleum, telecommunications, and insurance industries in the United States.
- Moreover, in 2021, after listening to its 55,000+ user base, MyMediabox launched a range of additions to its licensing management software to offer users new productivity tools and aid the licensing process. The Mediabox-GD (Global Dashboard) is enhanced with graphically oriented vital performance indicators (KPIs), business intelligence trends, and seamless access to all Mediabox services for licensors keeping track of countless partnerships and consumer products.
- Site24x7 surveyed 613 IT professionals across various topics, organization sizes, and geographies in their State of IT Management Survey Report 2020-2021. In North America, 41% of respondents use internal software to maintain the organization's various software licenses, followed by third-party license management software.
- Over four years, a report on the cost of unused software collected data from 3.6 million users at 129 companies across the United States and the United Kingdom. Researchers found that 37% of all installed software was not being used, amounting to USD 259 per desktop and over USD 37 billion in total wasted IT spend.
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