Healthcare and life sciences is expected to be one of the fastest growing industry verticals in terms of the software asset management market. It is in fact, a highly regulated one. Software asset management solutions can help healthcare organizations, hospitals, and clinics in tracking, monitoring, and managing their software assets to improve the efficiency.
MarketsandMarkets expects the software asset management market to grow from USD 1.16 billion in 2017 to USD 2.32 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.8% during the forecast period.
Healthcare institutions using Software Asset Management solutions for operational activities and management of medical devices have to adhere to regulations as per the laws of governing bodies. In the recent years, the focus on the healthcare and life sciences industry vertical is increasing across regions. The risk associated with selecting and managing the appropriate software is of utmost importance to this industry vertical. The strict laws governing the healthcare and life sciences industry vertical encourage the healthcare companies to adopt effective software asset management solutions and associated services.
Compliance management solutions help organizations meet company-specific business practices and government regulations. They also help organizations analyze compliance gaps, identify the risk parameters relevant to regulations, prioritize remediation, and respond to the overlapping compliance standards. The improper management of compliance can result in audit penalties.
Audit management solutions generate comprehensive reports that comprise information about the usage of software assets, factual evaluation of the software, its analysis, and license verification. These reports assist organizations in internal and external audits, thereby improving the business processes.
The managed services segment is expected to have a higher growth in this market. It is difficult for organizations to focus on their core business processes and support functions simultaneously. Therefore, these organizations prefer outsourcing their support activities to specialized service providers, known as managed service providers. Managed services assist the organizations in optimizing their software asset management practices in a cost-effective manner. They also ensure the smooth functioning of business operations. Moreover, the managed services help organizations in maximizing their productivity. CA Technologies, ServiceNow, and BMC Software are some of the providers of managed services in the software asset management market.
