Nigeria Listed Among $7.3bn Software Emerging Markets

by makerscbdq

A new report by MarketsandMarkets has said that software asset management market would grow from $3.5 billion in 2024 to $7.3 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 16 per cent. The report noted that Nigeria and Kenya were emerging markets where the adoption of software asset management is accelerating, fueled by the expansion of IT infrastructures and a growing awareness of the benefits of effective software management.

It said that in the Middle East and Africa region, including GCC countries, South Africa, Egypt, Nigeria, Turkey and others, the software asset management market was expanding rapidly amid growing digital transformation initiatives and increased ICT investments. Software asset management solutions provide comprehensive tools for tracking, managing and optimising software assets throughout their lifecycle.

By organisation size, the report said that the large enterprise segment would hold a larger market size during the forecast period, adding that organisations with an employee strength of more than 1,000 can be considered large enterprises. Also, by region, the report said that the Middle East & Africa would grow at the secondhighest growth rates during the forecast period.

The report stressed that the market was characterised by a strong demand for software asset management solutions to optimise software usage, reduce costs and mitigate risks associated with software audits as local vendors like Ettesaq, specialising in software licensing consulting, help large enterprises navigate the complexities of software contracts and optimise their software portfolios.

The market report added that their services cover everything from software procurement and compliance to ongoing asset management. It noted: “Software asset management in large enterprises is evolving beyond mere compliance and cost-saving measures. With the advent of hybrid work environments, enterprises are increasingly leveraging software asset management to drive innovation and agility.

“Modern software asset management solutions are integrated with advanced analytics and machine learning algorithms that provide predictive insights, enabling proactive management of software assets; this allows enterprises to anticipate future software needs and align them with strategic business goals.

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