Software Licensing refers to an agreement that takes place between a software vendor and a user in order to explain their responsibilities. It can also impose various restrictions that are associated with software usage. Software licenses provide the users with the authority to one or more than one copy without breaching the copyright. The agreements of software licensing mainly consist of disclaimers, warranties, and disadvantages of software liability. The global software licensing market is expected to grow along with the increase in demand for large IT enterprises such as Accenture, IBM, and Microsoft. The market of software licensing may witness a significant growth and reach a valuation of USD 5 billion by the end of 2030 at a CAGR of 13%. The main factor that is expected to drive the market can be the necessity to reduce the issues related to piracy. COVID-19 Analysis Due to the sudden outbreak of the COVID-19 pandemic, various industries and businesses have come to a halt. There is a huge loss of lives along with a major downfall of the economy. The demand and supply chains have been disrupted for the pandemic. Along with other global markets which include manufacture, finance, and tourism, the software licensing market has also been hit hard. However, it is expected that the market will overcome the downfall soon after the pandemic.
Expansion of the market is a great opportunity that can lead the software licensing business towards growth. An increase in cloud governance may offer the market an opportunity to expand which in turn will provide a major opportunity for the market of software licensing.RestraintLack of internal cross-functional collaboration might pose a huge restraining factor for the growth of the software licensing market. Another major restraining factor that can impede the growth of the market is the management of many licensing models.
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