James Kemp asked the question on Twitter what others were using for software licensing solutions on their WooCommerce sites for their products. Although the poll didn't really define between those who chose a specific out-of-the box option vs. building their own solution, Anh Tran and Phil Webster replied, both having built their own.

This was the impetus of the conversation and leads to a lot of insights for others you are at this point in making a similar decision

https://dothewoo.io/software-licensing-solutions-for-woocommerce-builders-with-anh-phil-and-james/