Global Digital Asset Management Market Poised for Explosive Growth: Projected to Grow at a CAGR of 14.6% by 2027
Published | 26 October 2021
Digital asset management solutions are growing in demand because of their potential to improve operational transparency, increase digitally improved content, and reduce operational costs. The global market for digital asset management is also growing because of the growing demand for workflow collaboration and automated processes….
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global digital asset management market was worth USD 3.73 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 14.6%, earning revenue of around USD 9.45 billion by the end of 2027. A growing number of organizations are utilizing digital asset management (DAM) solutions to increase operational transparency, improve digitally enhanced content, reduce operational costs, and automate workflow collaboration and processes. Additionally, the emergence of new market players and digital asset management service providers offering a range of applications in digital asset management systems and implementation, maintenance, and cost-effectiveness options is significantly driving the growth of the global digital asset management market.
Growing Demand for Cloud Deployment Is Projected to Boost the Global Digital Asset Management Market
Based on deployment, the global digital asset management market is segmented into on-premises and cloud. The on-premises segment accounts for the largest market share. This deployment model is preferred by large organizations to maintain data confidentiality. However, cloud deployment is estimated to witness the highest CAGR during the forecast period. The cloud market gained significant traction, especially after the COVID-19 outbreak. The growing adoption of artificial intelligence (AI) has emerged as the major factor driving the segment’s growth. Furthermore, easy deployment of digital asset management remotely and across various platforms is also fueling the growth of cloud deployment.
Increasing Adoption of DAM in Media and Entertainment Industry Powering Global Digital Asset Management Market Growth
Based on end-users, the global digital asset management market is segmented into IT and telecom, BFSI, media & entertainment, retail, healthcare, travel & tourism, education, & others. Among these, the media and entertainment sector accounts for the largest market share. Efficient asset management systems have become increasingly important in response to the growing demand for better quality content. By efficiently collecting and storing audios, videos, images, and other files, DAM can manage and function digital assets efficiently and effectively. Digital asset management systems make it easier to manage these files, making them important in the entertainment and media industries.
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The Enterprise Segment is Driving the Global Digital Asset Management Market
Based on applications, the global digital asset management market is segmented into enterprise, marketing, broadcast and publishing, and others. Among these, the enterprise segment holds the largest market share. The enterprise digital asset management allows organizations, especially in the media and entertainment industry, in creating, managing, archiving, repurpose, and manipulating digital media assets such as images, videos, and documents. With the growing number of video content platforms and their increasing popularity and penetration among consumers, the demand for enterprise digital asset management is expected to grow during the forecast period.
Global Digital Asset Management Market - Regional Insights
Geographically, the global digital asset management market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the global digital asset management market among all the regions. The Asia-Pacific region is expected to experience the highest CAGR during the forecast period. Growing investments in digitization and major companies from various industries are key factors contributing to the market growth. Furthermore, increasing investment towards technological development and IT infrastructure and growing acceptance towards technological assets are also fueling the market.
Impact of COVID-19 on Global Digital Asset Management Market
The global digital asset management market witnessed tremendous growth after the COVID-19 pandemic outbreak. The demand for digital asset management solutions and services registered growth in almost all industries. As businesses and their management became more uncertain as a result of the pandemic, the demand for digital asset management grew as organizations and enterprises were able to manage assets better. DAM offers a single tool for creating, tracking, and distributing content, which results in higher productivity. This came in handy as the employees were working remotely, and the company’s data was scattered all over the place. Furthermore, the growing adoption of cloud computing is anticipated to present lucrative growth opportunities to the global digital asset management market in the post-COVID-19 period.
Global Digital Asset Management Market Competitive Landscape
The leading players in the global digital asset management market are ADAM Software NV, OpenText Corp., Adobe Systems Incorporated, Bynder, Canto, Inc., CELUM, MediaValet Inc., Pica9, Inc., SAS Institute Inc., WebDAM, Widen Enterprises Inc., Workfront Inc., North Plains Systems, Oracle Corporation, QBank, IBM Corporation, Digizuite A/S, Extensis, Nuxeo, and other prominent players.
Despite the presence of several industry participants, the market is slightly favored by global giants such as Adobe Systems, IBM Corporation, etc. The companies prominently adopt market strategies like mergers, partnerships, acquisitions, joint ventures, etc., to gain a competitive edge and stay ahead in the market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global digital asset management market. The report highlights the factors driving forecasts of total market size. It also promises to provide recent technology trends of the global digital asset management market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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Publish Date: October 2021
The global digital asset management market is flourishing at a high rate due to the advancement of working methodology and acceptance of digital marketing over conventional marketing for real-time solutions and ingenious service models.
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