Digital Asset Management Market: A Detailed Look at the Important Growth Drivers Forecast, 2023-2032
The global digital asset management market is predicted to grow at a promising CAGR of 15.8% between 2023 to 2032.
PORTLAND, PORTLAND, OR, UNITED STATES, October 17, 2023 /EINPresswire.com/ — According to the report, the Digital asset management industry generated $4.9 billion in 2022, and is anticipated to generate $20.6 billion by 2032, witnessing a CAGR of 15.8% from 2023 to 2032.
Digital asset management (DAM) solutions help end users organize, store, and access rich media content that includes video, images, audios, and text. In addition, DAM solutions are used to manage the digital rights and permission access of digital assets of an organization. Furthermore, businesses have shifted toward digitalization and increased implementation of Industry 4.0 to cope with ongoing tough business competition, which creates the need for a seamless solution and platform to meet the business’s requirements, which eventually boost the adoption of digital asset management in businesses. In addition, the increase in demand for better security and privacy features in DAM systems and the emergence of blockchain-based digital asset management solutions are expected to propel the growth of the digital asset management market forecast.
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The rise in the need for collaborative digital workflow, especially for marketing activities, encouraged organizations to use advanced digital asset management solutions. In addition, growth in the need to meet the government’s compliance is anticipated to accelerate the market growth. Moreover, increasing adoption of cloud-based DAM solutions, growth in e-commerce and digital marketing and rising demand for video content are also propelled the growth of the market. Furthermore, the expansion of AI and machine learning capabilities in DAM and growing importance of data analytics and insights for digital asset management, are expected to drive the growth of the market during the forecast period. However, high initial investments, concerns over data security, privacy & compliance with regulations and the lack of a skilled workforce are some of the factors that are anticipated to hinder market growth.
Covid-19 Scenario:
• The global COVID-19 pandemic has drastically affected businesses across the world. It has positively impacted the adoption of digital asset management solutions due to lockdowns imposed by governments of different countries.
• Furthermore, as industries move toward digitalization, digital asset management is a great option, as it provides agile efficiency as well as it provides real-time reporting features, which drive market growth during the forecast period.
Based on business function, the information technology (IT) segment accounted for the largest share in 2022, contributing for nearly about two-fifths of the digital asset management market revenue, the DAM solution plays a crucial role in the Information Technology (IT) segment, as it enables IT teams to efficiently manage and organize digital assets related to software, hardware, and infrastructure. However, the other segment is expected to portray the largest CAGR of 24.6% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. Factor such as growing use of AI and machine learning in DAM solutions will boost the market growth in the other segment.
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Based on the offering, the solution segment held the highest market share in 2022, accounting for more than four-fifths of the digital asset management market revenue and is estimated to maintain its leadership status throughout the forecast period. Digital asset management (DAM) solutions help organizations efficiently store, organize, discover, share, and retrieve online content. However, the services segment is projected to manifest the highest CAGR of 17.8% from 2023 to 2032, as DAM services help to reduce the time and costs associated with optimizing systems in the initial phase of deployment.
Based on deployment mode, the on-premise segment held the highest market share in 2022, accounting for nearly two-thirds of the digital asset management market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to numerous benefits provided by this segment such as such as a high level of data security and safety. However, the live segment is projected to manifest the highest CAGR of 18.4% from 2023 to 2032, owing to rise in adoption of in the adoption of cloud-based digital asset management due to low cost and easier maintenance.
By region, North America dominated the market share in 2022 for the digital asset management market. The increasing investment in advanced technologies such as cloud-based services and digital asset management to improve businesses and the customer experience are anticipated to propel the growth of the market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to the increase in penetration of digitalization and higher adoption of advanced technologies such as AI, ML and others are expected to provide lucrative growth opportunities for the digital asset management industry in this region.
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With many organizations transitioning to remote work, the need for cloud-based DAM solutions has increased significantly, as these solutions provide a secure and flexible way for teams to access and collaborate on digital assets from anywhere. In addition, the pandemic has increased the use of virtual events, webinars, and online meetings, which has created a need for DAM solutions to manage the associated digital assets, such as videos, slides, and images. However, the pandemic has also had negative impacts on the DAM industry, particularly in the areas of sales and marketing.
The key players operating in the digital asset management market analysis are Aprimo, Adobe Inc., Cognizant Technology Solutions Corporation, Dell EMC, Hewlett Packard Enterprise (HPE), IBM Corporation, Oracle Corporation, OpenText Corporation, North Plains Systems, Widen Enterprises Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help drive the growth of the digital asset management industry globally.
The report provides a detailed analysis of these key players of the digital asset management market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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