Digital Asset Management (DAM) Market Size - Report to 2030

Coverage: Digital Asset Management Market covers analysis By Offerings (Solution, Service); Type (On premise, Cloud); End user Industry (IT and Telecom, BFSI, Healthcare and Pharmaceutical, Manufacturing, Government, Others); Business Function (Human Resource (HR), Sales and Marketing, Information Technology, Others) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

  • Report Code : TIPRE00002845
  • Category : Technology, Media and Telecommunications
  • Status : Upcoming
  • No. of Pages : 150
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The digital asset management market is expected to grow from US$ 4,452.48 million in 2022 to US$ 12,689.96 million by 2030; it is estimated to grow at a CAGR of 14.0% from 2022 to 2030.

Digital Asset Management Market Analyst Perspective:

The digital asset management market has experienced substantial growth over the past few years due to the rapid digitization of content and the swelling demand for efficient content management solutions. The digital asset management market's development is attributed to the proliferation of digital content, the growing adoption of cloud-based DAM solutions, and the requirement for streamlined content management. The COVID-19 pandemic has offered opportunities for the digital asset management (DAM) industry to innovate and adapt in response to the altering needs of business establishments in the digital age. Further, even after the pandemic, with remote work becoming the new standard for numerous organizations, there is an augmented demand for cloud-based DAM solutions that offer a flexible and secure way for teams to collaborate and access digital assets from anywhere. This showcases an opportunity for DAM companies to develop and provide improved cloud-based solutions to meet the requirements of remote teams. Thus, the digital asset management market is expected to grow during the forecast period.

Factors such as the surge in the requirement for collaborative digital workflow, particularly for marketing activities, stimulated organizations to deploy advanced digital asset management solutions. Furthermore, a rise in the need to meet the government’s compliance is expected to boost digital asset management market growth. In addition, the growing adoption of cloud-based DAM solutions, growth in digital marketing & e-commerce, and increasing demand for video content also boost the digital asset management market's growth. Moreover, the expansion of machine learning and AI capabilities in DAM and the increasing importance of data analytics and insights for digital asset management is projected to fuel digital asset management market growth during the forecast period. However, concerns over data security, high initial investments, privacy, regulation compliance,  and the lack of a skilled workforce are expected to hamper digital asset management market growth. Furthermore, the need to maintain and update the digital asset management system and the challenges related to storing and managing large volumes of digital assets are anticipated to hinder the growth of the digital asset management market.

Digital Asset Management Market Overview:

Digital asset management stores, organizes, retrieves, catalogs, and distributes digital assets, such as videos, images, documents, and other multimedia content. DAM systems generally offer tools for managing the digital asset lifecycle, including versioning, creation, approval, and distribution. The principal objective of DAM is to offer a centralized repository for digital assets that aid teams in accessing and locating the assets they require and ensuring that the assets are used consistently and appropriately across different platforms and channels. Furthermore, DAM can enhance collaboration, workflow efficiency, and asset reuse while reducing redundant storage and asset duplication costs. Various organizations can use DAM systems, from small businesses to large enterprises. They can be modified to meet the requirements of numerous industries, including media and entertainment, government, education, marketing, and others.

The emergence of novel business models, such as subscription-based pricing, makes DAM more accessible to smaller organizations. Such a trend is anticipated to offer lucrative growth opportunities. Further, expanding DAM solutions into new sectors, such as education & healthcare and advancing new technologies, including augmented and virtual reality, require effective management of digital assets. Such factors are anticipated to offer lucrative growth opportunities for the digital asset management market during the forecast period. Moreover, the growing importance of digital assets for businesses of all sizes delivers opportunities for DAM vendors to increase their customer base.

As organizations generate increasing volumes of digital assets, digital asset management systems must be scalable to handle the growing demands. However, some digital asset management platforms might face challenges in efficiently managing large quantities of assets or managing concurrent user access. Performance issues, such as system lag or slow asset retrieval, can arise when the digital asset management infrastructure is not designed to manage the scale of content and user requirements. These limitations can affect user satisfaction and productivity.

Strategic Insights

Digital Asset Management Market Driver:

Rise in adoption of cloud-based DAM solutions to Drive Growth of the Digital Asset Management Market.

One of the major drivers for the digital asset management industry is the growing adoption of cloud-based digital asset management solutions. Cloud-based digital asset management solutions offer numerous benefits over traditional on-premise solutions, including flexibility, scalability, and accessibility. With cloud-based DAM, organizations can manage and store their digital assets in a secure and centralized location that can be accessed anywhere. This makes it easier for teams to share assets and collaborate, irrespective of device or location. Furthermore, cloud-based DAM solutions provide greater scalability, allowing organizations to expand their storage capacity as their digital asset library grows. This can help organizations avoid the high upfront costs of traditional on-premise solutions, which require substantial hardware and infrastructure investments.

Moreover, cloud-based DAM solutions are extremely flexible, providing a range of customization options to meet the particular needs of different industries and organizations. They also deliver advanced features, such as machine learning and AI capabilities, that can aid organizations in automating numerous tasks related to managing digital assets, such as categorizing and tagging. In addition, the growing adoption of cloud-based digital asset management solutions fuels growth and advancement in the digital asset management industry. It allows organizations to advance their workflows and improve their digital assets.

Digital Asset Management Market Segmental Analysis:

Based on deployment mode, the on-premise segment seized the principal digital asset management market share in 2022 and is anticipated to continue this trend throughout the forecast period. This is attributed to the several advantages of the on-premise deployment, such as high data safety and security. Industries prefer on-premise mode due to fewer data breaches and high data security compared to cloud-based deployment models, which further boosts the demand for on-premise deployment models. On the other hand, the cloud segment will show the highest digital asset management market growth during the forecast period. Factors such as the surge in adoption of cloud-based digital asset management owing to easier maintenance and low cost fuel the digital asset management market's growth. Furthermore, it offers scalability and flexibility to enhance business processes, which drives the growth of the digital asset management market.

Digital Asset Management Market Regional Analysis:

North America holds a substantial share of the Digital Asset Management market. The development of Digital Asset Management technology and enhanced infrastructure is accountable for the Digital Asset Management market expansion. In North America, there is an augmented demand for Digital Asset Management for providing care and teaching in the educational and healthcare sectors. The government and major businesses are increasing their investments, powering the growth of the Digital Asset Management market.

Asia Pacific is to witness the fastest growth rate during the forecast period. India is considered a demanding country to manage for media and entertainment providers owing to complications associated with the language, content, and other requirements. Thus, digital asset management is extensively implemented to cater to such complexities. In China, there is a trend toward the digital transformation of businesses. In October 2021, a Harvard University-educated designer created a unicorn with his content marketing platform, aided by investors who see enterprise software as the next big opportunity in China's tech industry. Tezign, which connects designers with businesses, announced the completion of the first tranche of its Series D round led by Temasek Holdings, raising its valuation to more than USD1 billion. The Singaporean state investment firm and other backers contributed approximately USD 40 million.

Further, The BFSI sector has witnessed augmented adoption of DAM tech to manage and store wealth across countries. In May 2021, Asia Digital Bank Ltd (ADB), a wholly-owned subsidiary of the Chinese state-owned Asia Pacific Investment Bank (APIB), announced the construction of a self-financing servicing ecosystem through industrial alliances. Huobi Asset Management became the second fund manager to obtain authorization from the Securities and Futures Commission to issue 100% virtual asset funds. The Asia-Pacific region is becoming one of the fastest-growing regions in the digital asset management industry. As global brands expand their reach into the Asia Pacific and increase their investments in visual content strategies, DAM is emerging as the solution to help them tackle common difficulties that arise when dealing with global teams, new expansion regions, and an influx in content.

Digital Asset Management Market Key Player Analysis:

The Digital Asset Management market landscape consists of players such as Dell EMC, Hewlett Packard Enterprise (HPE), IBM CORPORATION, Aprimo, Widen Enterprises Inc., Cognizant Technology Solutions Corporation, Oracle Corporation, Open Text Corporation., North Plains Systems (Ignite Enterprise Software Solutions, Inc.), and Adobe Inc. are the top two players owing to the diversified product portfolio offered.

Digital Asset Management Market Recent Developments: 

Companies in the Digital Asset Management market highly adopt inorganic and organic strategies such as mergers and acquisitions. A few recent key digital asset management market developments are listed below: 

  • May 2023 - Acquia, a provider of digital experiences, recently revealed upgrades to its Acquia DAM (Widen) digital asset management platform, including the addition of a potent AI chatbot to help with creative workflows. With a rapid sounding board and idea generator, the capacity enhances creative cooperation between content and creative teams.
  • August 2022 - A prominent provider of digital asset management (DAM) software, Canto, announced new integrations with Hootsuite, a social media management tool, and Wrike, a work management platform, to connect Canto libraries seamlessly within the martech stack as a single source of truth for content creation. 
REGIONAL FRAMEWORK

Digital Asset Management Market Report Analysis

Digital Asset Management Market

  • CAGR (2023 - 2031)
    14.00%
  • Market Size 2023
    US$ 5.08 Billion
  • Market Size 2031
    US$ 14.48 Billion

Report Coverage

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Industry landscape and competition analysis & recent developments
  • Detailed company profiles
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

  • Adobe
  • Aprimo LLC
  • Bynder
  • Fabasoft Group
  • Hewlett Packard Enterprise Development LP
  • IBM Corp.
  • Mediabeacon Inc.
  • OpenText Corporation
  • Oracle

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

By Offerings
  • Solution
  • Service
By Type
  • On premise
  • Cloud
By End user Industry
  • IT and Telecom
  • BFSI
  • Healthcare and Pharmaceutical
  • Manufacturing
  • Government
  • Others
By Business Function
  • Human Resource
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
MARKET PLAYERS

Digital Asset Management Market Report Scope

Report Attribute Details
Market size in 2023 US$ 5.08 Billion
Market Size by 2031 US$ 14.48 Billion
Global CAGR (2023 - 2031) 14.00%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Offerings
  • Solution
  • Service
By Type
  • On premise
  • Cloud
By End user Industry
  • IT and Telecom
  • BFSI
  • Healthcare and Pharmaceutical
  • Manufacturing
  • Government
  • Others
By Business Function
  • Human Resource
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Adobe
  • Aprimo LLC
  • Bynder
  • Fabasoft Group
  • Hewlett Packard Enterprise Development LP
  • IBM Corp.
  • Mediabeacon Inc.
  • OpenText Corporation
  • Oracle
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Offerings, Type, End user Industry, Business Function, and Geography

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    The List of Companies

    1.Adobe
    2.Aprimo LLC
    3.Bynder
    4.Fabasoft Group
    5.Hewlett Packard Enterprise Development LP
    6.IBM Corp.
    7.Mediabeacon Inc.
    8.OpenText Corporation
    9.Oracle
    10.Widen Enterprises

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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