[Research Report] 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

MARKET PLAYERS

Digital Asset Management Market Report Scope

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