According to SNS Insider’s research, the digital asset management market is thriving due to the increasing reliance on digital content, remote work trends, the need for compliance, and the integration of advanced technologies.
Pune, Sept. 28, 2023 (GLOBE NEWSWIRE) -- “The Digital Asset Management Market, as reported by SNS Insider, witnessed a value of USD 4.2 billion in 2022 and is anticipated to attain USD 11.3 billion by 2030, demonstrating a projected compound annual growth rate (CAGR) of 13.2% during the forecast period spanning from 2023 to 2030.”
Digital Asset Management (DAM) is a comprehensive system or process used by organizations to store, organize, manage, and distribute their digital assets efficiently and effectively. Digital assets can encompass a wide range of media, including images, videos, audio files, documents, design files, and more. The primary goal of DAM is to provide a centralized and organized repository for these assets, making it easier for individuals or teams within an organization to access, share, and use them for various purposes, such as marketing, branding, content creation, and internal communication.
The digital asset management market has experienced significant growth in recent years, driven by several key factors that continue to shape its expansion. With the increasing digitization of content across industries such as media, entertainment, e-commerce, and marketing, the volume of digital assets has exploded. DAM systems help organizations manage, organize, and distribute this vast amount of digital content efficiently. The global shift towards remote work has emphasized the need for secure and centralized access to digital assets. DAM solutions facilitate remote collaboration by enabling teams to access, share, and collaborate on digital assets from anywhere, ensuring business continuity. The increasing number of data protection regulations, such as GDPR and CCPA, has compelled organizations to manage their digital assets more rigorously. DAM systems provide features for tracking and ensuring compliance with these regulations, reducing legal risks.
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Major Players Listed in this Report are:
The major players in the Digital Asset Management Market are Oracle Corporation, Widen Enterprises Inc., Adobe Inc., Hewlett Packard Enterprise, Aprimo, Open Text Corporation., North Plains Systems, Dell EMC, Cognizant Technology Solutions Corporation, IBM CORPORATION, and other players.
Digital Asset Management Market Report Scope:
|Market Size in 2022||US$ 4.2 Bn|
|Market Size by 2030||US$ 11.3 Bn|
|CAGR||CAGR of 13.2% From 2023 to 2030|
|Key Regional Coverage||North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)|
Key Takeaway from Digital Asset Management Market Study
- In the ever-evolving landscape of digital content, the Marketing Segment is set to emerge as a dominant force in the market. With businesses increasingly recognizing the pivotal role of DAM in their marketing strategies, this segment is poised for substantial growth. DAM solutions offer cloud-based accessibility, ensuring that marketing teams can work seamlessly together, regardless of geographical constraints. This fosters efficiency and global brand consistency.
- While cloud-based solutions have gained significant traction, the On-Premises segment remains a dominant force in the market, thanks to its unique advantages and specific use cases. For businesses that require instant access to assets without internet-related delays, On-Premises DAM systems provide low-latency access, which is crucial for applications like video production and real-time editing.
- DWS Group, a leading global asset manager, and Galaxy Digital Holdings, a prominent blockchain and cryptocurrency-focused financial services firm, have officially announced a strategic alliance aimed at advancing the development of cutting-edge Digital Asset Management (DAM) solutions within the European market.
- Amsterdam-based Bynder, a leading Digital Asset Management (DAM) software company, has recently made an acquisition to bolster its AI-driven search capabilities. Bynder acquired EMRAYS, a company specializing in AI technology, with the aim of improving its DAM platform's search functionality.
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Market Dynamics Analysis
“Rapid Growth of Digital Content Coupled with Growing Trend of Remote Work and Collaboration”
The digital asset management market is currently witnessing a dynamic landscape characterized by several key drivers, restraints, challenges, and potential threats. On the driver's side, the increasing importance of efficient content management and the growing volume of digital assets across industries are propelling the DAM market forward. Organizations are recognizing the need for streamlined asset storage, retrieval, and distribution to enhance productivity and maintain brand consistency. Additionally, the rise of remote work and the need for collaboration and seamless access to digital assets are further fueling DAM adoption. However, this growth is not without its restraints and challenges. Concerns over data security and privacy are persistent, pushing DAM providers to enhance their security features. Integration complexities with existing systems can pose a challenge, making it crucial for DAM solutions to be user-friendly and interoperable. Moreover, the rapid pace of technological advancements can lead to threats in the form of obsolescence, emphasizing the need for DAM providers to stay agile and adapt to changing market needs. In this evolving landscape, the DAM market is poised for expansion, but success hinges on effectively addressing these dynamics and providing robust solutions that align with evolving industry demands.
Digital Asset Management Market Key Segmentation:
By Deployment Mode
By Business Function
- Human Resources
- Marketing Information Technology
Key Regional Developments
North America has been a dominant force in the digital asset management market, primarily driven by the United States and Canada. The region's advanced IT infrastructure and a large number of enterprises create a substantial demand for DAM solutions. Europe is another key region in the DAM market, with countries like the United Kingdom, Germany, and France leading the way. The European market places a strong emphasis on data privacy and security, influencing the adoption of DAM solutions that comply with GDPR regulations. Asia-Pacific is witnessing rapid growth in the DAM market, driven by countries like China, India, Japan, and South Korea. The region's growing internet penetration, booming e-commerce sector, and digital transformation initiatives in various industries are key drivers for DAM adoption.
Impact of Recession on Digital Asset Management Market Growth
The impact of an ongoing recession on the digital asset management market is complex and multifaceted. While budget constraints and reduced spending may lead to some challenges for DAM providers, factors like the need for remote work solutions, industry-specific effects, and subscription-based models can help mitigate the negative impact. Success in this market during a recession may depend on a provider's ability to adapt, innovate, and cater to the evolving needs of businesses in challenging economic times.
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Tabel of Contents
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Digital Asset Management Market, By Component
9. Digital Asset Management Market By Deployment Mode
10. Digital Asset Management Market, By Business Function
11. Regional Analysis
12. Company profile
13. Competitive Landscape
14. USE Cases and Best Practices
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