Westford, USA, Sept. 08, 2022 (GLOBE NEWSWIRE) -- As the world moves towards a more digital-centric society, there is a growing demand for Digital Asset Management (DAM). DAM allows organizations to track, store and manage digital assets, such as images, videos and documents. This helps businesses in the global digital asset management market optimize their communication and information strategies, as well as safeguard their intellectual property Digital asset management (DAM) providers are under pressure to meet increased consumer demand for access to digital assets and the associated security, legal, and compliance risks. While DAM solutions were initially used by banks and other financial institutions, the reported growth of their use by businesses indicates that the market is becoming more generalized.
Many providers in the global digital asset management market are responding by enhancing their own offerings or working with third-party developers to create new solutions that cater to specific customer needs. For example, banks are looking for solutions that can automate the management of physical assets such as valuable coins and other precious items, while also providing KYC/AML functionality.
As the market for DAM continues to grow, vendors are expanding their offerings to include additional features and capabilities. For example, Ja1 reported that its clients are increasingly looking for solutions that can help them manage risks associated with their digital assets. Other vendors are offering tools that make it easier for businesses to integrate their DAM solutions into their existing processes and systems.
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SkyQuest report on global digital asset management market provides market analysis, market forecast, company profiling, SWOT analysis, current market trends, market dynamics, revenue pockets, pricing analysis, revenue of each player, marketing and growth strategies, and clienteles, among others.
Top 4 Trends in Global Asset Management Market
1. Adoption of blockchain technology by financial institutions: There is a growing trend of financial institutions adopting blockchain technology in order to improve efficiency and security. This is possible due to the decentralized nature of the technology, which allows for increased transparency and trust between parties.
2. Increased use of DAOs: Several players in the global digital asset management market are increasingly incorporating DAOs into their offerings, as this type of arrangement provides users with more control over their assets and helps reduce costs associated with traditional approaches such as custodial solutions.
3. Expansion of cryptocurrency investment products: Several providers are expanding their cryptocurrency investment offerings beyond simply providing exposure to digital assets via derivatives or tokens. These platforms are also offering managed accounts and other services that make it easier for investors to get started.
4. Growing interest in hedge funds and index funds focused on digital asset management market : Many hedge fund firms are starting to explore the potential of investing in digital assets, as this sector has shown strong growth in recent years. This trend is being followed by index funds, which aim to provide exposure to a particular market segment or category of digital assets.
SkyQuest has tracked almost all the recent trends in the global digital asset management market. The report provides a detailed understanding about trends and their impact on the global existing players, their operations, potential consumers, consumer behavior, and factors influencing growth of the market.
SkyQuest’s Survey on Digital Asset Management Market Reveals 62% Organizations are Struggling to Effectively Manage their Digital Asset
SkyQuest analysis of digital asset management (DAM) includes a look at how businesses are approaching and using digital assets, the challenges they face, and what strategies are emerging to address those challenges. They surveyed 414 CIOs, senior IT leaders, and head of finance or treasurer roles from organizations with budgets over $1 million in 2021.
Many respondents see digital assets as an important part of their business strategy (54%). However, 62% report in the digital asset management market that their organizations are struggling to effectively manage and track digital assets due to the lack of appropriate infrastructure or management expertise. In response, many organizations are turning to blockchain technology (27%) and other distributed ledger technology (DLT) solutions to solve these challenges.
Nearly 66% of respondents believe that DAM will become an even more important part of their business strategy over the next three years.
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Increasing Number of Cybersecurity Start-ups for Digital Asset Management
Global cybersecurity market is projected to reach USD 390 billion by 2027, according to a new report by SkyQuest. This increase in the importance of cybersecurity for businesses is being driven by the growing use of digital assets, such as data and intellectual property (IP), and the increasing number of cyber threats. Cybersecurity solutions are needed to protect these digital assets from theft or cyberattacks. As per our findings, digital asset management market faced loss of over $45 billion during 2011–2019. The loss was majorly occurred through over 120 attacks.
Some of the key vendors that are currently contributing to the growth of this market are Microsoft, IBM, Fortinet, and Intel Security. These companies are focused on providing end-to-end security solutions for businesses across various industries. They provide solutions that address cyberthreats such as malware, phishing, and ransomware.
The overall outlook for digital asset management market is positive due to the increasing awareness about cyberattacks and data breaches. The growth of this market is also being propelled by the growing number of startups actively engaged in developing advanced technology to secure digital asset management market.
In 2021, cybersecurity market witnessed a huge movement of capital through merger and acquisition activities. In fact, the year witnessed an upsurge of over 290% in the valuation of M&A activities. To be precise, the market witnessed momentum of $77.5 billion, which is the highest as compared to previous years.
- JupiterOne, a player active in managing and aggregating platforms show companies their cloud based and digital asset, raised over $19 million in digital asset management market
- Sternum, a Tel Aviv-based startup engaged in offering real-time DAM for internet-connected devices, succeed in raising $27 million
- Censys, raised $35 million. The company is primarily known for its search engine for interconnected devices
- Axonius, raised $100 million fundings in 2021. The company enables its clients to track and mange computing-based assets
- In July 2021, Microsoft acquired RiskIQ for $500 million. The company offers visibility into what devices, assets, and services that can be accessed outside of a company’s firewall, Microsoft describing the acquisition as a “powerful” addition to its overall product line.
SkyQuest has tracked the global digital asset management market and prepared a report. The report provides a valuable insight on current market developments, investments, merger and acquisition actives, technology landscape, key players and their growth strategies, market share analysis, and competitive landscape, among others.
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Top Players in the Global Digital Asset Management Market
- Adobe (US)
- OpenText (Canada)
- Cognizant (US)
- Aprimo (US)
- Bynder (US)
- Sitecore (US)
- Widen (US)
- MediaBeacon (US)
- CELUM (Austria)
- Nuxeo (US)
- Canto (US)
- Wedia (France)
- Digizuite (Denmark)
- Censhare (Germany)
- Cloudinary (US)
- MediaValet (Canada)
- Northplains (Canada)
- BrandMaker (Germany)
- Brandfolder (US)
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