Pune, India., Sept. 15, 2023 (GLOBE NEWSWIRE) -- Digital asset management refers to a software or system that allows organizations to organize, store, retrieve, and distribute digital assets in a structured and centralized manner. It delivers tools and functionalities for managing various types of digital content, such as videos, images, audio files, documents, and graphics. These systems generally include features like version control, metadata tagging, rights management, and workflow automation, aiding efficient asset management throughout the lifecycle.
Digital Asset Management Market in terms of revenue was estimated to be worth $4.45 billion in 2022 and is poised to reach $12.68 billion by 2030, growing at a CAGR of 14.0% from 2022 to 2030 according to a new report published by The Insight Partners.
With the substantial growth of digital content, organizations are acquiring and generating massive digital assets. This includes videos, images, documents, and multimedia files. The need to proficiently manage, organize, and leverage these assets boosts the demand for Digital Asset Management (DAM) solutions. Thus, the digital asset management market demand is anticipated to increase from 2022 to 2030.
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Browse Comprehensive TOC on "Digital Asset Management Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis– By Offering (Solutions, Services), By Deployment Mode (On-Premise, Cloud), By Business Function (Human Resource (HR), Sales & Marketing, Information Technology (IT), Others) and Geography"
Global Digital Asset Management Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 4.45 Billion in 2022 |
| Market Size Value by | USD 12.68 Billion by 2030 |
| Growth rate | CAGR of 14.0% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Offering, Deployment Mode, Business Function, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Cognizant Technology Solution Corp., Adobe Systems, Inc., and Dell EMC are key providers in the digital asset management market. With the rise in claim for digital asset management services, numerous companies have established partnerships to expand their solutions offerings in digital solutions. For instance, in January 2023, NICE partnered with Cognizant. to use Cognizant’s business transformation and deep consulting capabilities along with NICE CXone’s integrated cloud platform to enhance customer adoption of innovative CX solutions such as analytics, digital, and conversational AI. Therefore, it further boosts the digital asset management market growth. As a result, the expansion of DAM's AI and machine learning capabilities is driven by several factors, including the growing volume and complexity of digital content, the need for greater efficiency and automation, and the increasing claim for personalized and engaging content. As DAM vendors continue to invest in AI and machine learning technologies, they can expect to see continued growth in this area and leverage the advantages of DAM to advance their content management and distribution processes.
As organizations generate increasing volumes of digital assets, DAM systems must be scalable to handle the growing petitions. However, some DAM platforms may face difficulties effectively managing large quantities of assets or handling concurrent user access. Performance issues, such as slow asset retrieval or system lag, can arise when the DAM infrastructure is not designed to handle the scale of content and user requirements. These limitations can impact productivity and user satisfaction. The pandemic has also highlighted the importance of cloud-based solutions that enable remote access, collaboration, and scalability. Inference suggests that organizations have increasingly turned to cloud-based DAM solutions to securely store and manage their digital assets in a centralized location accessible from anywhere. Cloud-based DAM platforms deliver the flexibility and scalability required in a remote work environment, allowing teams to collaborate effectively and access assets remotely. This request for cloud-based DAM solutions propels the digital asset management market growth during the pandemic.
Growing Technological Advancement to Provide Lucrative Opportunities for Global Digital Asset Management Market:
The expansion of machine learning and artificial intelligence capabilities in digital asset management (DAM) represents a crucial driver for the industry. AI and machine learning have the potential to transform how businesses manage their digital content by automating several of the tasks associated with asset management, creation, and distribution. One of the important benefits of AI and machine learning in DAM is the capability to classify and tag assets based on their content mechanically. This can save organizations substantial time and resources by eradicating the necessity for manual categorization and tagging. Furthermore, machine learning and AI can aid organizations in recognizing duplicate or similar assets and recommend alternative or related assets to use in their place.
Across all industries, the amount of digital content generated and consumed is growing quickly. Organizations produce massive amounts of digital content, from videos and photos to papers and creative assets. This abundance of content drives the claim for digital asset management market. Inference indicates that organizations need solid systems to efficiently organize, manage, and distribute digital assets while their volume keeps mounting. Organizations can effectually manage their content libraries and restructure content workflows with DAM systems, which provide a centralized platform for cataloging, storing, and retrieving digital assets. As businesses look to modernize their content management procedures and enhance productivity and collaboration, the requirement for DAM solutions is expected to grow. Therefore, the appeal for the digital asset management market will grow during the forecast period.
Due to its flexibility, scalability, and cost-effectiveness, cloud computing has spread throughout numerous industries. A key digital asset management market driver is the growth of cloud-based DAM solutions. Organizations may securely store and access digital assets employing cloud-based DAM services at any time, location, or device. This usability and accessibility enable collaboration between geographically distant teams and outside investors. Other cloud-based services and tools, like management systems, marketing automation platforms, content and social media management tools, can be effortlessly integrated with cloud-based DAM. The digital asset management market is growing owing to the affordability and scalability of cloud-based DAM systems, making them a preferable option for businesses of all sizes.
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Machine learning and AI can also be used to mechanize converting assets into different sizes and formats, making it easier for organizations to allocate their content across numerous devices and channels. This can help expand the reach and effectiveness of their communication and marketing efforts by ensuring that content is useful for each audience and platform. One more area where machine learning and AI can pointedly impact is the analysis of asset engagement and performance. By tracking user behavior and engagement metrics, DAM solutions can employ AI and machine learning algorithms to detect patterns and insights that can aid organizations in optimizing their content and advancing their marketing strategies.
As a result, the expansion of DAM's AI and machine learning capabilities is driven by numerous factors, including the rising volume and complexity of digital content, the need for greater efficiency and automation, and the increasing call for personalized and engaging content. As digital asset management market vendors continue to invest in AI and machine learning technologies, they can expect to see continued growth in this area and leverage the benefits of DAM to improve their content management and distribution processes.
Global Digital Asset Management Market: Segmental Overview
Based on the offering, the market is bifurcated into solutions and services. The solution segment led the digital asset management market with a key market share in 2022. By deployment mode it is divided into on-premises and cloud. By Deployment, the on-premises segment dominated the overall digital asset management market in 2022. By business function, the market is segregated into human resources (HR), sales & marketing, information technology (IT) and others. The information technology segment covers a major share of the digital asset management market share in 2022.
Global Digital Asset Management Market: Competitive Landscape
Dell EMC, Hewlett Packard Enterprise (HPE), IBM CORPORATION, Aprimo, Widen Enterprises Inc., Cognizant Technology Solutions Corporation, Oracle Corporation, OpenText Corporation., North Plains Systems (Ignite Enterprise Software Solutions, Inc.), and Adobe Inc. are a few of the key companies operating in the Digital Asset Management market. The digital asset management market leaders focus on expansion and diversification, new product launches, and acquisition strategies, which allow them to access prevailing business opportunities.
Global Digital Asset Management Market - Key Industry Dynamics:
Drivers:
- Emergence of Cloud-based Delivery Options
- Growing Focus on Digitization Among Organization
Restraints:
- High Upfront Cost Related to Implementation and Integration
Opportunities:
- Growing Focus on Technological Advancement
Future Trends:
- Emergence of AI To Automate Processes
Recent Developments:
- March 2022: The content operations platform GatherContent was purchased by Bynder, a digital asset management (DAM) software provider. With this change, Bynder's DAM service gains workflow and editorial processes for content development. With GatherContent, Bynder hopes to give marketers access to the complete lifecycle of content generation, from text creation to structured material ready for dissemination.
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