Fort Collins, Colorado, April 23, 2024 (GLOBE NEWSWIRE) --
The growing demand for digital asset management owing to the demand for media-rich content across several industries drives industry growth.
The surge in demand for digital asset management (DAM) is indeed closely tied to the proliferation of media-rich content across various industries. With companies increasingly investing in visually captivating and interactive content to captivate customers and boost brand awareness, efficient management and distribution of digital assets becomes paramount. This necessity is further fueled by the growing utilization of social media and e-commerce platforms, which necessitate streamlined content creation, storage, and delivery processes.
One of the primary drivers behind the expansion of the digital asset management market is the widespread adoption of cloud-based DAM solutions. These platforms offer scalability, cost-effectiveness, and flexibility, making them an attractive option for organizations regardless of size. The transition to remote work and collaborative workflows has only accelerated this trend, as cloud-based DAM systems enable teams to access and manage digital assets seamlessly from any location, anytime.
Moreover, integrating artificial intelligence (AI) and machine learning (ML) capabilities into cloud-based DAM platforms has significantly bolstered their functionality. Automated tagging, search, and retrieval of digital assets are now possible, enhancing efficiency and productivity for users. This integration streamlines workflows and improves the overall user experience by enabling faster and more accurate access to relevant assets.
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Segmentation Overview:
The digital asset management market has been segmented into component, business function, deployment mode, industry, and region.
BFSI registered a significant market share in 2023.
- Based on industry, the market is segmented into BFSI, manufacturing, healthcare, retail, government, and others, with the BFSI sector holding a substantial share of this segment. The BFSI industry deals with many digital assets, including financial documents, customer data, and marketing materials, which require efficient management and secure storage. The increasing adoption of digital technologies and the need for compliance with various regulations have driven the demand for digital asset management solutions in the BFSI sector.
Sales & marketing functions dominate the digital asset management industry in the forecast period.
- The segmentation, based on business function, comprises human resources, sales and marketing, information technology, and other functions. Sales and marketing hold a significant share of the digital asset management market. These tools help marketers manage and distribute marketing content across various channels and platforms, such as images, videos, and documents.
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Digital Asset Management Market Report Highlights:
- The digital asset management market growth is anticipated at a CAGR of 17.7% by 2032.
- The rise in the adoption of cloud-based business solutions drives the industry growth in the forecast period.
- North America holds a significant share of the digital asset management market, with the United States having a dominant share in this region. The country's adoption of digital services is very high due to its dependence on the Internet and social media platforms. Many companies are also adopting these services to reduce costs and improve outcomes.
- Some prominent players in the digital asset management market report include Adobe Systems Incorporated, OpenText Corporation, Cognizant Technology Solutions Corporation, Hewlett Packard Enterprise Company, Oracle Corporation, IBM Corporation, Northplains Systems Inc., Widen Enterprises, Inc., Canto, Inc., Bynder B.V., Celum GmbH, MediaBeacon Inc., and others.
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