Pune, India, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Global media asset management market size was valued at USD 1.37 billion in 2021 and is projected to reach USD 3.81 billion by 2029, exhibiting a CAGR of 13.9% during the forecast period. Fortune Business Insights™ shares this information in its report titled, “Media Asset Management Market Forecast, 2023-2029.”
The surge in demand for cloud-based asset management solutions is poised to be a catalyst for substantial market growth. Organizations are recognizing the benefits of these solutions, spurring a rising preference for cloud-based asset management systems across industries. Emergence of numerous technologies is expected to facilitate market development.
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Key Industry Development
Tedial announced SmartWork, a media integration platform designed natively with kubernetes and microservices to provide future proofing and scalability for both media operations and resources. With this, the company aims to simplify broadcast workflows and allow media companies to be more self-sufficient. It allows users to develop processes and integrations with a drag and drop, no code editor interface, removing the traditional tiers that allow enhanced collaboration.
Key Takeaways
- Digital Growth Amid COVID-19 to Augment Market Expansion
- Media Asset Management Market Size in North America was USD 576.6 Million in 2021
- Integration of Artificial Intelligence with Media Asset Management Solutions to Aid the Market Growth
- By Deployment Analysis: Growing Adoption of Cloud-based Environment to Surge Media Asset Management Demand
Discover the Leading Players Featured in the Report:
“Companies leading the Media Asset Management Market are Microsoft Corporation (U.S.), Quantum Corporation (U.S.), Amazon.com, Inc. (U.S.), Sony Group Corporation (Japan), Dalet (France), Tedial (Spain), VSN Video Stream Networks S.L. (Spain), Imagen (U.K.), NEP Group, Inc. (U.S.), SI-MEDIA Srl (Italy)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 13.9% |
| 2029 Value Projection | USD 3.81 Billion |
| Base Year | 2022 |
| Media Asset Management Market Size in 2021 | USD 1.37 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | Deployment, Enterprise Size and Geography |
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Drivers and Restraints
Increasing Demand for Cloud-Based Asset Management to Drive Market Trajectory
Mounting demand for cloud-based asset management is anticipated to drive the media asset management market growth. Change in consumer behavior and increase in the amount of media assets are expected to drive market. Entry of new MAM cloud-based solution providers has forced traditional MAM service providers to update their cloud platforms. Many MAM providers, including Sony Corporation, Hexaglobe, Imagen, Publitio, and Blue Lucy Media have started offering cloud-based media asset management solutions. Various organizations are partnering with cloud platform providers such as AWS and Google.
However, high costs of implementation and integration for management of media assets are anticipated to hinder market development.
Segmentation
By Deployment
- Cloud
- On-premise
By Enterprise Size
- Small & Medium Size Enterprise
- Large Enterprise
By Region
- North America
- Europe
- Middle East & Africa
- Asia Pacific
Regional Insights
North America to Lead Market Due to Emergence of Evolving Technologies
North America is expected to dominate the media asset management market share and is estimated to have maximum revenue. The region reached a valuation of USD 576.6 million in 2021 due to rise in digital data, sensors, and social media and developing technologies that capture and process data. Key players from Canada and the U.S. play a significant role in improving services, products, and customer reach. Presence of major media and broadcasting companies is anticipated to facilitate market progress.
Asia Pacific is also expected to have a considerable growth due to the emergence of industry 4.0, and the adoption of automation is expected to increase the market share.
Europe is anticipated to have a prominent share due to increasing rate of digitization in Italy, Germany, Benelux, and the U.K.
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Competitive Landscape
Key Players to Boost Market Progress Owing to Acquisition Strategies
Primary industry players of the market have used strategic acquisition strategies to gain market traction. In March 2022, Amazon acquired Metro-Goldwyn-Mayer, which marks the company’s second largest acquisition. Through this acquisition, Amazon Prime expanded its catalog with 1,700 series and TV programs and more than 4,000 movies. This acquisition is projected to accelerate market growth. Key players are focusing on the expansion of market share by increasing their customer reach.
FAQ’s
How big is the Media Asset Management Market?
Media Asset Management Market size was USD 1.53 Billion in 2022.
How fast is the Media Asset Management Market growing?
The Media Asset Management Market will exhibit a CAGR of 13.9% during the forecast period, 2022-2029.
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