Pune, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Digital Asset Management Market Analysis:
“According to the SNS Insider Research, The Digital Asset Management Market size was valued at US$ 4.3 billion in 2023 and is expected to reach US$ 16.0 billion by 2032, expanding at a CAGR of 15.7% over the forecast period 2024–2032.”
Growing Adoption of Cloud-Based Solutions
The growing adoption of cloud-based digital asset management (DAM) solutions is one of the major factors contributing to the rapid growth of the digital asset management market. The governments of many countries across the globe are accelerating the adoption of cloud infrastructure as a part of their digital transformation agenda. The adoption of cloud-based services for digital asset management has been a part of the strategy for many businesses to move from traditional on-premises hosted solutions to the cloud for higher flexibility, easier scalability, and cost-effectiveness. According to the U.S. Department of Commerce, in 2022, more than 90% of U.S. businesses were using some form of cloud computing, including digital asset management. Moreover, it helps to enhance performance and allows workers and other collaborators across the enterprise to access shared assets through various devices. For example, the governments of countries, such as Germany and the U.K., invest heavily in secure cloud-based systems, fostering the adoption of DAM systems, compliant with data protection acts like GDPR.
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Major Players Analysis Listed in this Report are:
- Adobe
- Bynder
- Aprimo
- Widen
- Canto
- MediaBeacon
- Asset Bank
- Brandfolder
- OpenText
- Nuxeo
- IBM
- Frontify
- Cognizant Technology Solutions Corporation
- Libris by Photoshelter
- FotoWare
- Telerik
- Kaltura
- ZyLAB
- MerlinOne
- Oracle Corporation
- Other Players
Digital Asset Management Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 4.3 Bn |
| Market Size by 2032 | USD 16 Bn |
| CAGR | CAGR of 15.7% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| 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) |
| Market Restraints | • Implementing a robust DAM system often involves significant upfront investments, which can be a barrier for small and mid-sized enterprises. |
Increasing Emphasis on Compliance and Regulatory Standards
The governments started to emphasize their demands on their compliance with the regulatory standards, such as data protection and intellectual property. According to the European Commission’s 2023 report, there has been a 25% rise in regulations surrounding data management and digital assets over the past two years. Nowadays, more and more companies pay great attention to the governance of their data and the need for DAM systems that feature enhanced governance, audit trails, and rights management, satisfying local and international laws. Hence, these trends have made DAM solutions essential for many businesses and governmental organizations around the world to support their risk mitigation and legal compliance.
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- By Enterprise Size
Large enterprises led the digital asset management market because of their extensive and diverse digital asset libraries. Large organizations manage a multitude of multimedia files, presentations, and documents, all of which require structural DAM systems to organize, store, and share efficiently. As per the U.S. Bureau of Labor Statistics report 2023, large enterprises disproportionately represent 75% of the private sector’s total digital assets due to the ongoing need for streamlined workflows across transglobal teams. Despite the rapid adoption of DAMs in the SME sector, supported by government initiatives in India and Australia, lagers enterprises continue to outperform, as they have more resources and require more complex solutions.
- By Asset Type | Documents/Presentations and Multimedia Assets
Multimedia assets, including images, videos, and audio files, constitute the largest segment in the digital asset management market. With the rise of content-driven marketing and video-based communication, organizations are increasingly managing vast libraries of multimedia content. In 2024, multimedia assets account for 60% or more of the businesses’ digital content. In the U.K., the government’s Digital Economy Report mentions that the growth in the sector is driven by the persisting demand for visual and interactive content, which is taking over the sectors of social media and websites, as well as e-commerce. Meanwhile, presentations and documents are becoming less of a priority, but they remain essential for certain commercial and public-purpose applications.
Digital Asset Management Market Key Segmentation:
By Offering
- Solutions
- On-premises Solutions
- Cloud-based Solutions
- Services
By Enterprise Size
- SEMs
- Large Enterprise
By Asset Type
- Documents/Presentations
- Multimedia Assets (Audio, Video, Images, Animation)
By Application
- Sales
- Marketing
- IT
- Distribution
- Photography, Graphics, and Designing
By End Use
- Media & Entertainment
- BFSI
- Retail
- Healthcare
- Automotive & Manufacturing
- Government
- Other
Regional Analysis
North America has been the leading region in the Digital Asset Management market, driven by high adoption rates of digital transformation technologies and strong regulatory frameworks. According to the U.S. Government's Digital Strategy 2023, over 85% of businesses in North America had implemented some form of DAM solution by the end of 2022, outpacing other regions. The U.S. and Canada’s well-established cloud infrastructure, coupled with favorable government policies promoting data management and cybersecurity, have further strengthened the market. Moreover, North America’s mature IT and marketing sectors, which heavily rely on digital assets for content creation and management, have propelled demand for advanced DAM solutions.
Latest Market News
- March 2024, Adobe Inc. expanded its Creative Cloud DAM features that included AI-powered asset management tools. These tools were designed to target large enterprises in various sectors and streamline their content workflows.
- June 2023, Widen Collective, a leading DAM provider, introduced new integrations with popular e-commerce platforms to help businesses optimize multimedia content management for online retail operations.
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Key Takeaways
- The report Evaluation of regional performance, identifying North America as the prominent market, driven by high adoption rates and robust regulatory frameworks.
- The report offers Detailed market sizing, including Compound Annual Growth Rate and trends, Detailed segmentation by meeting type and In-depth segmentation by enterprise size, asset type, and region.
- Multimedia assets are the largest asset type managed in DAM systems, driven by the rise in video and image-based content.
- North America dominates the market, backed by high adoption rates and favourable regulatory conditions.
- The report offer Strategic recommendations for stakeholders and actionable insights for growth, Competitive landscape analysis and recent industry developments.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Digital Asset Management Market Segmentation, By Offering
8. Digital Asset Management Market Segmentation, By Enterprise Size
9. Digital Asset Management Market Segmentation, By Asset Type
10. Digital Asset Management Market Segmentation, By Application
11. Digital Asset Management Market Segmentation, By End Use
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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