Digital Asset Management Market Outlook 2031
The global digital asset management market size was valued at USD 4.16 Billion in 2022 and is likely reach to USD 12.5 Billion by 2031 expanding at a CAGR 13% during the forecast period, 2023-2031. The growth of the market is attributed to increasing adoption of real-time driven campaigns in digital marketing.
Moreover, the shift from conventional mode of advertisement to interactive ads to improve the product sales is propelling the market growth.
Digital assets are the videos, images, and other forms of media that are stored digitally. Digital asset management or DAM is a system that stores, provides access, and flexibility to organize the digital assets in an effective manner.
The usage of DAM enhances the security and ease of reachability of digital assets. DAM system stores all the digital assets in a single depository and facilitates sharing, management, and distribution of the digital assets in a secured way.
DAM is a technology that enables automation of workflow and manages the permission of the content sharing with help of exhaustive copyright functionality. It helps in creation and sharing of company’s content from single location.
Various companies are using DAM software to promote their brands and circulate rich content through various media channels.
Digital Asset Management Market Trends, Drivers, Restraints, and Opportunities
- Rising demand for cost-effective digital asset management solutions is anticipated to boost the growth of the market during the forecast period.
- Increasing integration of innovative technology is expected to spur the market growth in the coming years.
- Amidst the COVID-19 pandemic, various enterprises are focusing on promoting their brands digitally. This, in turn, has encouraged them to deploy DAM solutions to increase their customer reach globally, which is positively influencing the market growth.
- Lack of DAM services/solutions in low and middle-level countries can restrain the market growth.
- Growing number of digital marketing firms to manage the content creation and distribution of various brands is speculated to spur the market growth in the foreseeable future.
- Rising adoption of cloud-based technology is expected to create lucrative opportunities for the industry players in the market.
Scope of The Digital Asset Management Market Report:
The report on the digital asset management market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Digital Asset Management Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Solutions and Services), Deployments (On-premise and Cloud), Enterprise Sizes (Small & Medium Enterprises (SMEs) and Large Enterprises), Applications (Sales, Marketing, IT, Distribution, and Photography, Graphics, & Designing) End-uses (Media & Entertainment, Retail, BFSI, Automotive & Manufacturing, Healthcare, Government, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Adobe Systems, ADAM, Cognizant, EMC, IBM, North Plains, Oracle, OpenText, and Widen
Digital Asset Management Market Segment Insights
Services segment to exhibit a high CAGR
Based on types, the market is bifurcated into solutions and services. The solutions segment is anticipated to account for a significant market share in 2020, in terms of revenue. Increasing adoption of DAM across various industry verticals to store and share the content on real-time basis is driving the demand to adopt these DAM solutions across the globe.
The usage of the DAM technology allows companies to manage, collaborate, store, and track the digital assets. Moreover, it helps brands to improve their digital marketing strategies as it assists in integrating various social media channels.
In 2016, Hootsuite, one of the leading social media management tool developers, partnered with MediaValet to manage their social media and gain access to huge media library.
The services segment is anticipated to exhibit a high CAGR owing to increasing number of companies outsourcing the solutions to reduce their expense and improve the productivity. Growing need of companies to integrate and automate their workflows is propelling the growth of the market segment.
Moreover, rising number of companies heavily investing in digital marketing is positively influencing the growth of the services segment.
Cloud segment to expand at a robust CAGR
In terms of deployments, the global digital asset management market is divided into on-premise and cloud. The on-premise segment accounted for a considerable market share in 2020; however, the cloud-based segment is anticipated to dominate the market during the forecast period.
On-premise DAM systems require high-end infrastructure owing to requirement of lot of storage space, which in turn, has progressively plummeted the market share of the on-premise segment in recent years.
In 2020, the cloud segment accounted for large market share and is expected to expand at a robust CAGR owing to swift shift from on-premise deployment of software to cloud-based software. The deployment of Software-as-a-Service (SaaS) owing to the ability to access DAM software through remote location is driving the demand for cloud-based services around the world.
Various industry players such as IBM, Oracle, and ECM have started cost-effective cloud-based services to the clients. The adoption of cloud-based DAM solutions enable companies to support the sales growth by curating and delivering digital assets through any consumer electronics and regional presence. Thus, such benefits are spurring the segment growth.
SMEs segment to account for a large market share
On the basis of enterprise sizes, the market is segregated into small & medium enterprises (SMEs) and large enterprises. The SMEs segment to account for a large market share and is speculated to expand at CAGR of at least 9% during the forecast period.
Growing adoption of DAM solutions in SMEs to improve the productivity and collaborate the workflow among various departments is driving the growth of the market segment.
Growing awareness about the benefits of DAM solutions/services and rising penetration of cloud-based services among small and medium businesses are proliferating the segment growth. Rising number of startups in emerging economies is expected to further foster the SMEs segment growth.
Marketing Segment to dominate the market
Based on applications, the digital asset management market is classified as sales, marketing, IT, distribution, and photography, graphics, & designing. The marketing segment is anticipated to dominate the market during the forecast period owing to the increasing penetration of digital marketing tools to improve the product sales.
The usage of DAM solutions help the marketing team to manage the digital assets easily and ultimately enhances the productivity. Conversely, the photography, graphics, & designing segment is expected to grow at a healthy rate due to the growing requirement to store the images, videos, and other files in a secured way.
Media & entertainment segment to account for a significant market share
In terms of end-uses, the market is categorized as media & entertainment, retail, BFSI, automotive & manufacturing, healthcare, government, and others. The media & entertainment segment is expected to account for a significant market share owing to the increasing demand for content in form of images and videos for social media platforms and other media channels.
Increasing penetration of DAM solutions in the medial & entertainment industry to collect, store, manage, and distribute the digital assets is spurring the growth of this market segment.
Digital Asset Management Market Regional Outlook
Asia Pacific to exhibit a healthy growth rate
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to account for a significant share of the digital asset management market during the forecast period. Growing number of content curators in the region has led the marketers to use DAM solutions to expand their customer reach across the globe.
Furthermore, the increasing need for analytics to strategize the marketing efforts is fostering the market growth in this region. The market in Asia Pacific is anticipated to expand at a CAGR of around 11.5% during the forecast period owing to the growing adoption of cloud technology in various industry verticals.
Moreover, the rising prevalence of digital technology in emerging countries such as India and China is expected to spur the regional market growth.
- Small & Medium Enterprises (SMEs)
- Large Enterprises
- Photography, Graphics, & Designing)
- Media & Entertainment
- Automotive & Manufacturing
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
The major players of the market are Adobe Systems, ADAM, Cognizant, EMC, IBM, North Plains, Oracle, OpenText, and Widen.
In October 2020, Adobe Systems and Contentserv, one of the leading product experience platform providers, announced the integration of Adobe Creative Cloud Libraries through Contentserv’s Adobe Creative Cloud Connector.