Digital Asset Management Market

Market Overview:

The global digital asset management market size reached US$ 5.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 15.7 Billion by 2028, exhibiting a growth rate (CAGR) of 18.4% during 2023-2028. The increasing adoption in SMEs, rising online shopping activities, and the growing use of online banking services represent some of the key factors driving the market.

Increasing Demand for Mobility Solutions Stimulating Market Growth

The increasing reliance on smartphones and tablets and rising penetration of high speed internet connectivity represents one of the primary factors driving the demand for DAM solutions around the world. These devices allow employees to access business-related and other enterprise documents easily and improve business efficiency. Moreover, employees can use these devices to share organizational documents simultaneously to synchronize with the business process.

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented and is witnessing a growing number of mergers and acquisitions (M&A) within the digital content space. The volume of new entrants is high in the digital asset management industry due to the presence of a large number of players and low product differentiation and switching costs.

What is Digital Asset Management?

Digital asset management (DAM) is a software based solution used by organizations for quick storage, retrieval, and use of digital assets, such as processed data files, engineering blueprints, text documents, web pages, audio, videos, and graphics. It allows the authorized user to retrieve, review, edit, and transfer data through a centralized interface. It also automates workflow, manages permissions through copyright functionalities, and streamlines the cloud experience for users. Besides this, it helps in monitoring content effectiveness, providing access control, optimizing overall firm performance, and ensuring an optimum level of security at minimal operational costs.

COVID-19 Impact:

The COVID-19 pandemic outbreak has caused a significant impact on the digital asset management industry and imposed unprecedented challenges on numerous countries. As lockdowns and social distancing measures were implemented worldwide, organizations had to swiftly adapt their operations to a remote work environment, which led to significant changes in the way DAM systems were utilized and managed. With employees working from home, the demand for centralized access to digital files became crucial. DAM platforms became essential tools for storing, organizing, and distributing assets across remote teams, ensuring that everyone had access to the latest versions of files. Furthermore, the pandemic accelerated the need for DAM systems to support a wide range of file formats, as virtual events and digital marketing campaigns became the norm. As physical gatherings were restricted, businesses shifted to webinars, online conferences, and social media platforms to engage with their audiences. DAM solutions played a pivotal role in managing and delivering multimedia content, such as videos, images, and presentations, to these virtual channels. Additionally, the pandemic fueled the adoption of cloud-based DAM solutions. As organizations sought scalable and flexible options to store and manage their digital assets remotely, cloud-based DAM platforms emerged as viable alternatives. This shift allowed for seamless collaboration, secure backups, and easy accessibility, irrespective of geographical constraints.

Digital Asset Management Market Trends:

The increasing adoption of DAM solutions in small and medium-scale enterprises (SMEs) on account of rapid digitization, rising cloud-based solutions, and growing adoption of remote working models represents one of the major factors driving the market around the world. Moreover, the growing use of DAM for marketing and broadcasting purposes and the rising need to automate workflow collaboration and gain controlled access with better security are influencing the market positively. In addition, DAM is employed in the e-commerce sector to provide real time information and predictive alerts on warehouse management and delivery. This, coupled with the increasing demand for online shopping among the masses, is contributing to the market growth. Apart from this, the integration of machine learning (ML), artificial intelligence (AI), and the internet of things (IoT) in DAM solutions to deliver and communicate brand messages, access creative content, and download, resize, and reupload individual files is favoring the growth of the market. Furthermore, there is a rise in the utilization of DAM solutions in the banking, financial services and insurance (BFSI) sector to streamline banking operations, protect the confidential information of customers, and prevent against security breaches. This, along with the growing use of online banking services, is creating a positive outlook for the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global digital asset management market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, component, application, deployment, organization size, and end-use sector.

Type Insights:

• Brand Asset Management System
• Library Asset Management System
• Production Asset Management System
   

The report has provided a detailed breakup and analysis of the digital asset management market based on the type. This includes brand asset management system, library asset management system, and production asset management system. According to the report, brand asset management system represented the largest segment as it is primarily adopted by the organizations to manage the lifecycle of their branded content. It enables the storage and maintenance of creative content, including images, audio files, PDFs, and HTML files. Moreover, the rising adoption of brand asset management system software across the healthcare, BFSI, educational, retail, and manufacturing sectors to protect their brand identity and integrity, and execute effective market strategies is favoring the market growth.

Component Insights:

• Solution
• Services
  • Consulting
  • System Integration
  • Support and Maintenance
     

A detailed breakup and analysis of the digital asset management market based on the component has also been provided in the report. This includes solution and services (consulting, system integration, and support and maintenance). According to the report, solution accounted for the largest market share as it provides a platform wherein the users can upload, manage, search, and share files, and other media content. Furthermore, the solution also enables the user to organize and track numerous processes. Moreover, the rising demand for DAM solutions due to the increasing need for effectively managing digital assets on a single interface is influencing the market positively.

Application Insights:

• Sales and Marketing
• Broadcast and Publishing
• Others
   

A detailed breakup and analysis of the digital asset management market based on the application has also been provided in the report. This includes sales and marketing, broadcast and publishing, and others. According to the report, sales and marketing accounted for the largest market share on account of the increasing penetration of digital marketing technology to provide personalized services to the customers. Moreover, the advent of advanced DAM systems offering auto-tagging and AI-enabled metadata features that assist marketing and sales teams by automatically tagging assets is propelling the market growth.

Deployment Insights:

• On-premises
• Cloud
   

A detailed breakup and analysis of the digital asset management market based on the deployment has also been provided in the report. This includes on-premises and cloud. According to the report, on-premises accounted for the largest market share as they can be managed, maintained, and updated by their IT departments. Furthermore, the rising demand for on-premise DAM solutions among several companies in the BFSI sector that require custom security and have specific integration needs, is bolstering the market growth. Additionally, on-premise DAM systems provide greater control over the data of organizations and hold numerous customization options.

Organization Size Insights:

• Small and Medium-sized Enterprises
• Large Enterprises
   

A detailed breakup and analysis of the digital asset management market based on the organization size has also been provided in the report. This includes small and medium-sized enterprises and large enterprises. According to the report, large enterprises accounted for the largest market share as they are heavily investing on the adoption of advanced variants, such as Software-as-a-Service (SaaS) and hybrid DAM systems. Furthermore, the growing adoption of DAM solutions in large enterprises for organizing digital assets in a central location and automating the organizational workflow is influencing the market positively.

End-Use Sector Insights:

• Media and Entertainment
• Banking, Financial Services and Insurance (BFSI)
• Retail
• Manufacturing
• Healthcare and Life Sciences
• Education
• Travel and Tourism
• Others
   

A detailed breakup and analysis of the digital asset management market based on the end-use sector has also been provided in the report. This includes media and entertainment, banking, financial services and insurance (BFSI), retail, manufacturing, healthcare and life sciences, education, travel and tourism, and others. According to the report, media and entertainment accounted for the largest market share as they are adopting DAM solutions and services to create, manage, share, archive, and analyze large volumes of digital assets more efficiently and effectively. In addition, the rapid pace of content creation due to the rising demand for visual content and improvement in video quality is contributing to the market growth.

Regional Insights:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America (the United States and Canada) was the largest market for digital asset management. Significant growth in the media and entertainment sector on account of the increasing penetration of the internet and social media platforms represents one of the major factors driving the North America digital asset management market. Moreover, the rising adoption of DAM solutions and analytics by several vendors due to excessive content generation is propelling the market growth in the region. Besides this, extensive research and development (R&D) in the field of IT is influencing the market positively in the region.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global digital asset management market. Some of the companies covered in the report include:

• Adam Software
• Canto Inc.
• Celum
• Cognizant Technology Solutions
• IBM Corporation
• Mediabeacon Inc.
• North Plains Systems
• OpenText Corporation
• Oracle Corporation
• QBank
• Webdam Inc.
• Widen Enterprises Inc.
   

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the digital asset management market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global digital asset management market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the digital asset management industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.