According to the latest report by IMARC Group, titled “Digital Asset Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global digital asset management market reached a value of US$ 4.7 Billion in 2021. Digital asset management (DAM) refers to a comprehensive computer application, which is designed for storing, organizing, accessing, and distributing various business-related resources. It comprises various creative tools, including engineering blueprints, spreadsheets, metadata archiving, video, asset, and web content management solutions. Data asset management enables an authorized user to edit, review and retrieve digital information over the centralized interface and assists in automating workflow and streamlining the cloud experience. This, in turn, aids in monitoring content effectiveness, providing access control, optimizing overall firm performance, and ensuring an optimum level of security at minimal operational costs. On account of these properties, DAM is extensively employed in small and medium-sized enterprises (SMEs) for marketing and broadcasting purposes.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Digital Asset Management Market Trends:
The widespread adoption of digital asset management across various industrial verticals can be attributed to rapid digitization, along with the rising need to automate workflow collaboration and gain controlled access with better security. This represents the key factor majorly driving the market growth. In line with this, significant technological advancements, such as the introduction of cloud-based digital asset management solutions integrated with big data analytics and artificial intelligence (AI) is acting as another growth-inducing factor. Cloud-based DAM enables companies to deliver and communicate brand messages, access creative content, and download, resize and reupload individual files, which, in turn, ensures optimum scalability and high operational speed. Additionally, the shifting inclination of consumers toward DAM for deploying user-driven content strategies for digital marketing purposes is contributing to the market growth. Other factors, such as extensive research and development (R&D) activities in the field of information technology (IT) and favorable initiatives being undertaken by governments of various countries promoting the use of DAM to ensure data security, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 13.4 Billion by 2027, growing at a CAGR of 19.2% during 2022-2027.
- Based on the type, the market has been segmented into brand, library, and production asset management system.
- On the basis of the component, the market has been bifurcated into solution and services (consulting, system integration and support and maintenance).
- Based on the application, the market has been divided into sales and marketing, broadcast and publishing, and others.
- Based on the deployment, the market has been categorized into on-premises and cloud.
- On the basis of the organization size, the market has been divided into small- and medium-sized enterprises (SMEs), and large enterprises.
- Based on the end-use sector, the market has been classified into media and entertainment, banking, financial services and insurance (BFSI), retail, manufacturing, healthcare and life sciences, education, travel and tourism, and others.
- On a regional basis, the market has been classified into North America (United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Adam Software, Canto Inc., Celum, Cognizant Technology Solutions, OpenText Corporation, North Plains Systems, Oracle Corporation, QBank, Webdam Inc., Mediabeacon Inc., IBM Corporation, Widen Enterprises Inc., etc.
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