Global Digital Asset Management Market to Reach US$ 15.7 Billion by 2028, Facilitated by Increasing Adoption in SMEs

According to the latest report by IMARC Group, titled “Digital Asset Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global digital asset management market size reached US$ 5.6 Billion in 2022. Digital asset management (DAM) is a system that allows businesses to organize, store, and retrieve rich media and manage digital rights and permissions. It improves efficiency, ensures secure access, and simplifies the retrieval and distribution of digital assets, which enables companies to maximize the value of their digital content. It acts like a centralized digital library wherein approved users can easily search for digital assets, which reduces the time and effort in managing these resources. It has features like metadata tagging, advanced search functionality, version control, and access permissions for better management and security.

Global Digital Asset Management Market Trends:

The increasing use of DAM solutions in small and medium-scale enterprises (SMEs) due to rapid digitization, rising cloud-based solutions, and increasing remote working models represents one of the major factors augmenting the market growth around the world. Moreover, the rising volume of digital content generated by organizations for marketing and broadcasting purposes and the growing requirement to automate workflow collaboration and gain controlled access with better security are influencing the market positively. In addition, DAM solutions find applications in the e-commerce industry to provide a central repository for storing high-resolution images, product descriptions, and other sales materials. This, coupled with the growing demand for online shopping among the masses due to busy lifestyles and inflating income levels, is creating a positive outlook for the market. Apart from this, DAM solutions are employed in the banking, financial services and insurance (BFSI) sector to facilitate banking operations, protect the confidential information of customers, and prevent against security breaches. This, along with the increasing use of online banking services due to considerable reliance on smartphones, is bolstering the market growth. Looking forward, the market value is projected to reach US$ 15.7 Billion by 2028, expanding at a CAGR of 18.4% during 2023-2028.

Market Summary:

• Based on the type, the market has been segmented into brand asset management system, library asset management system, and production asset management system. Presently, brand asset management holds the largest market share.
• On the basis of the component, the market has been segregated into solution and services (consulting, system integration, and support and maintenance). Solution currently accounts for the majority of the market share.
• Based on the application, the market has been divided into sales and marketing, broadcast and publishing, and others. At present, sales and marketing dominate the market.
• On the basis of the deployment, on-premises exhibit a clear dominance in the market, followed by cloud.
• Based on the organization size, large enterprises dominate the market, followed by small and medium-sized enterprises.
• On the basis of 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. Media and entertainment currently account for the majority of the total market share.
• Region-wise, the market has been segmented into 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. Amongst these, North America enjoys the leading position in the market.
• The competitive landscape of the market has also been examined, with some of the key players being Adam Software, Canto Inc., Celum, Cognizant Technology Solutions, IBM Corporation, Mediabeacon Inc., North Plains Systems, OpenText Corporation, Oracle Corporation, QBank, Webdam Inc., and Widen Enterprises Inc.

Report Scope:

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