PUBLISHER: Allied Market Research | PRODUCT CODE: 1344272
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344272
According to a new report published by Allied Market Research, titled, "Digital Asset Management Market," The digital asset management market was valued at $4.9 billion in 2022, and is estimated to reach $20.6 billion by 2032, growing at a CAGR of 15.8% from 2023 to 2032.
Furthermore, DAM systems can be used by a variety of organizations, from small businesses to large enterprises, and can be customized to meet the specific needs of different industries, including marketing, media and entertainment, education, government, and others.
Increase in adoption of digital asset management across enterprises, thus drive the growth of the market. In addition, the increase in adoption of cloud-based DAM solutions drives the growth of the growth of the market during the forecast period. In addition, growth in the need to meet the government's compliance is anticipated to accelerate the market growth. However, security & privacy concerns among enterprises, high cost of innovation, and budget constraints hamper the growth of the market. In addition, need for ongoing maintenance and updating of the DAM system and challenges associated with managing and storing large volumes of digital assets are expected to hamper the growth of the market. Furthermore, increasing importance of digital assets for businesses of all sizes provides opportunities for DAM vendors to expand their customer base. Furthermore, the emergence of new business models, such as subscription-based pricing, make DAM more accessible to smaller organizations. Additionally, expansion of DAM solutions into new sectors, such as healthcare and education and development of new technologies, including virtual and augmented reality (AR), require efficient management of digital assets. Such factors are expected to provide lucrative growth opportunities for the market during the forecast period. Moreover, the increase in adoption of cloud-based DAM solutions, growth in e-commerce and digital marketing, and rise in demand for video content also propel the growth of the market.
The digital asset management market is segmented into offering, business function, deployment mode and region. By offering, it is bifurcated into solution and services. By deployment mode, it is divided into on-premises and cloud. By business function, the market is segregated into human resources (HR), sales & marketing, information technology (IT), and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the digital asset management market are: Aprimo, Adobe Inc., Cognizant Technology Solutions Corporation, Dell EMC, Hewlett Packard Enterprise (HPE), IBM Corporation, Oracle Corporation, OpenText Corporation, North Plains Systems, Widen Enterprises Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help drive the growth of the digital asset management market globally.