PUBLISHER: Markets & Data | PRODUCT CODE: 1604457
PUBLISHER: Markets & Data | PRODUCT CODE: 1604457
Digital Asset Management Market Assessment, By Component, By Deployment Mode, By Company Size, By Asset Type, By Industry, By Region, Opportunities and Forecast, 2017-2031F
Global digital asset management market is projected to witness a CAGR of 15.11% during the forecast period 2024-2031, growing from USD 4.54 billion in 2023 to USD 13.99 billion in 2031.
The Digital Asset Management (DAM) market is experiencing significant growth, driven by the increasing use of digital assets across various industries. For instance, the global media and entertainment industry was valued at USD 2.8 trillion in August 2024. With the continuous recovery from the COVID-19 pandemic in 2023, live events such as music performances grew by 26%, while cinema box offices surged to 30.4%. As the growth in the media and entertainment industry continues, so does the need for effective organization, storage, and retrieval of digital content that encompasses images, videos, and promotional materials.
In this industry, digital asset management solutions enable businesses to operate in a structured manner, ensuring that all their assets are readily accessible. Additionally, these solutions help companies maintain brand consistency across multiple channels. Key drivers, such as the growth of content and the need for efficient management, significantly influence the expansion of the digital asset management market as businesses increasingly enter the digital arena to remain competitive.
For instance, in June 2023, Bynder, Inc. launched new generative AI capabilities, integrating ChatGPT into its Digital Asset Management (DAM) platform. This enhancement, available in the Content Workflow module, boosts content creation and management efficiency.
Growth in E-Commerce Driving Growth in Digital Asset Management Market
The digital asset management market is experiencing rapid growth, witnessed by the exponential growth in global business-to-consumer (B2C) e-commerce, which is projected to grow at a CAGR of 14.4%. According to the International Trade Administration, this sector is expected to reach USD 5.5 trillion by 2027. Moreover, e-commerce platforms continue to expand, raising the demand for managing huge volumes of digital content, including product images, videos, and marketing materials. Digital asset management systems, therefore, support the effective cataloging, storage, and retrieval of such assets for maintaining brand consistency across multiple channels. E-commerce, which thrives on good quality digital content for increasing customer interaction and revenues, automatically necessitates making digital asset management systems part and parcel of the functioning of a firm to keep competition at bay. This growth in the market can be related to increased investment by enterprises in digital asset management solutions for better workflow for content and smooth operations, hence giving customers a seamless experience.
For example, in May 2024, Acquia, Inc. introduced Acquia Syndicate, a new module for its Acquia Product Information Management (PIM) platform, designed to streamline product data distribution across digital channels, improving accuracy and e-commerce efficiency.
Demand For Secure Digital Asset Storage Fuels the Digital Asset Management Market
The increasing demand for digital assets stored with security drives the growth of the digital asset management market. Due to the growing dependency on digital content, such as videos, images, and documents, companies' demands have grown equally with the demand for safe and organized storage. Concerns about data breaches, unauthorized access, and loss of valuable digital assets drive enterprises to seek digital asset management solutions for secure storage and management. Advanced security features, like encryption, access controls, and cloud-based backups, ensure the content is safe yet accessible. Businesses across various sectors, from media to retail, deploy digital asset management solutions owing to increasing storage needs, thereby boosting market growth.
For example, in July 2024, Cloudinary Ltd., a leading image and video technology platform, adopted the Coalition for Content Provenance and Authenticity (C2PA) standard, enhancing media transparency and security for digital assets.
Government Initiatives Act as a Catalyst
Government regulations and initiatives aimed at securing and efficiently handling digital assets contribute to the growth and adoption of digital asset management. Data privacy laws, such as the General Data Protection Regulation in the European Union and the California Consumer Privacy Act (CCPA) in the United States, require businesses to secure digital asset management. This necessitates more sophisticated security and compliance features within digital asset management solutions. Additionally, initiatives like Digital India and Open Government Data sites promote digitalization and underscore the importance of effectively managing, storing, and sharing large volumes of digital content. All these initiatives will encourage organizations to invest in digital asset management technologies, thus driving market growth.
For example, in May 2024, the United States House passed H.R. 4763, the "Financial Innovation and Technology for the 21st Century Act" (FIT21), establishing federal guidelines for digital assets and enhancing market transparency and protection.
Media and Entertainment Leads the Digital Asset Management Market
The requirement for managing and organizing a large amount of digital content, including videos, images, and audio files, is driving the growth of the digital asset management market for media and entertainment. The industry has witnessed a massive drift toward digital platforms, streaming services, and content creation, making media and entertainment companies dependent on digital asset management systems to streamline their workflow by managing their assets perfectly and accessing content at high speed. This has sustained growth within the industry, especially in areas such as video production, live events, and advertising, where maintaining brand consistency and effectively managing creative assets is essential. The increasing demand for high-quality content and the need for streamlined workflows in the media and entertainment sectors worldwide have highlighted the need for digital asset management technologies, further propelling the market growth.
North America Dominates Digital Asset Management Market
Table of Contents
1. Project Scope and Definitions
2. Research Methodology
3. Executive Summary
4. Voice of Customer
- 4.1. Product and Market Intelligence
- 4.2. Mode of Brand Awareness
- 4.3. Factors Considered in Purchase Decisions
- 4.3.1. Features and Other Value-Added Service
- 4.3.2. IT Infrastructure Compatibility
- 4.3.3. Efficiency of Solutions
- 4.3.4. After-Sales Support
5. Global Digital Asset Management Market Outlook, 2017-2031F
6. North America Digital Asset Management Market Outlook, 2017-2031F*
7. Europe Digital Asset Management Market Outlook, 2017-2031F
8. Asia-Pacific Digital Asset Management Market Outlook, 2017-2031F
9. South America Digital Asset Management Market Outlook, 2017-2031F
10. Middle East and Africa Digital Asset Management Market Outlook, 2017-2031F
11. Porter's Five Forces Analysis
12. PESTLE Analysis
13. Market Dynamics
14. Market Trends and Developments
15. Case Studies
16. Competitive Landscape
17. Strategic Recommendations
18. About Us and Disclaimer
List of Tables
- Table 1. Pricing Analysis of Products from Key Players
- Table 2. Competition Matrix of Top 5 Market Leaders
- Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
- Table 4. About Us - Regions and Countries Where We Have Executed Client Projects
List of Figures
- Figure 1. Global Digital Asset Management Market, By Value, In USD Billion, 2017-2031F
- Figure 2. Global Digital Asset Management Market Share (%), By Component, 2017-2031F
- Figure 3. Global Digital Asset Management Market Share (%), By Deployment Mode, 2017-2031F
- Figure 4. Global Digital Asset Management Market Share (%), By Company Size, 2017-2031F
- Figure 5. Global Digital Asset Management Market Share (%), By Asset Type, 2017-2031F
