Global Digital Asset Management (DAM) Market Size, Share, Growth Analysis, By Component(Solution, Services), By Industry(Banking, Financial Services & Insurance (BFSI)) - Industry Forecast 2022-2028

Digital Asset Management Market was valued at USD 3.68 billion in 2021, and it is projected to attain a market value of USD 9.32 billion by 2028 at a CAGR of 14.2% over the forecast period (2022-2028).

The number of digital assets has increased dramatically during the past few years, including images, graphics, text-containing files, movies, and spreadsheets. This increase has mostly been attributed to the rapid digitization of material. The digital asset management (DAM) system allows the authorised person to store, examine, edit, retrieve, or distribute digital data via a centralised interface. A DAM solution also handles workflow automation and collaboration while automating permissions through copyright functions. Asset analytics, the integration of creative tools, the preservation of assets and their metadata, video management, lifespan & rights management, and web content management are some of the popular DAM solutions.

The increasing digitalization of content is the main element driving the expansion of the digital asset management sector. The rise in interest in collaborative digital workflow, particularly for marketing and sales initiatives, has also facilitated the adoption of DAM. The demand for digital asset management systems is also being fueled by the growing requirement for digital asset protection to avoid copyright concerns. The DAM industry is expected to grow as a result of the demand for superior digital assets with fewer operating costs.

Top-down and bottom-up approaches were used to estimate and validate the size of Asia Pacific Digital Asset Management (DAM) Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

The Global Digital Asset Management (DAM) Market is segmented based on component, industry and region. Based on Components, Digital Asset Management (DAM) Market is categorized into Solutions, and Services. Based on Industry, Digital Asset Management (DAM) Market is categorized into Banking, Financial SErvices & Insurance (BFSI), Telecom and IT, Retail, Healthcare & Life Sciences, Education, Media and Entertainment, and Manufacturing. Based on region, Digital Asset Management (DAM) Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.

Drivers

With changing consumer behavior, the number of digital assets and the speed with which they are being enriched is increasing dramatically across enterprises. Companies are rapidly moving their digital asset storage to the cloud as a result of the enormous growth in the amount of digital assets. This has prompted established on-premises DAM solution providers to reinvent their cloud platform offerings, and it has also resulted in the entry of new cloud-based DAM solution providers. Adobe, OpenText, Aprimo, Widen, and Canto are just a few of the DAM vendors that have begun delivering cloud-based DAM solutions. Many of them have also partnered with cloud platform vendors like AWS and Google. In comparison to on-premises content hosting, cloud distribution alternatives offer affordable licenses, deployment, and maintenance. The majority of enterprises are leaning toward adopting cloud-based DAM systems as a result of these cost advantages.

Restraints

Although DAM solutions have many advantages, it is important to consider the cost of initial deployment and ongoing license fees when managing digital assets. Enterprise-level DAM, like Adobe Experience Manager, starts at a yearly cost of USD 0.5 million (excluding licensing fees). However, the overall cost of a DAM licensing and installation rises along with the number of users per account and storage capacity. Many SMEs are wary of using DAM systems due to the difficulty in pricing support services, the limitations of digital asset management, and other minor skills.

Market Trends

The majority of digital solutions now operate differently thanks to artificial intelligence (AI). As a result, while selecting DAM solutions, businesses are considering AI and machine learning (ML) capabilities. Companies can automate image tagging, or the assignment of keywords or metadata to digital assets like files, images, text, and videos based on what they include, with the aid of AI-based DAM solutions. Digital assets may be quickly identified, segmented, and retrieved thanks to this automated labeling. In order to do forensic analysis, check the compliance of digital assets, and ensure that users are not exploiting any information protected by copyright, AI is also helpful to DAM solutions in extracting metadata from the digital assets.