Digital Asset Management Market to Reach USD 15.2 Bn by 2032, Asia Pacific Dominates with 34.8% of the Market Share

New York, March 23, 2023 (GLOBE NEWSWIRE) — The global Digital Asset Management market size accounted for USD 4.3 billion in 2022, and growth is estimated to accelerate at a CAGR of 13.8%, registering an incremental revenue of USD 15.2 billion by 2032. Digital Asset Management is part of information and communications technology which offers software, services, and systems solutions to analyze and manage the data for the user companies.

Digital asset management allows users to review and edit the data of companies. The rising applications of data asset management in various end-use industries like healthcare, BFSI, IT and telecommunications, and many other industries are fueling the growth of the digital asset management market across the globe.

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Key Takeaway:

• By Component, the solution segment leads the market with a major share of the market in 2022.
• By Deployment, the on-premises segment dominated the overall market in digital asset management with the largest market share in 2022.
• By Business Function, the information technology segment covers a major share of the digital asset management market with the largest market share in 2022.
• By End-Use Industry, the IT and telecommunications industry is expected to grow favorably during the forecast period of 2023 to 2032.
• In 2022, Asia Pacific dominated the market with the highest revenue share of 34.8%.
• North America is estimated to be the most lucrative market in the global digital asset management market in 2022.

Digital asset management is eventually being adopted by users in various industries to store and secure files to complete their work in a given time. The growth of DAM technology is driving organizations to apply these solutions along with collaboration, governance, digital storage, and asset-tracking services. Also, DAM helps users to develop better marketing and branding strategies. Therefore, it is being adopted by more and more users for its social media integration. These all factors are propelling the growth of the digital asset management market through the forecast period of 2023 to 2032.

Factors affecting the growth of the Digital Asset Management industry?

There are several factors that can affect the growth of the digital asset management industry. Some of these factors include:

• The trend of digitization: developing inclination and implementation of digitization across the globe are among the key factors driving the growth of the market.
• Increasing use of cloud-based services: cloud DAM solution improves access to digital assets and increases adaptability and operational speed. As a result, it is rapidly gaining popularity with consumers around the world
• Integration of AI in DAM: artificial intelligence is used in digital asset management to organize and assist large amounts of data. It is expected to drive the growth of DAM through the forecast period.
• Rising use of metadata: metadata is a basic part of digital asset management that helps clients or organizations to find the required data and resources. It is driving the growth of DAM.
• Increasing adoption in the food sector: With the growing trend of social media and visuals in the food and beverages sector, the demand for digital asset management is also rising with it.

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Top Trends in Global Digital Asset Management Market

Cloud Digital Asset Management balances the management and delivery of digital media across businesses. Cloud digital asset management also assures to reduce functioning costs and improve productivity while providing a single source for maintaining brand identity. Cloud digital asset management also impacts the front-end experience. Hootsuite Inc. announced its collaboration with Bynder, a commonly used social media management platform that functions on the cloud. The partnership connects the Hootsuite dashboard to its Bynder-provided digital assets, allowing social media marketers to get easy access to creative content without having to resize, re-upload, and download individual files.

The growth of cloud-based digital asset management is driven by the growing acceptance of advancing technologies like data analytics and artificial intelligence across industries. Artificial intelligence is used in digital asset management for creating tags for metadata by scanning the content. Digital asset management uses artificial intelligence for speech recognition, facial recognition, and retinal scan recognition.

Digital asset management creates huge data, that have to be stored. Therefore the demand for data storage is increasing with the growing digital asset management solutions. Machine learning and artificial intelligence have the ability to collect, monitor, process and evaluate the data and transfer it to various clouds. Major companies in this field are Bynder, MediaBeacon, and Cognizant. These companies are fueling the market to expand vigorously.

Market Growth

The digital asset management market is growing due to companies in the market are innovating new strategies to expand the market. Major companies are focusing on offering simple plus efficient user experiences by introducing innovative and technologically advanced solutions. Many users are looking towards digital asset management to ease their working process and resolve issues. For example, Adobe announced their new software ‘streamlined Adobe experience manager’ which allows users a simple and elegant user experience for the Adobe experience cloud.

Regional Analysis

Asia-Pacific leads the market with the largest market share for digital asset management at 34.8%. Significant market opportunities and strong companies are driving the growth of digital asset management in the Asia Pacific region. Emerging markets such as China and India are also adopting at a faster pace than North America and Europe. Asia Pacific is the largest buyer of data asset management solutions due to the presence of a large number of manufacturing industries and large enterprises in the region.

North America is anticipated to see lucrative market growth in the global digital asset management market, during the forecast period of 2023 to 2032. This is due to the acceptance that digital asset management is growing in the United States and Canada mainly due to investments in cloud adoption, innovation activities, and growth in IoT devices. The increasing digitization of various end-user industries in the country also leads to significant data generation, expected to drive market growth throughout the forecast period.

Competitive Landscape

Key players in the market are focusing on different strategies to expand their businesses in overseas markets. Several digital asset management companies are focusing on expanding their existing operations and R&D facilities. Additionally, companies in the DAM market are developing new products and portfolio expansion strategies through investments, mergers, and acquisitions. Some of the major players in the market include Oracle Corporation, IBM Corporation, Webdam Inc, Canto Inc., MediaBeacon Inc., Cognizant Technology Solutions Corp., Celartem Inc., Widen Enterprises Inc., Adobe Systems Incorporated, Huobi Asset Management, and Other Key Players.

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Scope of the Report

Market Drivers

Evolving trend of digitization and increasing acceptance of cloud-based services across the globe are the key factors driving the growth of the market. As the demand for workflow partnerships and automation is growing, more and more companies are adopting digital asset management solutions to maintain operational transparency, enhance digital content and reduce the total cost of ownership. Also, the increasing interest of organizations in digital marketing is driving the growth of the market. As consumers spend more and more time on various social media platforms, businesses are using these solutions to reach the masses, improve customer engagement, and integrate analytics tools to understand consumer behavior patterns.

Market Restraints

The lack of awareness for accepting digital asset management software by small and medium enterprises in developing countries can hamper the growth of the global market during the forecast period. Also, high initial investments and a lack of skilled professionals are estimated to negative impact on market growth. In addition, the lack of a skilled workforce also has a negative impact on market growth. Digital asset management solutions are expensive depending on capacity and features. The difference between mid-range and high-end devices is usually a high degree of upgradation with the creative and production process. A mid-range solution can back the DAM by Adobe PhotoShop. However, high-end systems can also offer state-of-the-art video editing tools such as tools that are used in film production studios.

Market Opportunities

The digital asset management market is anticipated to grow throughout the forecast period by introducing advanced technologies like the internet of things(IoT) and artificial intelligence(AI). Digital asset management is also boosted due to growing applications in healthcare, manufacturing, and IT industries in several emerging economies such as Brazil, India, South Africa, and China. The rapidly increasing geriatric population, rising per capita incomes, high adoption of mobiles, advanced technologies, and spiking awareness among enterprises are driving the need for enhancing the healthcare industries in these nations. Therefore, the governments in these economies are increasing their investments aimed at improving IT infrastructure. Owing to the high number of applications of digital asset management in IT industries the rising investment in this industry is slated to offer growth opportunities in the market.

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Report Segmentation of the Digital Asset Management Market

Component Insight

The digital asset management market is divided into solutions and services, based on component type. In component type, the solutions segment leads the digital asset management market by accounting for a major revenue share in the market. As More and more apps and smart devices need to be made available through DAM so companies can create personalized app practices for customers, internal users, and partners. Organizations in all industries need a strong DAM management software solution to measure the feat of DAM-centric businesses. The services segment is further classified into consulting, implementation & Integration, and Others. Digital asset management consulting services refer to the successful implementation of a new learning management system of the current DAM to improve experience and engagement.

Deployment Insight

Based on deployment digital asset management is classified into on-premise and cloud deployment. In deployment, the on-premise segment dominated the market by covering a major part of the market share in 2022. On-premises deployments have features like better integration, longer deployment, and customization. Training and development departments in all organizations are rapidly adopting on-premises deployment. The majority of companies are adopting technology-enabled learning, which allows employees to record, display, and create innovative ideas in the company. Companies adopting mobile learning solutions have increased productivity, as well as employee creativity with loyalty.

Business Function Insight

The business functions of digital asset management are divided into human resources, sales and marketing, information technology, and other business functions. Out of all the business functions, the information technology business function rules the market in 2022. Digital asset management is used in IT to help organizations store, find, organize, and share their entire content library from one place to another. DAM can use to assets team members and clients. HR teams can utilize DAM to store employee files, such as resumes, videos, and photos, making it easy to track employee data and systematically share them with others.  A DAM system is used in businesses to collaborate, organize, distribute, and securely store the digital files that make a digital asset library. It contains features such as permission control, asset performance analytics, and right management.

End-Use Industry Insight

End-use industries of digital asset management are classified into healthcare, education, manufacturing, IT & telecommunication, BFSI, government and public sector, travel and hospitality, retail and e-commerce, and other sectors. From these sectors, the IT and telecommunications industry is anticipated to grow significantly over the forecast period of 2023 to 2032. Digital asset management is majorly used in the IT and telecommunications sectors. As a result, it becomes a critical factor for companies to manage their digital asset effectively. Similarly, BFSI is expected to become one of the most important industries to adopt DAM solutions, after IT and Telecom. Improving employee engagement and improving the value chain have become important aspects of the healthcare industry.

Recent Development of the Digital Asset Management Market

• In May 2021, Bynder introduced the SAP Commerce Cloud connector. It allows companies to deliver relevant and timely product media to power engaging and customized e-commerce experiences.
• In February 2021, Esko and FADEL came together for the association of cloud-based digital rights management software, rights cloud from FADEL, and digital asset management solution from MediaBeacon.

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Market Segmentation

By Component

• Solution
• Services
• Consulting
• Integration & Implementation
• Others

By Deployment

By Business Function

• Human Resources
• Information Technology
• Sales & Marketing

End-Use Industry

• IT & Telecommunication
• BFSI
• Government & Public Sector
• Healthcare
• Education
• Manufacturing
• Travel & Hospitality
• Retail & E-Commerce
• Other end-use industries

By Geography

• North America
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Key Players:

• IBM Corporation
• Webdam Inc.
• Cognizant Technology Solutions Corp
• Canto Inc.
• MediaBeacon Inc.
• Oracle Corporation
• Celartem Inc.
• Adobe Systems Incorporated
• Huobi Asset Management
• Widen Enterprises Inc.
• Hootsuite Inc.
• Canto Inc.
• Other Key Players

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