Digital Asset Management Market - Forecast(2024 - 2030)

Key Takeaways

• The increasing demand for specialized solutions owing to the increased adoption of broadband internet is expected to drive the Digital Asset Management Market during the forecast period.
• Asia-Pacific is poised to witness the highest growth rate over the forecast period due to significant investments in countries like Japan and India. Japan has officially recognized Bitcoin and digital currencies as money, which has resulted in an increase in the number of digital assets in Japan, thereby, proportionately boosting the demand for digital asset management solutions in this region. Additionally, there is a huge demand for digital asset management in India from the entertainment and media providers, due to complexities related to the content, language, and other regional requirements.
• The increasing demand of process automation and the rising penetration of smartphones will further aid the growth of Digital Asset Management Market
• Lack of awareness and the higher cost of solutions may create hurdles for the digital asset management market.

Organization Type- Segment Analysis

The small and medium enterprises (SMEs) segment is expected to grow at the highest CAGR of 19.3% during the forecast period 2020-2025. Small enterprises face greater resource crunch than larger enterprises and require better methods to solve the complexities for better cost optimization on their business processes. Implementing viable solutions for managing and maintaining metadata and digital assets are some of the major benefits that the small enterprises are experiencing through the adoption of DAM. By using these managed services, SMEs are able to focus more on business operations by reducing digital asset management costs. The cloud deployment type stimulates better access to digital assets data, with faster implementation and reduced total cost of ownership. Considering the cost benefits, small and medium enterprises are likely to adopt cloud-based deployment model for implementing DAM solutions which provides lucrative opportunities to the Digital Asset Management Market.

Deployment Type- Segment Analysis

On the basis of deployment type, cloud deployment is expected to dominate the Digital Asset Management Market with the highest CAGR of 20.4% during the forecast period 2020-2025. With the increasing adoption of various technologies, like artificial intelligence and big data analytics, cloud-based DAMs are widely used. The AI use cases for DAM include optical character recognition, speech recognition, and facial recognition. This has propelled the demand for cloud applications, which is growing continuously. There is an additional benefit by having cloud deployments for DAM, such as the digital media content can be made accessible to everyone and can be delivered easily across an enterprise. Many DAM products now have cloud-hosted offerings and are also introducing micro services to integrate with external services through cloud-linked connections. For instance, OpenText Media Management (OTMM), once a client/server application and now a web-based platform, can also be deployed within a cloud infrastructure. Its latest release introduced image and video recognition capabilities where automatic media analysis capabilities enhance manual categorization processes.

Geography - Segment Analysis

The North American region dominated the Digital Asset Management Market during the forecast period 2020-2025 accounting for the highest market share of 32.4%. The North America has a high concentration of media and entertainment industries that largely contribute to the adoption of DAM solutions and services in the region. The DAM solution helps industries in effective monitoring and tracking of their digital assets for media and production. They also facilitate managers with real-time access to critical information, such as priority digital media for marketing, protected documents, and fragmentation of digital assets which boosts the growth of Digital Asset Management Market. Furthermore, the adoption of advanced solutions in North America is faster as compared to other regions. This is also expected to propel the adoption of Digital Asset Management Solutions in these regions.

Drivers – Digital Asset Management Market.

·         Growing adoption of digital marketing to boost the growth of digital asset management market.

With the ever increasing use of social media among population, the digital marketing has evolved as a vital platform for enterprises to market their products and services to a large target audience in a short period of time. Integration of analytical tools with social media platforms has facilitated enterprises to understand their customer behavior patterns and offer better customer value proposition. Heavy Investments in digital marketing activities to promote products and services led to a significant rise in digital content, such as high-definition videos, high-quality images, and audios. To manage this plethora of digital content, enterprises are expected to adopt the DAM solution, which would enable them to streamline digital assets, surface relevant metadata, secure assets, and also transform digital content into their latest forms.

·         Rising demand for collaborative digital workflow to aid the digital asset management market growth.

Collaborative workflow has high impact on the digital asset management industry growth due to increase in need for real-time and shared operations. Growth in demand for collaborative digital workflow especially for sales and marketing activities has encouraged end users to deploy enhanced digital asset management solutions and services. Moreover globalization has led to increased need for better collaboration processes and access to digital assets.

Challenges – Digital Asset Management Market

·         Dependence on traditional approaches to hamper market growth.

Many organizations stick to traditional and time-consuming methods, such as manually managing digital assets, majorly due to budget constraints to adopt advanced technologies and lack of awareness. Furthermore, lack of training and capabilities to manage these advanced solutions coupled with resistance to changes is another factor that restricts employees from adopting the DAM solution.

Market Landscape

The top ten players in the Digital Asset Management Market includes Cognizant Technology Solutions Corp, Hewlett-Packard Company, Oracle Corporation, Adobe Systems Incorporated, OpenText Corporation, Celum, Mediabeacon, Inc., Canto, Inc., Widen, Bynder, Northplains and Media valet Inc. Business expansion, acquisition and mergers along with partnerships are the key strategies adopted by the players in order to concretize their market position.

Expansions/ Collaborations / Product launches/R&D activities

• In April 2019, Hewlett Packard collaborated with PubNub to bring new Intelligent Edge capabilities to the enterprise. The company is projecting to expand PubNub’s technology and value a wider range of industries and applications.
• In March 2019, Adobe and Microsoft revealed about Open Data Initiative (ODI) with the ambition of helping customers to create new connections across previously siloed data, more seamlessly garner intelligence, and ultimately better serve brands with an improved view of their customer interactions.
• In June 2018, -Cloudinary announced the availability of its Digital Asset Management (DAM) solution, the first end-to-end DAM developed to help organizations realize the full value of their digital media assets and deliver engaging end-user experiences through on-the-fly asset manipulations and optimization, AI-based search and efficient workflows.