The global digital asset management market was valued at US$ 5.6 billion in 2023 and is projected to reach US$ 21.2 billion by 2032, growing at a CAGR of 15.8% during the forecast period from 2024 to 2032.
Digital asset management (DAM) involves arranging, storing, categorizing, accessing, and sharing digital assets like images, videos, documents, and multimedia content. Digital asset management systems usually come equipped with tools to handle the entire lifecycle of digital assets, such as creating, updating, approving, and circulating them. The main objective of DAM is to create a central storage space for digital assets so that teams can easily find and use the assets they require, while also guaranteeing that the assets are utilized correctly and uniformly on various channels and platforms. DAM systems can cater to the specific requirements of various industries such as marketing, media, entertainment, education, government, and more, across organizations of all sizes.
Factors Influencing Market Growth
- The increased use of cloud-based digital asset management, which is cost-effective and easier to maintain. Furthermore, it offers adaptability and expandability to enhance business procedures, driving the digital asset management market growth.
- The emergence of new technologies like AI, ML, and big data analytics is predicted to generate fresh prospects for the e-brokerage industry playing a crucial role in market expansion.
- Users may be reluctant to trust online platforms due to the potential of cyberattacks and data breaches. Putting in place effective security measures to deter fraud can be difficult from a technical standpoint and can be costly. These factors may hinder the market growth.
COVID-19 Impact Analysis
The worldwide COVID-19 outbreak has had a significant impact on businesses globally. The adoption of digital asset management solutions has been positively influenced by the lockdowns enforced by various governments worldwide. After the COVID-19 pandemic, businesses are prioritizing the adoption of advanced technologies like AI, automation, and cloud-based solutions in various sectors like BFSI, healthcare, IT, telecom, and more to facilitate contactless operations. Moreover, with the shift of industries towards digitalization, digital asset management offers agile efficiency and real-time reporting capabilities, driving the market forecast for digital asset management.
Regional Analysis
In 2023, North America was the leading region in terms of market share for the digital asset management market. Anticipated growth opportunities for the North American market result from the rising use of digital asset management solutions in businesses to enhance operations and customer satisfaction.
Nevertheless, the Asia-Pacific region is projected to show the most significant increase in growth throughout the predicted time frame. The growth of the digital asset management market in this region is driven by the higher adoption of cloud-based solutions and services and the increased penetration of advanced technology..
Leading Companies
- Oracle Corporation
- Adobe Inc.
- Cognizant Technology Solutions Corporation
- Dell EMC
- Open Text Corporation
- Widen Enterprises Inc
- North Plains Systems Aprimo
- Hewlett Packard Enterprise
- IBM CORPORATION
- Others
Segmentation Outline
The global digital asset management market is segmented into Offering, Deployment Mode, Business Function, and Region.
Segmentation Based on Offering
- Solution
- Services
Segmentation based on Deployment Mode
- On-premise
- Cloud
Segmentation based on Business Function
- Human Resources (HR)
- Sales and Marketing
- Information Technology (IT)
- Others
Segmentation based on Region
- North America?
o The U.S.
o Canada
- Europe?
o UK
o Germany
o France
o Italy
o Spain
o Netherlands
o Rest of Europe
- Asia-Pacific
o China
o Japan
o India
o Australia
o South Korea
o Singapore
o Rest Of Asia-Pacific
- LAMEA?
o Latin America
o Middle East
o Africa