Digital Asset Management Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast 2020 - 2025

 Overview

The Digital Asset Management (DAM) market size is forecast to reach $ 6.9 billion by 2025 growing at a CAGR of 18.6% during the forecast period 2020-2025. The Growth of Digital Asset Management Market can be attributed to the rise in demand among enterprises to manage digital assets and the proliferation of digital content. Substantial boost in the demand for collaborative digital workflow especially for smooth sales and marketing activities is another prominent factor that is expected to drive the global digital asset management market. Increasing focus on digital marketing and enterprise control management along with access control to database records have further aided the adoption of DAM solution. Moreover, increase in need for meeting government mandates to maintain transparency of operations workflow is also expected to create growth opportunities for the Digital Asset Management industry during the forecast period.

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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.

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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.

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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.

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