Digital Asset Management Market

Digital Asset Management Market Outlook

The digital asset management market is expected to expand its roots in the global market at a promising CAGR of 10.3% between 2022 and 2032.

The market is valued at US$ 4.3 bn in 2022 and is likely to reach US$ 11.4 Bn by 2032. Previously, the market was thriving at a slightly higher CAGR of 12% (2015-2021), resulting in market size of US$ 3.8 Bn in 2021.

“Better management of data assets and rising digitization of corporate spaces are fueling the demand for digital asset management solutions, enhancing and securing data storages, digital assets including documents, videos and images. These fuel the sales of digital asset management solutions.”

The advent of artificial intelligence integrating with digital asset management solutions enables better operability and storage access and asset management. The use of HR management tools for recruitment-related documents and verification along with digital asset management systems is another factor that drives the market.

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What is the COVID-19 Impact on the Digital Asset Management Market?

Covid-19 has impacted multiple global markets by rearranging the supply chains due to the market restrictions and logistics bans introduced by governments around the world. The covid-19 has increased and brought business to the digital asset management market.

Remote working has increased the use of asset management solutions and streamlining solutions, enrichment, delivery, and analysis of digital assets. This also segments and filters different documents, fueling the growth of the digital asset management market. Covid-19 has affected small and medium-size enterprises due to multiple shutdowns and lockdowns.

This declined the market’s growth during that period though collaborating technologies and increased demand from the information technology (IT) sector has pushed the market forth.

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What Factors Contributes to the Growth of the Digital Asset Management Market?

Changing customer behavior and increased speed transfer of digital assets, and shift toward cloud storage are the major factors behind the growth of the digital asset management market.

Companies and their corporate spaces are working towards the enrichment of their digital assets, increasing asset volume. Corporates are moving towards the adoption of cloud storage as it is more convenient, enlarged and easily implemented.

Cloud platform providers also provide integrated technology that provides cloud-based DAM solutions to help these businesses in their major databases operations, fueling the sales of digital asset management solutions.

Some of these vendors partnered with tech giants like AWS and Google, expanding their digital spaces in new markets. For instance, the state of digital asset management report explains that 62% of surveyed companies are implementing cloud-based DAM. 

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What Limits the Growth of the Digital Asset Management Market?

The high capital investments needed for the implementation and maintenance of these solutions and systems are limiting the growth of the digital asset management market. The pandemic has affected multiple markets and their corporate spaces, which, lastly, has declined the market.

The lockdowns and shutdowns followed by travel bans have restricted the market distribution and that lastly, hindered the growth of the market. To overcome these limitations, the vendor companies are taking necessary steps such as consulting, integration and implementation.

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What are the Opportunities Prevailing in the Digital Asset Management Market?

The digital asset management market creates multiple growth opportunities, evolving with the latest market trends. The integration of the latest technologies like artificial intelligence and machine learning has opened the door for vendors to explore and experiment with asset management technologies.

Another growth opportunity created through the market is automated tagging, which helps companies in segmenting, filtering, and documenting the data assets.

What are the Challenges in the Digital Asset Management Market?

As a crucial part of asset management, metadata plays an important part in managing the data asset. Though publicly available digital assets like text, images, and other content.

This might be followed up with copyright infringement lawsuits (According to the Transactional records access clearinghouse (TRAC)’s 2016 report).

The frequently changing dynamics of the digital asset management market also play an important role in hindering the market’s growth as companies look for steady data asset management solutions. However, all these challenges are a handful and have a lower impact on the digital asset management market.

Comparative View of Adjacent Digital Asset Management Market

Comparative View of Adjacent Enterprise Asset Management Market

Comparative View of Adjacent Asset Management Market

The latest trend in the market shows the integration of the latest technologies and growing sales of digital asset management in new sectors are pushing the market upwards. The growing corporate spaces demand better cloud and digital asset management solutions that include multiple solutions and services like consultation, training, and support.

However, the latest trend shows the integration of artificial intelligence and machine learning to be game-changing technologies. Vendors are now experimenting with these technologies, adding them to the software solutions based on DAM and product information management. These two complete the loop of any corporate space and the supply chains.

Developed by the tech giants, the new solution-based software focuses on smoothening the process of asset management while filtering and segmenting the information for the end-user.

What is the Segmentation Outlook for the Digital Asset Management Market?

The Digital asset management market is categorized by Component, Deployment Mode, Organization Size, Business Type, and Verticals. These categories are further divided into small segments that hold different market spaces in various regions.

The component category is divided into two sub-segments; Solutions and Services – Consulting, Integration and Implementation, Training, Support, and Maintenance, while deployment mode is divided into cloud and on-premises. The organization size category is divided between SMEs and large enterprises, while the business category is segmented into human resources, sales & marketing, and IT.

The last vertical category is segmented into BFSI, government and public sector, healthcare, IT and telecom, manufacturing, media and entertainment, travel and hospitality, and retail and eCommerce.

Which Segment is Likely to Lead the Digital Asset Management Market by Component?

By component, the solutions segment is the biggest segment in digital asset management, thriving on a promising CAGR of 9.7%. The factor behind the excessive growth of this segment is its easy implementation, better availability, and expanded distribution channels.

Software-based solutions are easily installed and store assets perfectly. It manages digital management assets through cloud storage, fueling the sales of the digital asset management market in new regions. 

Which Segment is Likely to Lead the Digital Asset Management Market by Business Function?

By business function, the human resource segment is the biggest segment in the digital asset management market that thrives on a CAGR of 9.8% between 2022 and 2032. The factors that drive the high sales of this segment are its high consumption in HR departments or HR firms.

It is highly used for HR operations like recruitment, talent acquisition, and profile data are high and need to be filtered and then segmented properly. Digital asset management solutions help companies in transferring and managing these HR-related assets with ease.

Which is the Leading Region in the Digital Asset Management Market?

The digital asset management market is divided into regions; North America, Latin America, Asia Pacific, Middle East and Africa (MEA), and Europe.

The biggest market is the United States, thriving at a CAGR of 10% between 2022-and 2032. The factors behind this excessive growth in this region are spreading corporate spaces, increasing data and storage issues, data safety, and digitization of old market spaces. It is expected to hold a market revenue of US$ 4 Bn by the end of 2032.

Apart from this, China holds the same growth potential in the digital asset management market as it also thrives on a CAGR of 10% (2022-2032) and is likely to hold US$ 825 Mn by 2032. Japan follows China and flourishes at a CAGR of 9.5% and is likely to hold US$ 681 Mn by 2032. The UK is also growing at a strong CAGR of 9% and is expected to hold US$ 492 Mn by the end of 2032.

How does Competition Influence the Digital Asset Management Market?

The global study on Digital asset management market at PMR explains that the market is dynamic and offers bright growth potential for players who are following the trend and forming their market strategies according to it. It creates diversified interests as the vendors upgrade their bandwidths and add new cutting edge technology into their solution and services, allowing new competitors to play their cards.

Vendors also focus on strengthening the marketing and distribution channels and making their solutions flexible for new technologies like AI and predictive decision making. Major players also do collaborations and mergers with other significant brands that help them in enhancing customer experience along with easy purchase as there is a tough competition in the market. This expands the Digital asset management market in new market regions.

• US’s major SaaS provide Acquia has taken over Widen that is a cloud-native maker of DAM and product information management, increasing the corporation, making their operations resourceful and efficient and enhancing the customer experience. This gives a push to the digital asset management market.
• Adobe has introduced its digital asset management solution named AEM Assets Part 2 that is said introduce the best practices in DAM implementation, helping the customers in developing and managing their data prospects. This fuels the demand for digital asset management solutions.

Report Scope

Key Segments:

By Component

• Solutions
• Services
• Consulting
• Integration and Implementation
• Training, Support and Maintenance

By Component

• Human Resource
• Sales & Marketing
• IT

By Deployment Model

• On-premise
• Cloud

By Organization Size

• SMEs
• Large Enterprises

By Vertical

• Government & Public Sector
• Healthcare
• IT & Telecom
• Manufacturing
• Retail & eCommerce
• Media and Entertainment
• Travel and Hospitality
• BFSI