Digital Asset Management Market Forecasts to 2028 – Global Analysis By Business Function (Sales and Marketing, Human Resource (HR)), Deployment Type (Cloud, On-Premises), and By Geography

Digital Asset Management Market Forecasts to 2028 – Global Analysis By Business Function (Sales and Marketing, Human Resource (HR)), Deployment Type (Cloud, On-Premises), and By Geography

According to Stratistics MRC, the Global Digital Asset Management Market is accounted for $3.69 billion in 2021 and is expected to reach $10.19 billion by 2028 growing at a CAGR of 15.6% during the forecast period. Digital asset management helps companies to develop solutions, wherein they can retrieve their digital assets faster and lay a foundation for targeted access across the teams and channels.

Market Dynamics:

Driver:

High adoption of digital marketing

Increasing use of social media among the population, digital marketing has evolved as a very important platform for enterprises to promote their products and services to a huge target audience in a short span. Implementation of analytical tools along with social media platforms has facilitated enterprises to recognize their customer behavior patterns and offer better customer value propositions. Thus, enterprises are likely to adopt the DAM solution, which would allow them to streamline digital assets, surface relevant metadata, secure assets, and also transform digital content into their latest forms.

Restraint:

High costs

The cost associated with primary implementation and lifetime license costs for managing digital assets cannot be ignored. With the increase in the number of users per account and storage capacity, the overall cost of DAM license and implementation also increases. Moreover, with the problem over the pricing of support services, digital asset management constraints, and other minute capabilities, many SMEs are doubtful about implementing DAM solutions.

Opportunity:

The emergence of artificial intelligence to automate processes

While choosing DAM solutions, companies look for AI and ML capabilities. AI-based DAM solutions assist companies to automate image tagging i.e., the assignment of keywords or metadata to digital assets based on what they contain. This automated tagging enables quick identification, segmentation, and retrieval of digital assets. AI also helps DAM solutions extract metadata from the digital assets, to perform forensic analysis and assess the compliant nature of digital assets, which ensure that the users are not using any content subjected to copyrights.

Threat:

Dependence on traditional approaches

Many organizations fix to conventional and time-consuming methods majorly owing to budget constraints to adopting advanced technologies and lack of awareness. Additionally, the lack of training and capabilities to manage these advanced solutions coupled with resistance to changes is acting as a threat that restricts employees from adopting the DAM solution.

The human resource (HR) segment is expected to be the largest during the forecast period

The human resource (HR) segment is estimated to have a lucrative growth owing to the rising need among HR teams to make more efficient the management of employee-related documents and photos along with ensuring enrichment and distribution of recruitment-related media assets.

The small and medium-sized enterprises (SMEs) segment is expected to have the highest CAGR during the forecast period

The small and medium-sized enterprises (SMEs) segment is anticipated to witness the fastest CAGR growth during the forecast period as small and medium-sized enterprises face greater resource crunch than larger enterprises and need better methods to solve the complexities for better cost optimization of their business processes.

Region with highest share:

North America is projected to hold the largest market share during the forecast period due to the strong economic landscape, early adoption of advanced technologies, and high digital adoption at workplaces to improve business processes.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period owing to high investment interest in AI and other technologies by MSMEs to speed up digital transformation.

Key players in the market

Some of the key players profiled in the Digital Asset Management Market include Cognizant, Aprimo, Widen, CELUM, Sitecore, OpenText, Nuxeo, Censhare, MediaValet, Digizuite, Cloudinary, MediaBeacon, Northplains, Canto, Bynder, Wedia, and Adobe.
Key Developments:

In Nov 2021, Adobe launched AEM Assets Part 2, which features DAM implementation best practices in use. Adobe’s professional services teams help customers architect, develop, and implement digital marketing solutions every day.

In May 2021, Bynder launched the SAP Commerce Cloud Connector to enable brands to deliver relevant and timely product media to power engaging and personalized e-commerce experiences. The connector between Bynder’s DAM and SAP Cloud Commerce allows marketers to make on-brand, approved web and product assets—in the right size and format—available for use without leaving SAP Commerce Cloud.

Business Functions Covered:
• Sales and Marketing
• Information Technology (IT)
• Human Resource (HR)
• Broadcast and Publishing
• Other Business Functions

Organization Sizes Covered:
• Large Enterprises
• Small and Medium-sized Enterprises (SMEs)

Deployment Types Covered:
• Cloud
• On-Premises

Components Covered:
• Solution
• Services

End Users Covered:
• Travel and Hospitality
• Retail and eCommerce
• Media and Entertainment
• Manufacturing
• IT and Telecom
• Healthcare and Life Sciences
• Government and Public Sector
• Banking, Financial Services, And Insurance (BFSI)
• Automotive
• Other End Users

Types Covered:
• Production Asset Management
• Library Asset Management
• Brand Asset Management

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances