Digital Asset Management Market Overview:
Digital Asset Management Market was valued at $1,928 million in 2016, and is projected to reach at $5,287 million by 2023, growing at a CAGR of 13.7% from 2017 to 2023. The Digital Asset Management Market incorporates end-user industries expenditure on digital asset management solutions and services to store, organize, access, and share their rich media content. The service segment includes end user expenditure on consulting, implementation, and training & support. Some of the popular digital asset management solutions are asset analytics, asset and metadata archiving, brand portals, creative tool integration, lifecycle & rights management, video management, and web content management integration.
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, increase in need for meeting government mandates to maintain transparency of operations, improvement in digital content, and reduction of operational costs are some of the major factors that are anticipated to fuel the market growth during the forecast period. However, high initial investment and lack of skilled workforce are estimated to limit end users to invest on digital asset management solutions and services.
The report includes the study of the digital asset management market that focus on various growth prospects and restraints, based on the regional analysis. The study highlights Porters Five Forces analysis for the market that comprises the impact of suppliers, competitors, new entrants, substitutes, and buyers.
The key players operating in the digital asset management industry include ADAM Software NV, Adobe Systems Incorporated, Cognizant Technology Solutions Corp, EMC Corporation, Hewlett-Packard (HP), IBM Corporation, Northplains Systems, Opentext Corporation, Oracle Corporation, and Widen Enterprises.
The global digital asset management market is segmented based on type, application, and geography. Based on the type, it is bifurcated into solution and service segments. By application, it is divided into sales, marketing, IT, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Digital Asset Management Market Segmentation
The following graph signifies the growth potential of the digital asset management market by application. The marketing segment is estimated to grow at the highest CAGR of around 15%, owing to the increase in adoption of advanced digital asset management solutions and services.
Key Investment Pockets
At present, collaborative workflow has high impact on the market growth due to increase in need for real-time and shared operations. Moreover, in the near future, growth in adoption of digital asset management solutions is anticipated to further increase the impact of the factor during the market growth. Thus, the overall impact of this factor is estimated to remain high throughout the forecast period.
At present, some specific group of industries, such as small and medium enterprises (SMEs) lack in adoption of digital asset management solutions and services due to high cost. Introduction of government acts and increase in competition are anticipated to encourage industries to invest into DAM solutions and services. Thus, the impact of this factor is anticipated to increase by the end of 2023.
High Initial Investment
At present, high-price associated with deployment of DAM solutions limit the end user investment. However, to stay ahead in the competition and meet the regulatory compliance, organizations are estimated to opt for digital asset management solutions. Thus, in the near future impact of this factor is expected to show a decline.
Lack of Skilled Workforce
At present, the impact of this factor on the market is high due to unavailability of skilled workforce, which limits the end users to invest into digital solutions and services. However, by 2023, the impact is estimated to decline due to availability of skilled workforce.
- The study provides an in-depth analysis of the digital asset management industry, with current and future trends to elucidate the imminent investment pockets.
- Information related to key drivers, restraints, and opportunities and their impact analysis is provided.
- Porters Five Forces analysis illustrates the potency of buyers and suppliers participating in the market.
- The quantitative analysis of the market from 2016 to 2023 is provided to elaborate the market potential.
Digital Asset Management Market Key Segments:
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Middle East
The Key Market Players Profiled in the Report:
- ADAM SOFTWARE NV
- ADOBE SYSTEMS INCORPORATED
- COGNIZANT TECHNOLOGY SOLUTIONS CORP
- EMC CORPORATION
- HEWLETT-PACKARD (HP)
- IBM CORPORATION
- NORTHPLAINS SYSTEMS
- OPENTEXT CORPORATION
- ORACLE CORPORATION
- WIDEN ENTERPRISES