According to a new report by Allied Market Research, titled, Digital Asset Management Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global 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. This is attributed to increase in need for advanced and real-time digital content management solutions and services among end-user industries.
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Increased need for collaborative digital workflow especially for marketing applications has encouraged end-user industries to invest on enhanced digital asset management solutions and services. Furthermore, rise in need to meet the regulatory compliance and efficient data integration are estimated to fuel the market growth during the forecast period. However, high initial cost associated with the deployment of digital asset management solutions and lack of skilled professionals are some of the factors that are expected to hamper the market growth.
The service segment is projected to grow at the CAGR of around 18% during the forecast period. Increase in demand for enhanced content management solutions and rise in competition among end-user organizations globally are anticipated to boost the segment growth during the forecast period.
The IT segment dominated the market in 2016, whereas the marketing segment is projected to witness the highest CAGR of 15% during the forecast period. This is attributed to growth in adoption of real-time digital asset management solutions among marketing departments of end-user industries to assist sales department with up-to-date content.
Region wise, North America dominated the market, in terms of expenditure on digital asset management solutions and services, owing to high penetration of digital technologies among end-user industries. Moreover, the market in Asia-Pacific is projected to grow at the highest CAGR of around 16%, owing to increase in awareness among end-user industries about benefits of adoption of digital asset management solutions.
The global digital asset management market is characterized by the presence of international market players. These companies tend to expand their market presence by adopting strategies, such as product, strategic alliance, and acquisitions. Some of 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.
Key Findings of the Digital Asset Management Market:
- The service segment is expected to grow at the highest CAGR during the forecast period.
- The IT segment dominated the digital asset management market with around 40% market share in 2016.
- North America was the highest contributor in the overall digital asset management market in 2016; however, in terms of growth, the market in Asia-Pacific is estimated to grow at the highest rate.
- U.S. led, in terms of expenditure on digital asset management solutions and services in 2016.