Global Demand for Digital Asset Management (DAM) Market Size Will Surpass $9.12 Bn by 2030 at 18.1% CAGR | Facts & Factors
NEW YORK, May 26, 2023 /PRNewswire/ -- As per Facts and Factors study, the global digital asset management (DAM) market size hit approximately $4.12 billion in 2022 and is projected to be about $9.12 billion by 2030 along with registering the highest rate of growth of nearly 18.1% from 2023 to 2030.
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Digital Asset Management (DAM) Market: Overview
Digital asset management is both a business process and an information management technology that creates a central system for firms in organizing as well as accessing their assets such as media & C. Furthermore, it can be referred to as software providing a systematic approach for proficiently storing, managing, organizing, retrieving, and distributing digital assets of an organization.
In addition to this, digital asset management offers a slew of benefits to the end users. This includes minimal manufacturing costs as well as effective resource allocation and organizational efficiency. The surging need for consumer retention as well as the necessity of increasing the conversion rate has resulted in the growing preference for digital asset management in recent years.
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Facts and Factors published the latest report titled "Digital Asset Management (DAM) Market Size, Share, Growth Analysis By Deployment (On-Premise and Cloud), By Organization Size (Small & Medium Enterprises and Large Enterprises), By End-User (BFSI, Manufacturing, Media & Entertainment, Government, Healthcare, and Retail), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030" into their research database.
Global Digital Asset Management (DAM) Market: Growth Drivers
Surging content digitization will expand the scope of growth of the global digital asset management (DAM) market. Escalating demand for collaborative online workflow in marketing and sales activities will steer the growth of the global market. Massive need for protecting digital assets along with the demand for preventing copyright violations will boost global market trends. Escalating the necessity of better digital assets having reduced operating costs can embellish the expansion of the global market.
With the onset of new cloud storage technologies, firms are inclined towards access to all forms of content from any location. This will steer the growth of the digital asset management (DAM) market across the globe. Rise in expenditure on online content creation by various firms can prop up the scope of the growth of the global market. Moreover, DAM tools help in saving time and money for various businesses.
Global Digital Asset Management (DAM) Market: Restraints
The humungous price of digital asset management solutions and lack of knowledge about the benefits derived due to the use of these DAM solutions can create hurdles in the path of global digital asset management (DAM) industry growth.
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Digital Asset Management (DAM) Market: Opportunities
A rise in the number of digital assets with surging automation and the use of connected devices will open new growth opportunities for the global digital asset management (DAM) market. Rise in penetration of digital asset management tools in the food & beverages sector will further help the market explore new dimensions of growth globally.
Digital Asset Management (DAM) Market: Challenges
Managing digital assets is one of the critical aspects in a secured environment and this can pose a big challenge to the global digital asset management (DAM) industry growth in the next couple of years. Apart from this, a large number of firms are not complying with the basic security protocols and this can slow down the growth of the global industry.
Global Digital Asset Management (DAM) Market: Segmentation
In terms of deployment, the global digital asset management (DAM) market is sectored into on-premise and cloud segments. Furthermore, the cloud segment, which accounted for more than 40% of the global market share in 2022, is set to maintain its segmental dominance in the forecasting timeline. The segmental surge in the coming eight years can be a result of massive demand for SaaS systems for smartphones along with its affordability.
Moreover, the cloud addresses the business requirement of organizations of all sizes and hence firms prefer the cloud over on-premise tools. Moreover, it offers robust security to the users and can be accessed from remote locations.
Based on the organization size, the digital asset management (DAM) industry across the globe is divided into small & medium enterprises and large enterprises segments. Moreover, the large enterprises' segment, which accumulated nearly 40% of the global industry share in 2022, is slated to dominate the global industry expansion even in the forecasting years. The growth of the segment in the coming years can be due to the large-scale use of digital asset management tools in large enterprises.
On the basis of end-user, the global digital asset management (DAM) market is divided into BFSI, manufacturing, healthcare, media & entertainment, government, and retail segments. Moreover, the media & entertainment segment, which accounted for a major share of the global market in 2022, is predicted to register the highest CAGR in the ensuing years. The segmental expansion over the forecast timespan can be subject to a rise in the use of online content along with huge demand for digital content-based tools in the media & entertainment segment.
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List of Key Players in Digital Asset Management (DAM) Market:
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Asia-Pacific, which accounted for more than 66% of the global digital asset management (DAM) market revenue in 2022, is anticipated to record the highest CAGR during the assessment timeline. The regional market expansion over 2023-2030 can be due to the complicatedness of content as well as language barriers and other regional needs. Surge in investments in producing digital content has paved the way for massive growth in the global market.
Furthermore, the North American digital asset management (DAM) industry is set to witness mammoth growth in the forecasting years. The factors that are likely to determine the growth of the regional market include the presence of key players such as Oracle and OpenText along with surging demand for data analytics in the region.
Global Digital Asset Management (DAM) Market is segmented as follows:
Digital Asset Management (DAM) Market: By Deployment Outlook (2023-2030)
Digital Asset Management (DAM) Market: By Organization Size Outlook (2023-2030)
Digital Asset Management (DAM) Market: By End-User Outlook (2023-2030)
Digital Asset Management (DAM) Market: By Region Outlook (2023-2030)
Middle East & Africa
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