The digital asset management market size is set to grow by USD 11.93 billion from 2022 to 2027, The shift from on-premises to SaaS to boost market growth - Technavio
NEW YORK, Dec. 3, 2023 /PRNewswire/ -- The global digital asset management market size is estimated to increase by USD 11.93 bllion from 2022 to 2027. The market's growth momentum will progress at a CAGR of 22.05% during the forecast period. The shift from on-premises to SaaS is notably driving the digital asset management market growth. Cloud-based storage services have gained significant popularity among organizations in various industries. These services offer digital file storage facilities, attracting many firms. Service providers not only manage digital files but also provide disaster recovery solutions. Additionally, cloud-based solutions offer flexibility in deployment, with three models available: infrastructure as a service (IaaS), platform as a service (PaaS), and Software as a Service (SaaS). This flexibility allows organizations to build their cloud-based infrastructure according to their business needs. Vendors focus on providing companies of all sizes by offering cost-effective solutions that meet the digital needs of organizations and their consumers. Hence, these factors are expected to drive the growth of the digital asset management (DAM) market growth during the forecast period. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report -Request a sample report
Digital Asset Management Market - Segmentation Assessment
The market share growth in the on-premise segment will be significant during the forecast period. On-premise digital asset management (DAM) solutions provide features like streamlined workflows, budgeting, DAM functionality, and reporting. These software solutions are designed specifically for large and complex marketing operations, as they are robust, expensive, and modified to suit such environments. One of the key advantages of on-premises software is that it gives firms complete control over their critical data. It provides a framework for combining marketing objectives and execution across several business units, functions, or product lines. Hence, these factors are expected to drive the on-premise segment during the forecast period.
Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report
Digital Asset Management Market – Market Dynamics
Leading trends influencing the market
The increased adoption of analytics to manage digital assets is the major trend driving the digital asset management market. Organizations are adopting predictive analytics solutions for content analytics. They are combining these analytical solutions into their digital asset management (DAM) systems, allowing asset managers to properly handle and manage digital assets within the organization by introducing modern IT solutions. The adoption of these technologies enables organizations to efficiently manage their unstructured enterprise data, such as text-based data, photos, and videos, by converting it into structured data. This supports the effective management of digital content within the organization. As a result, manufacturers are motivated to create products that can easily interface with analytics solutions to meet this expanding need. Such developments are projected to drive the digital asset management (DAM) market forward during the forecast period.
Major challenges hindering the market growth
Data privacy and security concerns are the major challenges restricting the digital asset management market growth. Cloud-based solutions are particularly at risk of cyberattacks, with the possibility of many apps inside the public cloud environment being harmed by source code flaws. Furthermore, due to the open architecture and shared resources of cloud-based infrastructure, cyber attackers find it easier to gain unauthorized access to cloud-based data storage systems. Vendors should prioritize client data encryption and implement multi-factor authentication solutions, such as biometrics, for user authorization in the clients' IT systems to ensure the security of client data and protect against unauthorized access. Additionally, compliance with regulatory guidelines for cloud security management is essential for vendors to maintain robust security. Hence, the above-mentioned factors are expected to restrict the growth of the market during the forecast period.
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