Digital Asset Management Market worth $10.3 billion by 2029 - Exclusive Report by MarketsandMarkets™

CHICAGO, April 22, 2024 /PRNewswire/ -- The market for digital asset management (DAM) will be dominated by cloud-based solutions, AI integration for automated tagging and content recommendation, and an emphasis on compliance features, increased security, and content analytics. Other significant trends influencing the market's evolution include integration with marketing technology, support for AR and VR content, and a focus on sustainability.

The Digital Asset Management Market is expected to grow from USD 5.3 billion in 2024 to USD 10.3 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 14.0% during the forecast period, according to a new report by MarketsandMarkets™. The growing number of digital assets across industries will boost the growth of the Digital Asset Management Market during the forecast period.

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254 - Tables
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265 - Pages

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Scope of Report

By offering, the solutions segment will hold a larger market size during the forecast period.

Digital asset management (DAM) solutions are software platforms designed to centrally store, organize, manage, and distribute digital assets such as images, videos, documents, and creative files. These solutions provide organizations with efficient workflows for uploading, tagging, searching, and sharing digital assets, facilitating collaboration, and improving productivity across teams and departments. DAM platforms typically offer features such as metadata management, version control, rights management, automated workflows, and integration with other software systems. For instance, AI and ML are transforming DAM platforms by automating metadata tagging, content analysis, and search functionalities, improving efficiency and productivity. Blockchain technology is also gaining traction in DAM to address asset ownership, authenticity, and rights management issues. By leveraging blockchain, DAM platforms can provide immutable records of asset ownership and track usage rights, ensuring the integrity and provenance of digital assets.

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By vertical, the media & entertainment segment holds the largest market share during the forecast period.

The growing demand for video content in the media & entertainment industry drives the adoption of DAM solutions. DAM solutions have emerged as essential tools for streamlining workflows, enhancing collaboration, and maximizing the value of digital media assets. According to a report by Cisco, by 2024, global IP video traffic will account for 82% of all IP traffic. Moreover, DAM solutions facilitate collaboration among geographically dispersed teams. With team members spread across locations, a cloud-based DAM system enables seamless sharing and collaboration on scripts, storyboards, and audiovisual assets. According to a survey conducted by Canto, a DAM software provider, 94% of respondents reported that DAM solutions had improved their team's efficiency and productivity. Furthermore, DAM solutions assist media organizations in managing rights and royalties associated with digital assets.

By Region, Asia Pacific will grow at the highest CAGR during the forecast period.

The Asia Pacific region is undergoing rapid digital transformation, with businesses across industries embracing digital technologies to drive growth and innovation. Emerging markets in Asia Pacific, such as India, China, and Southeast Asia, are witnessing rapid economic growth and technological advancement, driving increased adoption of DAM solutions among businesses seeking to capitalize on digital opportunities. Small and medium-sized enterprises (SMEs) in these markets increasingly invest in DAM solutions to improve operational efficiency and enhance brand visibility. Asia Pacific is home to a thriving media & entertainment industry, with the popularity of streaming services, social media platforms, and digital content consumption on the rise. Media companies, broadcasters, and content creators are leveraging DAM solutions to manage vast libraries of digital assets, streamline content production workflows, and deliver engaging experiences. For instance, Kakao Corporation, a leading South Korean technology company known for its messaging app KakaoTalk, utilizes DAM solutions to manage digital assets related to its various products and services. With millions of users accessing Kakao's platforms daily, efficient content management is essential for delivering personalized experiences and maintaining user engagement. As businesses in the region continue to embrace digitalization and leverage digital assets to drive growth and innovation, DAM solutions will play an increasingly important role in enabling efficient content management and digital transformation across diverse sectors.

Top Key Companies in Digital Asset Management Market:

Some of the key players operating in the Digital Asset Management Market are – Adobe (US), OpenText (Canada), Cognizant (US), Aprimo (US), Cloudinary (US), Bynder (Netherlands), Hyland (US), Acquia (US), Frontify (Switzerland), Veeva Systems (US), Sitecore (US), Esko (Belgium), Celum (Austria), Photoshelter (US), Wedia (France), Extensis (US), Orange Logic (US), Intelligence Bank (Australia), MarcomCentral, Filecamp, Brandfolder (US), Pickit (Sweden), MediaValet (Canada), and Storyteq (Netherlands).

Recent Developments:

• In March 2024, Bynder and Salsify announced a partnership to revolutionize collaboration between creative, digital, and commerce teams. Their joint efforts aim to deliver precise, comprehensive, and engaging product experiences. This partnership establishes a system of record to enhance content distribution across various channels and devices for the timely delivery of relevant content.
• In January 2024, Aprimo announced the launch of Aprimo AI, an artificial intelligence solution for the Digital Asset Management Market. The product accelerates content creation, enhances asset discoverability, automates asset management, and ensures brand governance.
• In June 2023, Adobe announced an enhancement to its Asset Experience Manager to simplify content updates for digital properties; this will empower users of all skill levels to create, edit, and publish content seamlessly using tools like Microsoft Word or Google Docs. Enhanced security controls have been introduced to ensure authorized users make changes. The latest offering expands access globally, enabling organizations to deliver personalized experiences faster.
• In January 2023, Cloudinary launched Cloudinary Nexus, an AI-enabled DAM solution for SMEs to assist teams in linking, exploring, and adapting assets and supporting business growth.
• In March 2021, Hyland announced the acquisition of Nuxeo. The acquisition brought the entire Nuxeo business, including its products and technology, under Hyland Nuxeo's enterprise-grade DAM solution, which enhanced Hyland's content services platform by adding robust capabilities.

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Digital Asset Management Market Advantages:

• Organisations may effectively organise, manage, and access their media files, documents, and creative content from a single platform thanks to DAM systems, which offer centralised storage for digital assets.
• DAM platforms streamline workflows and increase productivity by allowing users to share, evaluate, and work together in real-time on digital materials. This promotes team collaboration.
• By giving users access to approved brand assets, templates, and guidelines, DAM solutions aid in maintaining brand consistency by guaranteeing that users throughout the company utilise the most recent, approved versions of assets in their communications and marketing materials.
• Strong search and metadata management features provided by DAM systems allow users to locate and retrieve digital assets fast using tags, keywords, and other metadata, which cuts down on search time and boosts productivity.
• In order to guarantee that users have access to the most recent versions and can follow the history of asset alterations, DAM solutions offer version control tools that allow users to track changes and revisions made to digital assets over time.
• DAM systems ensure compliance with copyright laws and licencing agreements and lower the risk of unauthorised use by providing rights management tools to manage usage rights, licences, and permissions connected with digital assets.
• Because DAM solutions are adaptable and scalable, they enable businesses to increase their digital asset libraries, meet expanding storage requirements, and keep up with evolving technology and business needs.
• DAM technologies save users time and effort by automating repetitive tasks and streamlining workflow procedures like file conversions, metadata tagging, and delivery.

Report Objectives

• To define, describe, and forecast the DAM market based on offerings, business functions, organization sizes, verticals, and regions
• To forecast the market size of the five major regional segments: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
• To strategically analyze the market subsegments concerning individual growth trends, prospects, and contributions to the total market
• To provide detailed information related to the significant factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
• To strategically analyze the macro and micromarkets1 concerning growth trends, prospects, and their contributions to the overall market
• To analyze the industry trends, patents and innovations, and pricing data related to the DAM market.
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for major players.
• To profile the key players in the market and comprehensively analyze their market share/ranking and core competencies across segments and subsegments.
• To track and analyze the competitive developments, such as mergers and acquisitions, product developments, and partnerships and collaborations in the market.

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