The digital asset management market size was valued at USD 4.7 billion in 2023 and is expected to reach USD 20.3 billion by 2032, at a CAGR of 17.7%.
FORT COLLINS, Colo., April 23, 2024 (Globe Newswire) —
The demand for media-rich content across various industries is driving demand for digital asset management and driving industry growth.
Rapid increase Demand for digital asset management (DAM) In fact, it goes hand-in-hand with the proliferation of media-rich content across various industries. As companies increasingly invest in visually appealing and interactive content to engage customers and increase brand awareness, efficient management and distribution of digital assets has become paramount. This need is further accelerated by the increased use of social media and e-commerce platforms, which require streamlining the content creation, storage, and distribution process.
One of the main drivers of the expansion of the digital asset management market is the proliferation of cloud-based DAM solutions. These platforms are scalable, cost-effective, and flexible, making them an attractive choice for organizations of all sizes. The shift to remote work and collaborative workflows will only accelerate this trend, as cloud-based DAM systems allow you to seamlessly access and manage your digital assets from anywhere, anytime.
Additionally, integrating artificial intelligence (AI) and machine learning (ML) capabilities into the cloud-based DAM platform has significantly enhanced its capabilities. Enable automatic tagging, searching, and retrieval of digital assets, increasing user efficiency and productivity. This integration streamlines workflows, provides faster and more accurate access to relevant assets, and improves the overall user experience.
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Segmentation overview:
The digital asset management market is segmented into components, business functions, deployment mode, industry, and region.
BFSI recorded a significant market share in 2023.
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Based on industry, the market has been segmented into BFSI, Manufacturing, Healthcare, Retail, Government, etc., with the BFSI sector accounting for a significant share of this segment. The BFSI industry handles many digital assets, such as financial documents, customer data, and marketing materials, that require efficient management and secure storage. The increasing adoption of digital technologies and the need to comply with various regulations has increased the demand for digital asset management solutions in the BFSI sector.
Sales and marketing functions will dominate the digital asset management industry during the forecast period.
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Based on business function, this segment consists of human resources, sales and marketing, information technology, and other functions. Sales and marketing holds a large share in the digital asset management market. These tools help marketers manage and distribute marketing content, such as images, videos, and documents, across different channels and platforms.
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Digital Asset Management Market Report Highlights:
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North America accounts for a significant share of the digital asset management market, with the United States holding the dominant share in this region. The country is highly dependent on the internet and social media platforms, so the adoption of digital services is very advanced. Many companies are also implementing these services to reduce costs and improve outcomes.
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Some of the prominent players in the Digital Asset Management market report include Adobe Systems Incorporated, OpenText Corporation, Cognizant Technology Solutions Corporation, Hewlett Packard Enterprise Company, Oracle Corporation, IBM Corporation, Northplains Systems Inc., Widen Enterprises, Inc., Canto, Inc. , Bynder BV, Celum GmbH, MediaBeacon Inc., etc.
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