Digital Asset Management Market worth $8.0 billion by 2027 - Report by MarketsandMarkets™

Chicago, Aug. 31, 2022 (GLOBE NEWSWIRE) -- Digital Asset Management Market size is projected to grow from USD 4.2 billion in 2022 to USD 8.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.6% during the forecast period, according to a new report by MarketsandMarkets™. Major factors that are expected to drive the growth of the DAM market include increasing digitalization of content and the need for effective collaboration of corporate assets, the emergence of cloud-based delivery options, and the growing need for controlled access and better security of digital assets to avoid copyright issues. Furthermore, increasing infusion for achieving data integrity and the increasing trend of diffusing encryption technologies with digital solutions to streamline safe digital trading are expected to create ample opportunities for DAM vendors.

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Browse in-depth TOC on “Digital Asset Management Market”
231 - Tables
58 - Figures
253 - Pages

Scope of the Report

Digital Asset Management (DAM) is a software application that provides a centralized hub to facilitate easy storage, organization, discovery, management, distribution, and analysis of digital assets, such as images, videos, designs, audio, animations, and 3D content of an enterprise. Major growth drivers for the DAM market are increasing digitalization of content and the need for effective collaboration of corporate assets, the emergence of cloud-based delivery options, and growing need for controlled access and better security of digital assets to avoid copyright issues.

The scope of the report covers the DAM market by component, business function, organization size, deployment type, vertical, and region. Among component, the market has been segmented into solution and services. The solution segment is projected to be the major contributor to the market. This growth is supported by the rising digital assets, increasing digitalization, and rising enterprise spending on digital solutions along with the growing need for creating curated digital assets, enabling its centralized storage, and optimizing inter-department and intra-department collaboration.

By business function, the DAM market is segmented into Human Resources (HR), sales and marketing, Information Technology (IT), and others (website management and creative operations). The sales and marketing segment is expected to grow at a higher CAGR during the forecast period with Increasing need to optimize the effectiveness of sales and marketing campaigns and simplify the management of marketing and sales-associated digital assets.

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By vertical, media and entertainment vertical is projected to hold a larger market share during the forecast period. As media and entertainment companies deal with large number of media assets, such as movies and podcasts, movie clips, interactive images, posters, and e-content that are regularly needed to be stored and delivered to the customers and transferred within the departments for making edits and achieving approvals, the demand for DAM solutions in the industry is the highest.

By region, the DAM market in Asia Pacific (APAC) is projected to grow at the highest CAGR during the forecast period, while North America is estimated to hold the highest market share in 2022. Steady income growth, dynamic consumer demands, and significant consumer spending have compelled organizations across APAC to improve their business processes with high-technology diffusion. Owing to this, companies in the region are expected to increasingly adopt DAM solutions to manage their ever-increasing media and other digital assets and to gain holistic visibility into brand value.

Key Market Players

Market players profiled in this Digital Asset Management Market report include Adobe (US), OpenText (Canada), Cognizant (US), Aprimo (US), Bynder (US), Sitecore (US), Widen (US), MediaBeacon (US), CELUM (Austria), Nuxeo (US), Canto (US), Wedia (France), Digizuite (Denmark), censhare (Germany), Cloudinary (US), MediaValet (Canada), Northplains (Canada), BrandMaker (Germany), Brandfolder (US), Bright (UK), MarcomCentral (US), Extensis (US), IntelligenceBank (Australia), Filecamp (Switzerland), Veeva (US), WoodWing (Netherlands), Pimcore (Austria), PhotoShelter (US), Image Relay (US), and Kontainer (Denmark). These players offer various DAM solutions to cater to the demands and needs of the market. Major growth strategies that are adopted by the players include new product launches/product enhancements and partnerships/acquisitions.

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