New York, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The global digital asset management market size is poised to grow at a CAGR of over ~16.6% from 2023 to 2035. The market is anticipated to garner a revenue of USD 33 billion by the end of 2035, up from a revenue of ~USD 5 billion in the year 2022. This growth is likely driven by the rise of digital technologies, such as the Internet of Things (IoT), cloud computing, and artificial intelligence (AI) across various industries such as healthcare, IT & telecom, media & entertainment, and government. Approximately 16 billion IoT devices are expected to be connected by 2023, a 54% increase from 2020. These devices are also expected to generate 80 zettabytes of data by 2025.
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The use of artificial intelligence continues to revolutionize many industries, with a growth rate of 38% predicted between 2023 and 2030. This increased demand is due to the need to manage the influx of data that is generated by IoT devices, the need to store data in the cloud, and the need to analyze and understand data with AI-powered solutions. All of these require efficient data management solutions that can provide the necessary security and scalability.
Digital Asset Management Market: Key Takeaways
- Market in North America to propel the highest growth
- The healthcare segment to garner the highest growth
- Market in Europe to grow at the highest rate
Growing Demand For Digital Content to Boost Market Growth
The increase in demand for digital content is likely due to the need for people to stay connected during the pandemic. With more people stuck at home, they are looking for ways to entertain themselves and connect with others. This has led to a surge in the use of streaming services like Facebook Live, as well as a growing interest in Digital Asset Management, which makes it easier to store, manage, and access digital content. For instance, Facebook Live, the platform for live streaming on the social network Facebook, increased its search popularity by 350% in a year. In 2021, 4 billion live broadcasts were recorded on the platform.
Moreover, Companies are increasingly going digital, using digital content for their websites, marketing campaigns, and other activities. To keep up with this demand, they need to store and manage their digital assets effectively. The DAM Solution allows users to organize and manage digital content easily and conveniently.
Digital Asset Management Market: Regional Overview
The global digital asset management market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Ever evolving Media and Entertainment Industry to Drive Market Growth in the North America Region
The digital asset management market in North American region is estimated to garner the largest revenue by the end of 2035 as the region has a high concentration of media and entertainment businesses that are leveraging digital media to reach out to their target audiences. The U.S. Media and Entertainment sector makes up 6.7% of the total Gross Domestic Product of the United States. With the increasing number of digital media content being created, it has become increasingly difficult to store, search, retrieve, and manage these files in an organized way.
Digital asset management solutions provide a centralized platform to store, manage and share digital assets, making it easier for media and entertainment companies to manage their ever-growing numbers of digital assets. Additionally, DAM systems offer the ability to share and collaborate on digital assets across teams, making them even more essential for organizations to ensure the efficient management of digital assets.
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A Rapidly Growing Digital Economy to Drive The Growth In The Asia Pacific Region
The Asia Pacific digital asset management market is estimated to garner the largest revenue by the end of 2035. This is due to the rapid growth of the digital economy and the increasing demand for digital asset management solutions from various industries such as media and entertainment, healthcare, retail, and others. Several Indian digital sectors are expected to double their GDPs to USD 350-430 billion by 2025, such as information technology & business process management, digital communications services, and electronics manufacturing.
Additionally, China's digital economy accounted for 38% of GDP in 2021, ranking second globally and accounting for USD 6 trillion in size. As more businesses shift towards digital operations, the need for organizations to securely store and access digital assets increases. DAM solutions provide a secure platform for businesses to store, manage, and share digital content, making them invaluable for organizations in the digital age. Furthermore, the increasing adoption of cloud-based solutions and the growing need for better control over digital assets will further drive the digital asset management market in this region.
Digital Asset Management, Segmentation by End User
- BFSI
- IT and Telecom
- Media and Entertainment
- Government
- Healthcare
The healthcare industry is expected to have the highest revenue by 2035. Digital asset management systems allow healthcare providers to quickly and easily access digital assets such as documents, images, videos, and audio files. This can improve patient care by providing quick access to patient data and giving healthcare providers the ability to quickly share information with other providers.
Additionally, the emergence of new technologies such as artificial intelligence and machine learning contributes to the growth of the healthcare segment. As healthcare becomes increasingly complex and data-driven, artificial intelligence (AI) will be increasingly used. US healthcare spending of over USD 200 billion to USD 350 billion could be saved by 5% to 10% with wider adoption of artificial intelligence in healthcare. The healthcare industry is investing heavily in technology such as DAM to improve patient care and make healthcare processes more efficient.
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Digital Asset Management, Segmentation by Component
- Solutions
- Services
The services segment in the global digital asset management market is anticipated to hold the largest revenue by the end of 2035. The demand for services such as technical support, analytics, and consultancy has been increasing due to the complexities involved in managing digital assets. A growing number of companies are investing in consulting services to keep their digital asset management solutions up-to-date and optimized. A total of 1,910,700 people are employed in the consulting industry in the United States as of 2023.
Consulting services can help organizations identify which DAM solutions are best suited for their specific needs, develop an implementation plan, and provide guidance on how to integrate the DAM solution with other systems. They can also assist with training staff and implementing best practices for using the DAM system.
A few of the well-known market leaders in the global digital asset management market that are profiled by Research Nester are Adobe Inc., Bynder, Canto Inc., Celum, MediaValet Inc., Northplains, Nuxeo, OpenText Corporation, Widen Enterprises Inc., Webdam (a Shutterstock Company), and other key market players.
Recent Development in the Market
- Adobe Inc.: Workfront, a leading marketing work management platform, has been acquired by Adobe Inc. As a result of the acquisition, Adobe will be able to provide its customers with a more comprehensive solution for managing digital assets, workflows, and collaboration processes.
- Bynder: With the launch of "The Future of Branding," Bynder has announced a strategic partnership with OnBrand Magazine. Bynder's expertise in digital asset management for marketing teams will be showcased in the publication, as well as insights and thought leadership on branding and marketing trends.
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