Dublin, July 25, 2019 (GLOBE NEWSWIRE) -- The "Digital Asset Management Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

The digital asset management market was valued at USD 1,240.7 million in 2018, and it is expected to reach a value of USD 6,901.6 billion by 2024, at a CAGR of 34.1%, during the forecast period, 2019-2024. Artificial Intelligence, including facial recognition, has been introduced to the world of DAM.

  • One of the primary drivers for the digital asset management industry is the increased adoption of broadband internet, which is increasing the demand for specialized solutions in each industry.
  • Customer engagement is emerging as the most effective method of customer retention, and mobile phones are the foundation of this trend. The number of connected devices is increasing, globally. With solutions, like interactive store windows, digital signage, and wearable devices, marketers are finding it difficult to create and deliver assets that offer consistent and compelling brand messages across the screens.
  • A major driver for the adoption of digital asset management (DAM) solutions is the high return on investments. As a result, the spending by organizations for asset management is expected to increase, during the forecast period.
  • Due to globalization and the increasing need to collaborate, there is a demand for better collaboration processes and access to digital assets. This has resulted in high demand for cloud-based digital asset management solutions
  • The major challenges would be the lack of awareness in people and the higher cost of solutions, which may hinder the digital asset management market.

Key Market Trends

Increasing Adoption of Cloud Solutions is Expected to Drive the Market

  • With the increasing adoption of various technologies, like artificial intelligence and big data analytics, and cloud-based DAMs, are widely used. The AI use cases for DAM include optical character recognition, speech recognition, and facial recognition. This has propelled the demand for cloud applications, which is growing continuously.
  • Various companies, such as Cognizant Technology Solutions, MediaBeacon, and Bynder are into cloud-based digital asset management and helping the market to grow rapidly, as a majority of the end users are looking for cloud-based solutions.
  • There is an additional benefit by having cloud deployments for DAM, such as the digital media content can be made accessible to everyone and can be delivered easily across an enterprise. For instance, Bynder, which is a cloud DAM provider focused on sync and share services, while managing very large (multi-gigabyte and terabyte) files.

Asia-Pacific to Witness the Fastest Growth Rate Over the Forecast Period

  • Digital asset management is expected to see a significant investment in Japan over the forecast period. Multiple private Japanese organizations are expected to offer digital asset management solutions to banks, as well as other government and private industries.
  • Moreover, Japan has officially recognized Bitcoin and digital currencies as money, which has resulted in an increase in the number of digital assets in Japan, thereby, proportionately boosting the demand for digital asset management solutions in this region.
  • Additionally, there is a huge demand for digital asset management in India from the entertainment and media providers, due to complexities related to the content, language, and other regional requirements. Owing to this, digital asset management was widely adopted to cater to such complexities.

Competitive Landscape

The major players in the digital asset management market are Cognizant Technology Solutions Corp, Oracle Corporation, Hewlett-Packard Company, Oracle Corporation, Adobe Systems Incorporated, Dell Technologies, and IBM Corporation, among others. The market is consolidated, as it is dominated by these major players. Hence, market concentration is expected to be high.

Recent Developments

  • April 2019 - HPE announced a universal translator for the Intelligent Edge, with its investment in PubNub, HPE hopes to bring new Intelligent Edge capabilities to the enterprise. Working together, the company is projecting to expand PubNub's technology and value to a wider range of industries and applications.
  • March 2019 - At Adobe Summit, Adobe and Microsoft revealed about Open Data Initiative (ODI) with the ambition of helping customers to create new connections across previously siloed data, more seamlessly garner intelligence, and ultimately better serve brands with an improved view of their customer interactions.

Key Topics Covered

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers & Restraints
4.3 Market Drivers
4.3.1 Increase in Number of Digital Assets
4.3.2 Integrating Digital Asset Management with Other Work Flow Solutions
4.4 Market Restraints
4.4.1 Lack of Awareness and Higher Costs of the Solutions
4.5 Value Chain / Supply Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Brand Asset Management Systems
5.1.2 Library Asset Management Systems
5.1.3 Production Asset Management Systems
5.2 By Solution
5.2.1 Video Management
5.2.2 Creative Tool Integration
5.2.3 Asset Analytics
5.2.4 Web Content Integration
5.2.5 Brand Portals
5.2.6 Asset and Metadata Archiving
5.2.7 Lifecycle and Rights Management
5.3 By Deployment
5.3.1 On-premise
5.3.2 Cloud
5.3.3 Software-as-a-Service
5.4 By Organization Size
5.4.1 SMEs (Small and Medium Enterprises)
5.4.2 Large Enterprises
5.5 By End-user
5.5.1 Media and Entertainment
5.5.2 BFSI
5.5.3 Government
5.5.4 Healthcare
5.5.5 Retail
5.5.6 Manufacturing
5.5.7 Other End-users
5.6 Geography
5.6.1 North America
5.6.1.1 United States
5.6.1.2 Canada
5.6.2 Europe
5.6.2.1 United Kingdom
5.6.2.2 Germany
5.6.2.3 France
5.6.2.4 Rest of Europe
5.6.3 Asia-Pacific
5.6.3.1 China
5.6.3.2 India
5.6.3.3 Japan
5.6.3.4 Rest of Asia-Pacific
5.6.4 Rest of the World
5.6.4.1 Latin America
5.6.4.2 Middle East & Africa

6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Adobe Systems Incorporated
6.1.2 Canto Inc.
6.1.3 CELUM GmbH
6.1.4 Cognizant Technology Solutions Corp.
6.1.5 Oracle Corporation
6.1.6 Hewlett-Packard Enterprise Co.
6.1.7 OpenText Corporation
6.1.8 QBNK Holding AB
6.1.9 Aprimo LLC (ADAM Software)
6.1.10 Bynder(Webdam Inc.)
6.1.11 Dell Technologies
6.1.12 MediaBeacon Inc.
6.1.13 Widen Enterprises Inc.
6.1.14 IBM Corporation

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/nm148c

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
Related Topics: Data Storage and Management