BANGALORE, India, July 1, 2021 /PRNewswire/ -- Digital Asset Management Market is Segmented by Type (Cloud Based, On Premise), by Application (Brand Management System, Library or Archive, Production Management Systems), Industry Forecast 2021 - 2026. This report is published on Valuates Reports in the Software Category.
The global Digital Asset Management market size is projected to reach USD 10220 Million by 2026, from USD 3157.5 Million in 2019, at a CAGR of 18.3% during 2021-2026.
Major factors driving the growth of the Digital Asset Management market are:
The emerging trend of digitization, along with the increasing adoption of cloud-based services across the globe, is among the key factors driving the growth of the market.
Growth in demand for a collaborative digital workflow especially for sales and marketing activities has encouraged end-users to deploy enhanced digital asset management solutions and services.
Furthermore, the increasing digitalization of content and the need for effective collaboration of corporate assets is driving the digital asset management market.
With changing customer behavior, the number of digital assets and the rate at which they are enriched is rapidly increasing across enterprises. Companies are rapidly turning to the cloud for digital asset storage due to the massive increase in digital asset volume. Thus the increase in adoption of cloud-based delivery as they provide low-cost licenses, implementation, and maintenance when compared to hosting content on-premises is expected to boost the Digital Asset Management market
Furthermore, the market is benefiting from an increased organizational focus on digital marketing. Businesses are using these solutions to reach the masses, boost customer engagement, and combine analytical tools to understand consumer behavior patterns as consumers spend more time on various social media platforms. Marketers may use digital asset management (DAM) solutions to conveniently store, organize, and find their content. As a centralized dashboard for managing the modification, distribution, and re-use of digital assets, it frees up time for teams to focus on the work at hand, allowing them to create more effective marketing campaigns with proven ROI.
Furthermore, an increase in the necessity to comply with regulatory laws in order to preserve operational transparency, as well as improvements in digital content and lower operational expenses, are expected to propel the digital asset management market forward throughout the projection period.
Based on type, the Cloud-Based segment held the largest market share of 60% in 2019. Cloud-based DAM solutions provide better access to digital assets, as well as increased scalability and operating speed. As a result, they are rapidly gaining popularity among consumers all around the world.
Based on the application, the Brand Management System held the largest share of 34% in 2019. It was followed by Library or Archive and Production Management Systems which account for about 33% and about 22%.
- Cloud Based Digital Asset Management is segmented by Type SaaS, PaaS, IaaS, by Application BFSI, Healthcare, Telecom & IT, Automotive, Manufacturing, Food And Beverage, Power & Energy, Consumer Electronics and by various regions.
- Digital Library Market is segmented by Type Local Database, Network Database, by Application Public Library, Non-development Library and by various regions.
- Digital Asset Trading Platform Market is segmented by Type Traditional Cryptocurrency Exchanges Type, Direct Trading Platforms Type, Cryptocurrency Brokers Type, by Application Public Traded Funds, Private Buy-and-Hold Funds, Hedge Funds and by various regions.
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