The Digital Asset Management Market is experiencing tremendous growth owing to the increasing investments and focus on digital marketing, Emergence of IoT technology improves the DAM solution is another factor that propels the growth of the market
JERSEY CITY, N.J., Jan. 12, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Digital Asset Management Market" By Application (Broadcast And Publishing, Enterprise), By Vertical (Consumer Goods And Retail, Manufacturing, Healthcare And Life Sciences), By Component (Solution, Services), and By Geography. According to Verified Market Research, the Global Digital Asset Management Market size was valued at USD 3.79 Billion in 2020 and is projected to reach USD 13.94 Billion by 2028, growing at a CAGR of 17.67% from 2021 to 2028.
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Global Digital Asset Management Market Overview
As marketing and promotional activities are crucial for any business; the demand for digital asset management across the world is mainly due to rising investments in marketing and a strong focus on digital marketing. Also, various factors such as increasing digitalization of content and companies' assets, rising need for the effective collaboration of corporate assets, rising demand for cloud-based management solutions, growing need for controlled access, and better security of digital assets. Due to various advantages over on-premises development analytics tools, the demand for cloud-based tools is rising. Cloud-based digital asset management solution allows enterprises to utilize the virtual technology hosted by the service provider offsite.
Cloud-based digital asset management tools provide enterprises access to the applications anytime and anywhere. It is affordable as doesn't require upfront costs. Furthermore, monthly payment packages include software licenses, maintenance and support services, upgrades, support, and daily back-ups. There is no need for in-house servers and IT infrastructure as the solution is based on the cloud and internet; thus, it saves energy and other costs. It provides greater flexibility, potential scalability, and quick deployment through the internet. IT, server infrastructure, and data security is taken care of by the service providers at the data centers. Thus, the increasing adoption of cloud-based digital asset management tools over on-premises is fueling the growth of the market. However, the dearth of awareness and inclination towards conventional methods are factors restraining the market growth.
- In June 2020, OpenText released updates for Media Management Cloud Edition. The new release, Media Management Cloud Edition (CE) version 20.2, provides a new deployment option for media management that enables customers to take advantage of reduced costs, greater resilience, and easier upgrades.
- In June 2020, Bynder acquired We Adapt, a video creation and template platform provider, to help marketing teams scale images and video content creation and distribution with a unified platform. The acquisition is primarily focused on delivering improved DAM capabilities and creative automation to customers and maintaining a strong foothold in the Digital Asset Management Market. As a part of the acquisition, Bynder launched a fully integrated Video Brand Studio alongside Brand Guidelines and Digital Brand Templates modules in its platform.
The major players in the market are Adobe Systems Incorporated, OpenText Corporation, Celum, MediaBeacon, Inc., Canto, Inc., Widen, Bynder, Northplains, Mediavalet, Inc., and Cognizant, among others.
Verified Market Research has segmented the Global Digital Asset Management Market On the basis of Application, Vertical, Component, and Geography.
- Digital Asset Management Market, By Application
- Broadcast and Publishing
- Digital Asset Management Market, By Vertical
- Media and Entertainment
- Banking, Financial Services, And Insurance (BFSI)
- Consumer Goods and Retail
- Healthcare and Life Sciences
- Digital Asset Management Market, By Component
- System Integration
- Support and Maintenance
- Digital Asset Management Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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