The proliferation of digital content, increasing focus and spending on digital marketing, rising need for collaborative digital workflows, evolution of internet services, and emergence of IoT are driving the digital asset management market.
The digital asset management market size is estimated to grow from USD 2.44 billion in 2017 to USD 5.66 billion by 2022, at an estimated CAGR of 18.3%. This market is driven by factors such as increased adoption of IoT and the increasing proliferation of digital data contributed by mobile devices and computers in organizations. On the other hand, lack of awareness and dependency on traditional approaches is expected to hinder the growth of the market during the forecast period.
“Consumer goods and retail segment is expected to hold the major market share during the forecast period.”
Consumer goods and retail industry has been witnessing digital transformation across the world. With the increasing competition in online and offline retail industry, vendors are emphasizing on investing heavily in digital marketing to target large audience in less time. This is likely to contribute largely to their digital assets and thus expected to create potential opportunities for DAM solutions and services in order to manage and optimize their digital assets.
“ SMEs segment is expected to grow at the highest CAGR during the forecast period.”
The Small and Medium Enterprises (SMEs) segment is expected to grow at the highest CAGR during the forecast period. Small enterprises face greater resource crunch than larger enterprises and require better methods to solve the complexities for better cost optimization on their business processes. Implementing viable solutions for managing and maintaining metadata and digital assets are some of the major benefits that the small enterprises are experiencing through the adoption of DAM. By using these managed services, SMEs are able to focus more on business operations than worrying about maintaining digital asset management cost.
“Asia-Pacific is expected to witness a high growth potential during the forecast period.”
North America holds the largest market share in 2017 while APAC is the fastest-growing region in terms of CAGR. Asia Pacific market is witnessing heavy commercial investment considering the untapped opportunities in the developing countries in the region. Moreover, government initiatives to promote digitization in developing countries has led many large organizations to target their market in the in this region, Thus, aiding technological development and digitization in the region. This is expected to create prospect opportunities for DAM vendors to explore in the coming years.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people. The break-up of profiles of primary participants is given below as:
• By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
• By Designation: C-level – 35%, Director-level – 25%, and Others – 40%
• By Region: North America – 45%, Europe – 20%, APAC – 30%, and RoW- 5%
The digital asset management ecosystem comprises major vendors such as Adobe Systems Incorporated (U.S.), OpenText Corporation (Canada), Celum (Austria), Mediabeacon, Inc. (U.S.), Canto, Inc. (U.S.), Widen (U.S.), Bynder (Netherlands), Northplains (Canada), Mediavalet, Inc. (Canada), and Cognizant (U.S.).
The digital asset management market has been segmented by component, application, deployment type, organization size, industry vertical, and region. The report will help market leaders/new entrants in this market in the following ways:
The report segments the digital asset management market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split across different verticals and regions.
Reasons to Buy the Report
From an insight perspective, this research report focuses on various levels of analysis—market share analysis of the top players and company profiles, which together comprise and discuss basic views on the competitive landscape; emerging and high-growth segments of the digital asset management market; and high-growth regions and their respective drivers, restraints, challenges, and opportunities.
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms in garnering a greater market share.