Digital Asset Management Market Size
| Study Period | 2018 - 2028 |
| Market Size (2023) | USD 4.57 Billion |
| Market Size (2028) | USD 9.28 Billion |
| CAGR (2023 - 2028) | 15.22 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Digital Asset Management Market Analysis
The Digital Asset Management Market size is estimated at USD 4.57 billion in 2023, and is expected to reach USD 9.28 billion by 2028, growing at a CAGR of 15.22% during the forecast period (2023-2028).
The Digital Asset Management Market size is expected to grow from USD 10.01 billion in 2023 to USD 10.11 billion by 2028, at a CAGR of 0.20% during the forecast period (2023-2028).
The growing push for digital engagement has increased significantly due to the creation and dissemination of digital content. According to a study of 1,600 marketing and creative professionals by Bynder in 2021, the digital transformation initiatives have gained traction during the pandemic, and owing to this, generating more digital content and creative output, implementing new digital experience technologies, and investing in customer data and analytics are the focal points of marketing departments. This is expected to have a positive impact on the market.
- Across all industries, the amount of digital content being produced and consumed is increasing quickly. Organisations produce enormous amounts of digital content, ranging from photos and videos to papers and creative assets. This abundance of content propels the demand for DAM solutions. Inference implies that organisations need solid systems to manage, organise, and distribute digital assets efficiently while their volume keeps growing. Organisations can effectively manage their content libraries and streamline content workflows thanks to DAM systems, which offer a centralized platform for storing, cataloging, and retrieving digital assets. As businesses look to streamline their content management procedures and improve collaboration and productivity, the need for DAM solutions is anticipated to grow.
- Due to its scalability, flexibility, and cost-effectiveness, cloud computing has spread throughout many industries. Inference suggests that a key market driver is the growth of cloud-based DAM solutions. Organizations may securely store and access digital assets using cloud-based DAM services from any location, at any time, and on any device. Collaboration between geographically distant teams and outside stakeholders is facilitated by this accessibility and usability. Other cloud-based tools and services, like content management systems, marketing automation platforms, and social media management tools, can be seamlessly integrated with cloud-based DAM. The market is expanding as a result of the scalability and affordability of cloud-based DAM systems, which make them a desirable option for businesses of all sizes.
- As organizations generate increasing volumes of digital assets, DAM systems need to be scalable to handle the growing demands. However, some DAM platforms may face challenges in effectively managing large quantities of assets or handling concurrent user access. Performance issues, such as slow asset retrieval or system lag, can arise when the DAM infrastructure is not designed to handle the scale of content and user requirements. These limitations can impact productivity and user satisfaction.
- The pandemic has also highlighted the importance of cloud-based solutions that enable remote access, collaboration, and scalability. Inference suggests that organizations have increasingly turned to cloud-based DAM solutions to store and manage their digital assets securely in a centralized location accessible from anywhere. Cloud-based DAM platforms provide the flexibility and scalability required in a remote work environment, allowing teams to collaborate effectively and access assets remotely. This demand for cloud-based DAM solutions has driven the growth of the market during the pandemic. There has also been an impact of the Russia-Ukraine war on the overall packaging ecosystem.
Digital Asset Management Market Trends
Cloud Deployment is Expected to Drive the Digital Asset Management Market
- Adobe announced in April 2022 that it would bring Frame. Io's industry-significant video collaboration platform to its millions of creative cloud customers and updates to After Effects and Premiere Pro, including native M1 support for After Effects. Video editors and key project stakeholders such as producers, agencies, and clients can now collaborate in the cloud thanks to the introduction of Frame.
- Digital media management and delivery within an organisation are made more accessible via cloud digital asset management (DAM). Along with delivering a single source of truth to retain brand identification, cloud DAM also promises to lower operational costs and boost productivity. Front-end experiences are impacted by cloud DAM as well. Bynder unveiled its integration with Hootsuite Inc., a well-known cloud-based social media management system. Through the integration, digital assets from Bynder are linked to Hootsuite dashboards, making it possible for social media marketers to access creative content quickly and easily without having to download, resize, and re-upload individual files.
- With the increasing adoption of various technologies like Artificial Intelligence and Big Data Analytics, cloud-based DAMs are widely used. DAM uses Artificial Intelligence(AI) technology to scan content and create metadata tags. The AI use cases for DAM include optical character recognition, speech recognition, and facial recognition.
- The rapid increase in data generation also contributes to the rising demand for storage. Data collection, processing, and analysis can be done more quickly thanks to artificial intelligence (AI) and machine learning capabilities, and business data and apps can be moved to various public-private clouds. The market for digital asset management is expanding quickly thanks to a number of businesses like Cognizant Technology Solutions, MediaBeacon, and Bynder because most end users prefer cloud-based products.
- Further, companies are gradually moving from on-premises to SaaS-based solutions, which offer mobile accessibility and other intuitive services. The model's affordability caters to specific digital asset needs by targeting companies of all sizes. Moreover, these solutions usually offer low-cost options and rapid deployment of services.
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Asia Pacific to Witness the Fastest Growth Rate Over the Forecast Period
- India is considered a very demanding country to manage for the entertainment and media providers due to complexities related to the content, language, and other regional requirements. Therefore, digital asset management was widely adopted to cater to such complexities.
- In China, there is a clear trend toward the digital transformation of businesses.In October 2021, a Harvard University-educated designer created a unicorn with his content marketing platform, aided by investors who see enterprise software as the next big opportunity in China's tech industry. Tezign, which connects designers with businesses, announced the completion of the first tranche of its Series D round led by Temasek Holdings, raising its valuation to more than USD1 billion. The Singaporean state investment firm and other backers contributed approximately USD 40 million.
- Japan is the ideal country for digital asset management solutions in this region, as 99.7% of industries fall under the small and medium enterprise segment, as reported by the Small and Medium Enterprise Agency of Japan. Furthermore, due to their budgetary requirements and inadequate IT infrastructure, SMEs have preferred low to medium-cost solutions, like digital access management software, over ERP solutions. In March 2021, NRI announced an investment in collaboration with Komainu Holdings Limited, a digital asset management service provider. The partnership enables NRI and Komainu to combine their technologies to expand their offerings into the digital asset market in the region.
- Further, The BFSI sector has witnessed increased adoption of DAM tech to store and manage wealth across countries. In May 2021, Asia Digital Bank Ltd (ADB), a wholly-owned subsidiary of Chinese state-owned Asia Pacific Investment Bank (APIB), announced plans to construct a self-financing servicing ecosystem through industrial alliances. Huobi Asset Management became the second fund manager to receive approval from the Securities and Futures Commission to issue 100% virtual asset funds.
- The Asia-Pacific region is becoming one of the fastest-growing regions in the digital asset management industry. As global brands expand their reach into the Asia Pacific and increase their investments in visual content strategies, DAM is emerging as the solution to help them tackle common difficulties that arise when dealing with global teams, new expansion regions, and an influx in content.
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Digital Asset Management Industry Overview
The major digital asset management players are Cognizant Technology Solutions Corp, Oracle Corporation, CELUM GmbH, Adobe Systems Incorporated, Cloudinary Ltd, and IBM Corporation, among others. They have adopted strategies such as expansions, agreements, new product launches, joint ventures, acquisitions, partnerships, and others to expand their footprints in this market.
- March 2022 - The content operations platform GatherContent had been purchased by Bynder, a provider of digital asset management (DAM) software. With this change, Bynder's DAM service gains workflow and editorial processes for content development. With GatherContent, Bynder hopes to give marketers access to the entire lifecycle of content generation, from text creation to structured material that is ready for dissemination.
- January 2022 - PhotoShelter, a provider of DAM software, recently announced the acquisition of Third Light, a DAM service based in the UK. Over 1,300 clients are listed by PhotoShelter, including businesses, brands, sports leagues, and colleges. Third Light has more than 300 clients worldwide. With the acquisition, PhotoShelter will now provide Chorus, the flagship application of Third Light. These Third Light users will gain access to PhotoShelter's cutting-edge features and business security, which have advanced DAM since PhotoShelter initially offered a cloud archive for photographers 15 years ago.
Digital Asset Management Market Leaders
Adobe Systems Incorporated
Canto Inc.
CELUM GmbH
Oracle Corporation
Cognizant Technology Solutions Corp.
*Disclaimer: Major Players sorted in no particular order
Digital Asset Management Market News
- May 2023 - Acquia, a provider of digital experiences, recently unveiled upgrades to its Acquia DAM (Widen) digital asset management platform, including the addition of a potent AI chatbot to help with creative workflows. With a quick sounding board and idea generator, the capacity improves creative cooperation between content and creative teams. It enables marketers at an organization to create better content more quickly because they are no longer constrained by their team's past experiences and creative ideas.
- August 2022 - A renowned provider of digital asset management (DAM) software, Canto, recently announced new integrations with Hootsuite, a social media management tool, and Wrike, a work management platform, to connect Canto libraries seamlessly within the martech stack as a single source of truth for content creation.
Digital Asset Management Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHT
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitute Products
4.3 Impact of COVID-19 on the market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increase in the Number of Digital Assets
5.2 Market Challenges
5.2.1 Lack of Awareness and Higher Costs of the Solutions
5.3 Key Product Features
5.3.1 Video Management
5.3.2 Creative Tool Integration
5.3.3 Asset Analytics
5.3.4 Web Content Integration
5.3.5 Brand Portals
5.3.6 Asset and Metadata Archiving
5.3.7 Lifecycle and Rights Management
6. MARKET SEGMENTATION
6.1 By Deployment
6.1.1 On-premise
6.1.2 Cloud (SaaS)
6.2 By Organization Size
6.2.1 SMEs (Small and Medium Enterprises)
6.2.2 Large Enterprises
6.3 By End-User
6.3.1 Media and Entertainment
6.3.2 BFSI
6.3.3 Government
6.3.4 Healthcare
6.3.5 Retail
6.3.6 Manufacturing
6.3.7 Other End-Users
6.4 By Geography
6.4.1 North America
6.4.1.1 United States
6.4.1.2 Canada
6.4.2 Europe
6.4.2.1 United Kingdom
6.4.2.2 Germany
6.4.2.3 France
6.4.2.4 Rest of Europe
6.4.3 Asia Pacific
6.4.3.1 China
6.4.3.2 India
6.4.3.3 Japan
6.4.3.4 Rest of Asia Pacific
6.4.4 Rest of the World
6.4.4.1 Latin America
6.4.4.2 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Adobe Systems Incorporated (Adobe Experience Manager Assets)
7.1.2 Canto Inc. (Canto Digital Asset Management)
7.1.3 CELUM GmbH (CELUM Digital Asset Management)
7.1.4 Cognizant Technology Solutions Corp. (assetServ)
7.1.5 Oracle Corporation (Oracle WebCenter Content)
7.1.6 Cloudinary Ltd (Digital Asset Management)
7.1.7 OpenText Corporation (Media Management, MediaBin)
7.1.8 Aprimo LLC (ADAM Software)
7.1.9 Bynder(Webdam Inc.)
7.1.10 MediaBeacon Inc. (R3volution)
7.1.11 IBM Corporation
7.1.12 Nuxeo (Nuxeo Platform)
7.1.13 Widen (Digital Asset Management)
7.1.14 Extensis (Celartem Inc.)
7.1.15 Digizuite A/S
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. MARKET OUTLOOK
Digital Asset Management Industry Segmentation
The deployment of digital asset management is helping companies develop solutions whereby they can retrieve their digital assets faster and lay a foundation for targeted access across teams and channels. The adoption of these solutions may further increase due to the breaking down of the media enterprise into silos of data.
Digital Asset Management Market is segmented by deployment (on-premise, cloud (SaaS)), organization size (SMEs (small and medium enterprises), large enterprises), end-user (media and entertainment, BFSI, government, healthcare, retail, manufacturing), and geography (North America [United States, Canada], Europe [United Kingdom, Germany, France, Rest of Europe], Asia Pacific [China, Japan, India, Rest of Asia Pacific], Rest of the World [Latin America, and Middle East & Africa]). The report offers market forecasts and size in value (USD) for all the above segments.
| By Deployment | |
| On-premise | |
| Cloud (SaaS) |
| By Organization Size | |
| SMEs (Small and Medium Enterprises) | |
| Large Enterprises |
| By End-User | |
| Media and Entertainment | |
| BFSI | |
| Government | |
| Healthcare | |
| Retail | |
| Manufacturing | |
| Other End-Users |
| By Geography | ||||||
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Digital Asset Management Market Research FAQs
How big is the Digital Asset Management Market?
The Digital Asset Management Market size is expected to reach USD 4.57 billion in 2023 and grow at a CAGR of 15.22% to reach USD 9.28 billion by 2028.
What is the current Digital Asset Management Market size?
In 2023, the Digital Asset Management Market size is expected to reach USD 4.57 billion.
Who are the key players in Digital Asset Management Market?
Adobe Systems Incorporated, Canto Inc., CELUM GmbH, Oracle Corporation and Cognizant Technology Solutions Corp. are the major companies operating in the Digital Asset Management Market.
Which is the fastest growing region in Digital Asset Management Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Digital Asset Management Market?
In 2023, the North America accounts for the largest market share in Digital Asset Management Market.
Digital Asset Management Industry Report
The Digital Media Management (DMM) market is witnessing substantial growth due to the escalating production and consumption of digital content across various sectors. Companies are generating a massive amount of digital content, which is fueling the need for DMM solutions to efficiently manage, organize, and distribute these assets. The expansion of cloud-based Digital Asset Storage solutions is a primary market driver, providing scalability, flexibility, and cost-effectiveness. These solutions enable companies to securely store and access digital assets from any location, promoting collaboration among geographically distant teams. However, some Digital Asset Platforms may encounter difficulties in managing large volumes of assets or dealing with simultaneous user access. The report also underscores the significance of cloud-based solutions that facilitate remote access, collaboration, and scalability. The implementation of a Digital Asset System is assisting companies in creating solutions for quicker retrieval of digital assets and targeted access across teams and channels. The research categorizes DMM based on deployment and organization size, and the end-user industry. For a more comprehensive analysis, a free PDF download of the report is available in the Digital Asset Library.
Digital Asset Management Market Report Snapshots
