Global Digital Asset Management Market size- Industry Trends & Forecast Report 2027
The Global digital asset management market is evaluated to be of USD 1.45 billion in 2015 and is expected to grow appreciably with a CAGR of … % at a value of USD…till 2027. The increasing densities and volumes of digital assets are expected to add a surge to the digital asset management market. Advancement of working methodology and acceptance of digital marketing over conventional marketing for real-time solutions and ingenious service models are most likely to thrive in the digital asset management market globally. With a viable demand in workflow collaboration and mechanization, organizations are actively utilizing digital asset management solutions to improve and maintain operational transparency, digitally improved content, and effective operational costs.
Source: BlueWeave Consulting
Global Digital Asset Management Market Overview:
Emerging technologies such as IT and Business Process Outsourcing and Cloud Computing offer highly efficient cost-effective methodology which helps organizations in focusing multi-content delivery to flourish the business. Contemporary business models in virtual platforms provide exemplary products and services to customers with competing prices. This helps to yield new revenue opportunities. Digital asset management systems offer specifically designed functions to store, transform, manage, retrieve, and distribute digital information and data known as digital assets on a centralized repository. These applications help in generating new revenue ideas, reduce product or service costs, and enhance the brand value. Apart from these, other additional benefits of utilizing digital asset management include improved product cycle, upgraded and channelized distribution cycle along with a reduction in manual workflow by automating all service channels.
Global Digital Asset Management Market Forecast and Trends
Vital acceptance of digital products and services among the customers
With a significant change on the consumer level, a wider range of acceptance for digital assets and their enrichments are observed on an organizational level. With every passing time, the demand is increasing day by day driving companies to emigrate to cloud-based storage for digital assets. This has formed an emerging market for the cloud-based digital asset management system and impels old layers in the market to remodel its market solutions. Many providers including Aprimo, Canto, Widen, Adobe, and OpenText has started providing cloud-based digital asset management solutions while many others have collaborated with cloud platform providers like Google, CELUM, and AWS. It offers a wide range of applications in the digital asset management system along with options for implementation, maintenance, and cost-effectiveness. These advantages are the reasons that companies use the cloud-based management system.
Implications of Artificial Intelligence to regulate automation in workflow
The future of digital solutions will be driven by artificial intelligence. While opting for any digital asset management platform, the organizations opt for those with both machine learning and artificial intelligence capabilities. AI-based management solutions help in automating image tagging which can be used to assign metadata or keywords to digital assets such as text, files, images, and videos contained in them. This automated tagging facilitates segmentation, easier identification, and simpler retrieval of digital assets. For instance, in performing forensic analysis, AI helps digital assets management solutions to extract metadata from the digital assets which ensure copyrighted content along with a secured identification process.
Huge expenditure accustomed to execution and integration
The benefits of digital asset management solutions are innumerous, but the cost associated with its application could be a huge constraint for its acceptance. Also, maintaining and managing digital assets lifetime licenses comes with an immense cost. Besides, the overall cost of asset management licenses and implementation increase with the increase in the number of users per account and its storage capacities. This comes with huge pricing for support services, asset management services, and other costs for maintaining the solutions, making companies dubious for considering the digital asset management system.
Impact of COVID-19 in industry
Global lockdown, work from home/ remote location and economic unreliability have enforced the companies to start or increase the digital asset management solutions to regulate the workflow in times of pandemic. These asset management systems have immensely helped in managing, streamlining, analyzing, delivery of digital assets which impacts the growth of the market. Large organizations have managed to expand their digital assets but with small and medium enterprises, hindrances such as cost, declining profits, and budget constraints for technological advancement come in their pathway to accept and utilize the digital asset management systems.
Global Digital Asset Management Market: By Size
In the year 2015, the total revenue share in the digital asset management market for the small and medium enterprises was upsurged. This is expected to grow with an impressive pace till the predicted year. This increase in acceptability of digital-based assets in the SME sectors is due to the aspiration for larger reach and deeper penetration among consumers across the globe. Nowadays, SMEs are hugely relying on the digital asset management system. The smoothness and swiftness which is offered by the asset management system have helped incline the players in the SMEs segment. Wider applications of the content management system and ease in broader reach have helped the companies in exploring and expanding new consumer base.
Global Digital Asset Management Market: By Application
Sales and marketing are one of the major sectors in which digital asset management finds its usage widely. The real-time assessment of sales assets along with smooth assistance of sales personals has resulted in impeccable growth in this sector. This asset management system helps in upholding and managing products and services with real-time obstacles and solutions. Apart from the sales and marketing segment, Graphical interpretation, and management also uses asset management solutions to offer secure file support, smooth access, and easy sharing and storing platform. With its vast usages and application in the photographic segment, the digital asset management market is suspected to gain a positive pace in the coming years.
Global Digital Asset Management Market: By End-Use Type
In 2015, entertainment and media sector were the largest end-user sector for the digital asset management market counting over largest share in the market. The increased demand for improved quality content has added to its immense growth in the asset management system. Its ability to smooth the management and function of digital assets helps in collecting and storing audios, videos, images, and other files which are very high in volume. All these functionalities become easier with the digital asset management system, making it important in the entertainment and media world.
Global Digital Asset Management Market: Regional insights
In the year 2015, North America dominated the market count with over largest share. The growth is attributed to the broader reach in the consumer market with the help of social media platforms and other technological tools. This ensures a larger and faster reach among the audiences. The analysis shows an increase in the North American market due to the larger acceptance of digital asset management tools among the companies. Apart from this, the Asia Pacific market is also expected to witness a booming growth in the market scenario. This region offers an explicitly huge region to explore and expand with technological advances as the population in this region are eventually opening to learn and accept technological assets. More acceptance for cloud technologies can be seen which means digital and other technological applications will improve in the region.