Digital Asset Management Market by Offerings (Solution, Service); Type (On premise, Cloud); End user Industry (IT and Telecom, BFSI, Healthcare and Pharmaceutical, Manufacturing, Government, Others); Business Function (Human Resource (HR), Sales and Marketing, Information Technology, Others): Global Market Size Estimates and Forecast (2022-2030)

BMIRE00026075 | Pages: 100 | Technology, Media and Telecommunications | Sep 2022 | Type: Global | Status: Published

The Digital Asset Management market crossed US$ 4.1 billion mark in 2022 and is expected to hit US$ 8.8 billion by 2030, recording a CAGR of 9.9% during the forecast period.

Digital Asset Management market has been significantly growing with the emergence of IoT, BI analytics, and AI-enabled deployment model

IoT-enabled software asset monitoring and analytics solutions leverage analytics, web, and wireless to combine all the conventional solutions, processes, assets, and workflows into a single solution to offer a centralized, consolidated tracking and monitoring and analytics system. These systems give access and device connectivity anytime, anywhere, with huge scalability and effective IT-OT (information technology systems - operational technology systems) integrations. Market players may use IoT-based solutions to record all of their assets, recuperate and preserve them, characterize issue areas, and stock inventories, build up a replenishment system, properly evaluate risk and compliance, and analyze asset usage and condition. Business entities will have the time and resources to access the quality, quantity, and placement of assets to enhance work processes, eliminate waste, and prevent unexpected equipment failure to keep a cost-effective system running, thus gaining traction for the digital asset management market in the forecast period.

Within the report, the Digital Asset Management market is segmented into offerings, type, end use industry, business function. Based on offerings, the digital asset management market is segmented into solution, services. Based on type, the digital asset management market is segmented into on-premises, cloud. Based on end use industry, the digital asset management market is segmented IT and telecom, BFSI, healthcare and pharmaceutical, manufacturing, government, others. Based on business function, the digital asset management market is segmented into human resource (HR), sales and marketing, information technology, others. Geographically, the Digital Asset Management market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The Digital Asset Management market in Asia Pacific holds the highest growth rate and is expected to retain its position during the forecast period (2022-2030). The high growth is due to the presence of most populous countries such as China and India in the region.

Human resource segment in business function to hold significant share of Digital Asset Management market during the forecast period (2022-2030)

Based on the industry vertical, the human resource segment is estimated to account for a significant Digital Asset Management market share in 2022. It is expected to main the same position during the forecast period. The human resource industry is a pioneer in implementing new technologies. The growth of HR segment is mainly attributed to the increasing need among HR teams to streamline the management of employee-related documents and photos and ensure enrichment and distribution of recruitment-related media assets, such as forms, video, and audios. Moreover, the benefits of adherence to the data privacy regulations for avoiding data breach lawsuits by government agencies and former or current employees further add to the demand for DAM solution among HR for managing digital assets.

Organizational preference toward cloud-based deployments is one of the major factors accelerating the digital asset management market growth.

Apart from managing software assets, digital asset management for cloud settings aims at software portfolio management, cost management, and regulatory challenges. Digital asset management should respond to rapid change in cloud settings, where services are offered, configured, reconfigured, and processed quickly. The several cloud approaches such as Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and Software as a Service (SaaS) – have different effects on digital asset management. Thus, companies must carefully and proactively consider the impact their cloud strategy has on their digital asset management programs. For example, Cloud Economics is a periodic comprehensive service that provides customers transparency and management over their Cloud deployment while helping them with costing, contract renewals, infrastructure modifications, mergers and acquisitions, standards, rules, and processes.

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Recent strategic developments in Digital Asset Management market

The digital asset management market has undergone several significant developments, and a few of these have been mentioned below:

  • In November 2021, Adobe launched AEM Assets Part 2, which features DAM implementation best practices. Adobe's professional services teams help customers architect, develop, and implement digital marketing solutions daily. It also provides insights into ways to get the most out of users' investment in digital assets and protect the brand thereby.
  • In September 2021, Acquia (US), a SaaS provider, agreed to acquire Widen, a cloud-native maker of Digital Asset Management (DAM) and product information management (PIM) software. Under the terms, Widen will enable marketers and website builders to create richer and more distinctive customer experiences using Acquia Open Digital Experience Platform (DXP).

The Digital Asset Management market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Adobe, Aprimo LLC, Bynder, Fabasoft Group, Hewlett Packard Enterprise Development LP, IBM Corp., Mediabeacon Inc., OpenText Corporation, Oracle, and Widen Enterprises are among the prominent players operating in the Digital Asset Management market.

Target audience for the report:

  • Digital Asset Management software providers
  • Digital Asset Management service providers
  • Digital Asset Management associations, organizations, forums, and alliances
  • Venture capitalists, private equity firms, and start-up companies
  • End users of Digital Asset Management
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the Digital Asset Management market has been segmented on the basis of:

  • Offerings
    • Solution
    • Service
  • Type
    • On premise
    • Cloud
  • End user Industry
    • IT and Telecom
    • BFSI
    • Healthcare and Pharmaceutical
    • Manufacturing
    • Government
    • Others
  • Business Function
    • Human Resource (HR)
    • Sales and Marketing
    • Information Technology
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Adobe
    • Aprimo LLC
    • Bynder
    • Fabasoft Group
    • Hewlett Packard Enterprise Development LP
    • IBM Corp.
    • Mediabeacon Inc.
    • OpenText Corporation
    • Oracle
    • Widen Enterprises

Companies profiled

- Adobe
- Aprimo LLC
- Bynder
- Fabasoft Group
- Hewlett Packard Enterprise Development LP
- IBM Corp.
- Mediabeacon Inc.
- OpenText Corporation
- Oracle
- Widen Enterprises

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