Pune, India, Aug. 03, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global digital asset management market size was valued at USD 3.45 billion in 2022 and is projected to grow from USD 3.97 billion in 2023 to USD 12.29 billion by 2030, exhibiting a CAGR of 17.5% during the forecast period. Integration of Artificial Intelligence and Machine Learning Capabilities in DAM Systems to Drive Market Growth. Fortune Business Insights™ shares this information in its report titled Digital Asset Management Market Forecast, 2023-2030.
Digital Asset Management (DAM) refers to the solution, which provides approach to store, manage, organize, retrieve, and distribute the digital assets of any organization. Integration of artificial intelligence and machine learning capabilities in the DAM solutions is set to drive the market growth.
Key Industry Development
Tenovos partnered with MACH Alliance to offer an integrated approach for DAM for organizations. This approach empowers enterprise brands to select a technology that facilitates information and data to pass seamlessly.
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Key Takeaways
- Digital Acceleration Amid COVID-19 Boosted Market Expansion
- Integration of Artificial Intelligence and Machine Learning Capabilities in DAM Solutions to Bolster the Market Growth
- By Asset Type Analysis: Growing Online Streaming and Gaming Amid the Pandemic to Boost the Segmental Growth
- Rising Demand for Cloud-based DAM Solutions
- Digital Asset Management Market Size in North America was USD 1.40 Billion in 2022
Discover the Leading Players Featured in the Report:
“Companies leading the Digital Asset Management Market are Adobe (U.S.), Canto Inc. (U.S.), Bynder (U.S.), Cognizant Technology Solutions (U.S.), OpenText Corporation (Canada), Widen (U.S.), Oracle Corporation (U.S.), Celum (Austria), Cloudinary (U.S.), IBM Corporation (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 17.5% |
| 2030 Value Projection | USD 12.29 Billion |
| Base Year | 2022 |
| Digital Asset Management Market Size in 2022 | USD 3.45 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 123 |
| Segments covered | Asset Type, Deployment, Enterprise Size, Industry and Geography |
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https://www.fortunebusinessinsights.com/digital-asset-management-dam-market-104914
Drivers and Restraints
Rising Demand for Cloud-based DAM Solutions to Drive Market Trajectory
Rising demand for cloud-based DAM solutions is anticipated to drive the digital asset management market growth. Due to consumer shifts toward digitalization, there has been a rapid adoption in cloud-based DAM solutions to store their assets. Cloud-based DAM systems help in improving efficiency and securely store all cloud assets. They offer enterprise-level teams the ability to share files both internally and externally from anywhere and provide actionable analytics on the performance of assets.
However, high integration and implementation costs of digital asset management solutions are set to hinder market development.
Segmentation:
By Asset Type
- Documents/Presentations
- Multimedia Assets
By Deployment
- Cloud
- On Premise
By Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
By Industry
- Media & Entertainment
- Healthcare
- E-Commerce & Retail
- Travel & Hospitality
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
Regional Insights
North America to Lead Market due to Adoption of Advanced Technologies
North America is projected to lead digital asset management market share due to rise in digital data from the web, social media, and sensors. Organizations in the region have been incorporating evolving and advanced technologies to capture and process digital assets. The market was valued at USD 1.40 billion in 2022.
Europe is set to have rapid growth due to rapid rate of urbanization, digitization, and automation activities.
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Competitive Landscape
Market Participants Are Engaging in Collaborative Strategies
The market players have been offering DAM solutions in various industries. Major market players are focused on the creation of innovations and solutions for customized requirements. Also, through collaborations, organizations achieve expertise and increase their client base. In June 2022, Wedia expanded its business into the Canada market with a new office in Toronto, Canada.
FAQ’s
How big is the Digital Asset Management Market?
Digital Asset Management Market size was USD 3.45 billion in 2022.
How fast is the Digital Asset Management Market growing?
The Digital Asset Management Market will exhibit a CAGR of 17.5% during the forecast period, 2023-2030.
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