Digital Asset Management Market
Digital Asset Management Market was estimated around USD 3.9 billion in 2021 and is expected to reach USD 11.2 billion growing at a CAGR of 14.1% over the forecast period (2022-2029).
The factors driving the growth of Digital Asset Management Market includes improvements in digital media infrastructure, increasing use of digital asset management solutions by organization to manage and organize digital assets, rising trend of diffusing encryption technologies with digital solutions and emerging need to need to enhance the security of digital assets to avoid copyright issues. According to the report published by Statista, the Digital, Media Market in India was calculated around USD 303 billion in 2021 and is expected to reach USD 537 billion by the end of 2024, which will accelerate the Digital Asset Management Market size in the approaching years. Moreover, growing demand for cloud-delivery options to store digital assets, rapid growth in the e-commerce sector, rise in the number of Internet of Things (IoT) based devices and integration of technologies such as Bluetooth, RFID, Wi-Fi, and Zigbee, are some of the additional factors supplementing the market growth. As per the Digital Asset Management Market Analysis, the increasing investments by leading players on research and development, growing disposable incomes and rising population growth rates, are further contributing to the market growth.
However, the growth of Digital Asset Management Market is hindered due to high license cost for managing digital assets.
The leading players operating in the market are Hewlett Packard Enterprise Development LP, Dell Inc., International Business Machines Corporation, Quantum Corporation, Adobe Inc., Cognizant Technology Solutions Corporation, Oracle Corporation, Microsoft Corporation, SAP SE and Canto, Inc., among others.
Based on Organization Size, the SMEs (Small and Medium Enterprises) segment is predicted to grow at a remarkable CAGR during the forecast period
Growing adoption of cloud-based solutions by small and medium enterprises and rising trend of digitalization, are some of the factors responsible for the segment’s growth.
Based on End-User, the BFSI segment is projected to expand at a robust CAGR over the forecast period
Increasing investments by financial institutions on digital assts such as bitcoin and tokens, is propelling the growth of the segment.
Based on Region, the North American region is anticipated to expand at a significant CAGR during the forecast period
Presence of the leading players such as Cognizant Technology Solutions Corporation, Oracle Corporation and Microsoft Corporation, Government initiatives promoting digitalization, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North America.
Key Development
- In 2020, Quantum Corporation completed the acquisition of Square Box Systems Ltd, which offers data cataloguing, user collaboration, and digital asset management software. This acquisition will strengthen Quantum’s ability to provide software solutions for managing digital data, both on-premises and in the cloud.
Market Segmentation
Segmentation by Type
- Brand Asset Management Systems
- Library Asset Management Systems
- Production Asset Management Systems
Segmentation by Solution
- Video Management
- Creative Tool Integration
- Asset Analytics
- Web Content Integration
- Brand Portals
- Asset and Metadata Archiving
- Lifecycle and Rights Management
Segmentation by Deployment
- On-premise
- Cloud
Segmentation by Organization Size
- SMEs (Small and Medium Enterprises)
- Large Enterprises
Segmentation by End-User
- Media and Entertainment
- BFSI
- Government
- Healthcare
- Retail
- Manufacturing
- Others
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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