Global Digital Asset Management Market: Snapshot
Digital asset management is the process of storing and organizing data and managing digital rights and permissions in small and large enterprises. The rising concern over increasing labor wages has resulted into organizations focusing on automation of their operations. The increased realization that the use of automation not only reduces the need for human labor, but also increases the efficiency of operation and reduces the chances of human error, is providing a massive push to the adoption of automation practices.
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Furthermore, processing industries such as chemical processing, pulp and paper, oil refineries are gradually shifting towards automation to sustain in the competitive environment. The increase in demand for process automation is directly driving the need for digital asset management as it is used for storing, organizing and retrieving rich media and managing digital rights and permissions which are essential in any automation process. The organization of digital assets has become a priority for majority of the companies with vast digital assets. This has resulted into an increasing demand for digital asset management (DAM) software solution globally.
Transparency Market Research estimates that the global digital asset management market, which valued at US$1,732.5 mn in 2016, will exhibit an excellent CAGR of 15.6% from 2017 to 2025 and account for US$6,327.8 mn in 2025.
Cloud Deployment Models to Gain Increasing Preference in Near Future
The global DAM market has been segregated in terms of deployment model in the report into enterprise, on-premise, and cloud deployment models. Of these, the segment of enterprise deployment model held the dominant share in the global market in 2016 and is expected to remain the leading contributor of revenue throughout the forecast period as well.
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However, the segment is expected to witness a slight decline in its present share in the global market by the end of the forecast period, owing chiefly to the rising popularity of cloud-based deployment as a much cheaper and reliable option. The cloud deployment model is expected to grow robustly during the forecast period owing to the increasing demand for remote access of data.
Asia Pacific to Exhibit Massive Rise in Demand
From a geographical perspective, the global market for digital asset management has been segmented in the report into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America and Europe have been noted to be the leading contributors to the global market, accounting cumulatively for over 50% of the global market in 2016. North America includes the U.S. and Canada which are primarily focusing on automation of workforces and cloud storage of data. In addition, the regions house several of the major players in the market such as IBM Corporation, Hewlett Packard Enterprise and Oracle Corporation among others.
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However, the increasing demand for enterprise content management in emerging economies such as India and China is driving the demand in Asia Pacific region which is expected to lead in terms of rate of growth during the forecast period. The growing demand for digitalization and data management in emerging economies such as India, China, and Japan is aiding the demand for DAM solutions in the region. Moreover, India is an important hub for consulting and outsourced projects from organizations operating in Europe and North America. The region thus presents immense scope for the usage of DAM solutions for the constant coordination of local offices with headquarters by synchronizing the data in centralized servers.
Some of the leading players operating in the global digital asset management market profiled in the report are IBM Corporation, Hewlett Packard Enterprise, Dell EMC, Oracle Corporation, Boeing, Amazon Web Services, Microsoft Corporation, Commvault, Symantec Corporation, Opentext Corporation, and Canto, Inc.
Global Digital Asset Management Market to Expand as New Automation Platforms make their Way across Businesses
The demand within the global digital asset management market is set to increase at a respectable pace in the times to follow. The use of digital technologies has become imperative for large business and corporate organizations. This can be attributed to the rapid shift from manual nodes to automated and intelligent platforms. The presence of a seamless industry for overseeing the pace of digital transformation has created palpable opportunities for market growth and expansion. All major industries concur with the need for digitalizing their functionalities in order to get a competitive edge in this increasingly complex business scenario. All of the aforementioned factors are suggestive of the inflow of fresh revenues into the global digital asset management market.
- The unprecedented value of mitigating the COVID-19 crisis compelled major businesses and organizations to resort to digital modes of dealing and selling. This in turn proliferated the use of digital asset management technologies across the globe. Furthermore, use of high-end technologies for digital marketing and sales during the COVID crisis also caused an uptick in sales across the global digital asset management market. The COVID-19 pandemic saw an increase in use of digital technologies by leaps and bounds. Certain research studies point that the digital transformation that was planned to take shape over the next five years has come through only during the times of the pandemic.
It is worthwhile to note that several organizations were strengthening their digital game since the pre-COVID era. This is a key consideration from the perspective of evaluating revenue inflow into the global digital asset management market. Furthermore, the need for connecting the workforce across digital channels, especially for global businesses, has also brought digital asset management under the spotlight of attention. In view of these factors, it is logical to expect the global digital asset management market to gather tremendous momentum in the times to follow.
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