The "Global Digital Asset Management Market by Component (Solution and Services), Business Function (HR, Sales & Marketing, and IT), Deployment Type, Organization Size, Vertical (Media & Entertainment, Retail & eCommerce, and BFSI) and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global Digital Asset Management (DAM) market size is projected to grow from USD 3.4 billion in 2020 to USD 6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12% during the forecast period.
The DAM market is expected to grow at a fast pace, owing to the increasing digitalization of content and the need for effective collaboration of corporate assets, the emergence of cloud-based delivery options, and growing need for controlled access and better security of digital assets to avoid copyright issues.
Solution segment to hold a larger market size in 2020
The solution segment is projected to contribute majorly to the market. This growth of solution segment is supported by the rising digital assets, increasing digitalization, and rising enterprise spending on digital solutions along with the growing need for creating curated digital assets, enabling its centralized storage, and optimizing inter-department and intra-department collaboration. Factors such as rising digital assets, increasing digitalization, and rising enterprise spending on digital solutions have also contributed to the high adoption of the DAM solution.
The services segment is projected to witness a higher growth rate during the forecast period, owing to growing demand for hassle-free and proper deployment and integration of the DAM solutions along with need of organizations to understand changing business conditions, client insights, market trends, or service inconveniences.
By vertical, media and entertainment industry to register the largest market size during the forecast period
The media and entertainment vertical is expected to hold the largest market size in the DAM market. As media and entertainment companies deal with large number of media assets, such as movies and podcasts, movie clips, interactive images, posters, and e-content that are regularly needed to be stored and delivered to the customers and transferred within the departments for making edits and achieving approvals, the demand for DAM solutions in the industry is the highest.
Asia Pacific (APAC) to register the highest growth rate during the forecast period
Steady income growth, dynamic consumer demands, and significant consumer spending have compelled organizations across APAC to improve their business processes with high-technology diffusion. Owing to this, companies in the region are expected to increasingly adopt DAM solutions to manage their ever-increasing media and other digital assets and to gain holistic visibility into brand value.
Increasing Digitalization of Content and Need for Effective Collaboration of Corporate Assets
Emergence of Cloud-based Delivery Options
Growing Need for Controlled Access and Better Security of Digital Assets to Avoid Copyright Issues
High Upfront Costs Associated with Implementation and Integration
Emergence of AI to Automate Processes
Infusion of Advanced Encryption Technologies to Streamline Digital Trading
Fulfilling Metadata Requirements for Enabling Quick Access to Digitally Stored Assets
For more information about this report visit https://www.researchandmarkets.com/r/bbhzj9
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