Research delivers insight into the global digital asset management market during the period 2017-2023

Digital Asset Management Market was valued at $1,928 million in 2016, and is projected to reach at $5,287 million by 2023, growing at a CAGR of 13.7% from 2017 to 2023. The Digital Asset Management Market incorporates end-user industries expenditure on digital asset management solutions and services to store, organize, access, and share their rich media content. The service segment includes end user expenditure on consulting, implementation, and training & support. Some of the popular digital asset management solutions are asset analytics, asset and metadata archiving, brand portals, creative tool integration, lifecycle & rights management, video management, and web content management integration.

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Growth in demand for collaborative digital workflow especially for sales and marketing activities has encouraged end users to deploy enhanced digital asset management solutions and services. Moreover, increase in need for meeting government mandates to maintain transparency of operations, improvement in digital content, and reduction of operational costs are some of the major factors that are anticipated to fuel the market growth during the forecast period. However, high initial investment and lack of skilled workforce are estimated to limit end users to invest on digital asset management solutions and services.

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Increased need for collaborative digital workflow especially for marketing applications has encouraged end-user industries to invest on enhanced digital asset management solutions and services. Furthermore, rise in need to meet the regulatory compliance and efficient data integration are estimated to fuel the market growth during the forecast period. However, high initial cost associated with the deployment of digital asset management solutions and lack of skilled professionals are some of the factors that are expected to hamper the market growth.

The service segment is projected to grow at the CAGR of around 18% during the forecast period. Increase in demand for enhanced content management solutions and rise in competition among end-user organizations globally are anticipated to boost the segment growth during the forecast period.

The IT segment dominated the market in 2016, whereas the marketing segment is projected to witness the highest CAGR of 15% during the forecast period. This is attributed to growth in adoption of real-time digital asset management solutions among marketing departments of end-user industries to assist sales department with up-to-date content.

Region wise, North America dominated the market, in terms of expenditure on digital asset management solutions and services, owing to high penetration of digital technologies among end-user industries. Moreover, the market in Asia-Pacific is projected to grow at the highest CAGR of around 16%, owing to increase in awareness among end-user industries about benefits of adoption of digital asset management solutions.

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