Digital Asset Management Market 2021 | Key Drivers, Business Insights and Future Trends - ADAM Software NV, Adobe Systems Incorporated, Cognizant Technology Solutions Corp

The adoption of real-time consumer-driven strategies for digital marketing over traditional marketing and the development of innovative delivery models and products are also anticipated to drive sales over the forecast period.

The digital asset management market is rising mainly due to the increasing digitalization of content and the need for effective collaboration of corporate assets, the emergence of cloud-based delivery options.

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The global 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.

Increase in the complexity, velocity, and volume of content that end-user industries are generating currently, is anticipated to boost the demand for enhanced and industry-specific data asset management solutions.

The global digital asset management market is characterized by the presence of international market players. These companies tend to expand their market presence by adopting strategies, such as product, strategic alliance, and acquisitions. Some of the key players operating in the digital asset management industry include ADAM Software NV, Adobe Systems Incorporated, Cognizant Technology Solutions Corp, EMC Corporation, Hewlett-Packard (HP), IBM Corporation, Northplains Systems, Opentext Corporation, Oracle Corporation, and Widen Enterprises.

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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.

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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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