Digital Asset Management Market: Information by Type (Brand Asset Management System, Library Asset Management System), Deployment (On-Premise), End-User, and Region — Forecast till 2029

Digital asset management is an effective and efficient solution that helps enterprises arrange, store, locate, retrieve, and share digital content. The user-friendly and quick deployment nature of these systems increases popularity among enterprises. A plethora of digital content is considered a key problem encountered by enterprises, and companies have only just begun recovering from this by the advent of digital asset management. In addition to this, it also increases employee productivity by refraining them from long search requests, thereby enabling employees to concentrate on their core jobs. Team creativity is also enhanced with digital asset management systems as they automate the workflow, which, in turn, reduces the burden on personnel and subsequently increases efficiency. Therefore, companies around the globe are widely accepting digital asset management systems for efficient and effective workflow.

The digital asset management market is considered to be in the growth phase owing to its widespread adoption by enterprises and the increase in the number of players entering the market.

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Factors Driving Market Penetration

On an hourly basis, a significant volume of data is created among all the industry verticals, and handling of this data becomes tiresome and tedious. Increasing competition in prominent sectors forces companies to adopt novel marketing strategies. Traditional marketing has become outdated with the advent of innovative digital marketing technologies. Nowadays, customers are attracted to digital content, and companies are, thereby, developing these forms of marketing techniques. Increasing digitalization around the globe has shifted customer preferences and choices. They are attracted to digital marketing campaigns and content.

To gain customer attention, companies are extensively utilizing online marketing campaigns. These include rich visual themes and content to attract customers. Additionally, customer support websites of companies are also animated with music, photos, videos, and similar media content. Companies consider that these techniques will nurture their brand image and subsequently increase their popularity as well as sales. Therefore, digital content creation is growing considerably, which leads to an increase in the number of digital assets. Hence, in order to handle these assets, enterprises belonging to various verticals are deploying digital asset management systems rapidly.

Moreover, the introduction of various devices, including wearables, digital signage, and interactive store windows, among others, has paved the way for increased digital content creation. Digital signage is adopted by retail stores, hospitals, public spaces, and others to provide product information, discounts, offers, and many other purposes that increase brand popularity. This technology helps companies penetrate the masses and thereby, increase the client base. High-quality digital content is required to create a seamless visual experience, which eventually increases the volume of this content. Digital asset management systems are required to handle such complexities, which further amplifies market growth.

Furthermore, digital asset management also provides a high return on investment (ROI) as it broadens the customer base and, thereby, the revenue of the company. The increasing demand for collaborative workflow in companies, primarily for sales and marketing teams, is also promoting the adoption of digital asset management solutions.

Brand Image Drives Company Revenue

It is estimated that brand asset management holds a significant market share owing to the increasing awareness among the enterprises regarding the importance of creating a superior brand image among the customers. Brand asset management entails only those assets that are used for branding and marketing purposes. BAM helps in the proper organization as well as storage of assets and also provides employees with easy access to media files. BAM is gaining traction among companies as maintaining a brand image is directly responsible for increasing sales and attaining a competitive edge in the market. By deploying brand asset management solutions, companies can easily build and handle their brand image and, hence, the segment dominates in the market.

Cloud-Based Deployment

The cloud segment holds the lion’s share of the market, and this trend is expected to continue in the coming years. Cloud-based deployment is gaining momentum attributed to benefits such as low cost, scalability, speed, and others. Content creation by businesses is increasing with each day and, hence, solidifies the need for scalable systems. Cloud deployment offers a scalable structure in which companies can pay according to the storage used. Moreover, companies are striving to amplify business growth by penetrating into different regions. With cloud deployment, companies can access their assets from anywhere around the globe. It helps the collaboration of regional and local teams, which further increases business productivity. Hence, cloud deployment is set to portray rapid growth in the coming years.

cloud-deployment -s-set-to-portray-rapid-growth-in-the-coming-years

Figure shows the share of the end-user industry in the global digital asset management market. Source: RM Analysis

Digital Asset Management is Vital to Retail

The retail industry is anticipated to hold the lion’s share of the market owing to the increasing number of players entering the sector. The companies in the industry are offering various promotions, discounts, offers, and other attractive deals to the customers to increase loyalty. Companies are creating high-quality media content, which is required by retailers to communicate this to the customers.

With increasing internet accessibility, customers have shifted their shopping methods. Nowadays, customers prefer online shopping as compared to traditional shopping owing to the convenience offered by the former. Hence, retailers are widely adopting online shopping methods, which further magnifies the digital media content volume, as online retailing requires a significant amount of images and pictures. To purchase a single product, customers demand different types of pictures of that particular product, and, therefore, retailers provide a satisfactory number of images to appease customers. This eventually increases the digital media content, and retailers are widely deploying digital asset management solutions.

Asia-Pacific Digital Asset Management Market

Asia-Pacific countries are tourism centers, and the tourism sector in the region is striving to attract foreigners. To grow in the market, Asia-Pacific tourism companies are increasing their online presence and publish various attractive images of the places on their websites. Nowadays, travelers are organizing journeys through different websites. Owing to the extensive information that is available in digital resources, customers are more attracted to the mentioned places. To create a lasting effect on the customers' minds, tourism companies are using high-quality images and videos of various places. Hence, to expand businesses, tourism companies are investing heavily in various types of digital technologies. Asia-Pacific is becoming highly digitalized, which aids the adoption of modern technologies. To manage high-quality pictures and videos, tourism companies in the region are adopting digital asset management solutions, which further augments market expansion in Asia-Pacific.

Recent Developments

The integration of Artificial Intelligence with digital asset management is entirely changing the market landscape. AI in digital asset management further facilitates the management of huge data volume, and this technology is able to tag assets based on features such as colors, faces, and shapes, among others.

Moreover, vendors are also shifting to the ‘Software as a Service’ deployment model for digital asset management solutions, which has a subscription agreement, and the maintenance costs are incorporated into packages.

Digital Asset Management Market: Key Players

Prominent players in the global digital asset management market are Adobe Systems Incorporated, OpenText Corporation, Oracle, Dell Technologies, Bynder, MediaBeacon, Inc., Cognizant, CELUM, Canto, Inc., and Widen Enterprises, Inc.

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Digital Asset Management Market Segmentation

By Type

Brand Asset Management System
Library Asset Management System
Production Asset Management System
By Deployment

Cloud
On-Premise
By End-User

Healthcare
Retail
Automotive
Banking, Financial Services And Insurance (BFSI)
Manufacturing
Others
By Region

North America
Europe
Asia-Pacific
South America
Middle East and Africa

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This release was published on openPR.