Digital Asset Management Market with 14.5% CAGR: Market Analytical Overview and Size(Value and Volume) by 2028

Market Overview:

The global market for Digital Asset Management Market was estimated at USD 1,848.34 Million in 2021 and is projected to reach USD 4,856.26 Million by 2028, growing at a CAGR of 14.5% over the forecast period.

A centralized DAM system, which is quick to set up and simple to use, gives peers, staff members, clients, contractors, and other important stakeholders-controlled access to their full digital material library, which includes pictures, videos, audio files, presentations, documents, and more. The main factor fueling the expansion of the digital asset management market throughout the forecasted period is the rise in demand for a collaborative digital workflow, particularly for marketing and sales operations.

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Market dynamics:

Driver:
Enhanced Digital Rights Management
Most companies use too much-licensed material, often in the form of images, videos, and logos. It's easy to assume that once assets are purchased, they can be saved in a folder and used anywhere. Unfortunately, this is not always the case. Copyright restrictions on the use of digital assets can be quite specific, and failure to track how that asset is used can expose a company to legal risk. Fortunately, DAM software allows users to easily check the licensing status of all assets in any content collection using digital rights management (DRM) tools. This ensures licensed content is not abused and tracks how copyrighted materials are used and shared within the company.

Opportunities:
Blockchain Technology
Due to the rise of cryptocurrencies, blockchain technology has received a lot of attention. However, with the development of digital currencies, this technology has not only become mainstream but is also used in digital asset management solutions. This type of digital technology aims to decentralize management and transaction processes, handing control back to users rather than to an invisible, global system. The use of blockchain technology in digital asset management gives users full control over any modification to files and any shared data. Therefore, the integration of blockchain technology in digital asset management is expected to create lucrative opportunities for market players.

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Market Segmentation

Deployment Type:
the cloud segment is anticipated to develop at the highest CAGR over the studied period. Finding an image in an organized repository of thousands of images may be difficult and expensive. With effective asset management, cloud-based DAM makes it simple. Assets can be grouped, classified, and sorted into particular file folders and categories.

Business Function: the human resource (HR) segment is expected to lead the development of the digital asset management market in the projected period. Due to the extensive scope and functionalities of systems like a digital asset management platform and similar ones, human resources (HR) operations are greatly affected.
End Use Industry: the media and entertainment segment are anticipated to have the highest share of the digital asset management market over the projected timeframe. Companies in the media and entertainment industries rely on digital assets to generate income.

By Deployment Type
• Cloud
• On-Premises
By Business Function
• Human Resource
• Sales and Marketing
• Information Technology
• Others
By End User Industry
• Manufacturing
• IT & Telecom
• BFSI
• Media and Entertainment
• Others

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Regional Analysis of Digital Asset Management Market
The North American region is anticipated to have the highest share of the digital asset management market over the projected timeframe. The growing adoption of digital asset management solutions by manufacturing businesses in the USA and Canada is the major driving force for the growth of the market. As of 2022, there were 6,38,583 Manufacturing companies in the US, a 1.4 % growth from 2021. Furthermore, market players in this region are launching new products to increase their market share.

By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
• Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of South America)

Major Key Players Considered in the Market
• Acquia
• Brandfolder
• Adobe
• Canto
• Bynder
• OpenText
• Hyland
• Northplains
• Veeva
• Extensis
• Cloudinary
• MediaValet
• WoodWing
• Kontainer

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Key Industry Development In The Digital Asset Management Market

In March 2022:Veeva Systems announced that Bharat Serums and Vaccines Limited (BSV), one of India's fastest-growing biopharmaceutical companies, is standardizing on Veeva Vault PromoMats to speed up its end-to-end content lifecycle for scientific and promotional materials. As it prepares to enter international markets, BSV is implementing a scalable digital content infrastructure for greater content reuse and streamlined approvals.

In February 2022: the Widen Digital Asset Management (DAM) solution was recognized as a "Leader" in The Forrester Wave TM: Digital Asset Management for Customer Experience, Q1 2022 Report, according to a statement from Acquia. It compares the 27 criteria for the 14 most important DAM suppliers across three categories: present offering, strategy, and market presence. Widen was purchased by Acquia in September 2021.

Objectives of the global Digital Asset Management market
1. To identify the main subsegments of the Digital Asset Management market to comprehend its structure.
2. Identifies describes, and analyses the sales volume, value, market share, competitive market landscape, opportunities and threats, and strategic initiatives for the main worldwide Digital Asset Management manufacturers for the next few years.
3. To examine Digital Asset Management in terms of specific expected growth, career outlook, and market share contribution.
4. Analyze commercial developments in the market, such as market expansions, partnerships, new product development, and mergers.
5. To develop a strategic analysis of the main players and a thorough analysis of their strategic planning.

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