The Market for Digital Asset Management is Projected to be Worth $11.4 billion USD by 2032

The demand for effective corporate asset collaboration, the emergence of cloud-based delivery options, and the need for enhanced copyright protection and controlled access to digital assets are all predicted to drive growth in the digital asset management industry.

With a projected CAGR of 10.3%, it is expected that the global market for digital asset management would expand swiftly, rising from a value of US$ 4.3 billion in 2022 to US$ 11.4 billion by 2032.

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Furthermore, the rising demand for data integrity and the growing trend of integrating encryption technologies with digital solutions to facilitate safe digital commerce are projected to provide sufficient prospects for a rise in the sales of digital asset management.

Digital asset management adoption has been boosted by the growing demand for collaborative digital workflow, particularly for marketing and sales activities. The increased need for digital asset protection to avoid copyright concerns is driving the demand for digital asset management systems.

The demand for bettering digital assets while lowering operational expenses is projected to propel the digital asset management market size forward.

Although digital asset management solutions have numerous advantages, the initial deployment and lifetime license expenses for managing digital assets should not be overlooked. Although the overall cost of a digital asset management license and implementation rises as the number of users per account and storage capacity grows.

Furthermore, many SMEs are hesitant to use digital asset management systems due to the uncertainty around support service costs, digital asset management limits, and other minor capabilities.

As per the recent digital asset management market study by Persistence Market Research, while selecting digital asset management solutions, businesses search for AI and machine learning capabilities. Companies can use AI-based digital asset management solutions to automate image tagging, which is the process of assigning keywords or information to digital assets, including files, images, text, and videos, based on what they contain.

This automated tagging allows digital assets to be quickly identified, segmented and retrieved. Digital asset management solutions can also use AI to extract metadata from digital assets, conduct forensic investigations, and evaluate the conformance nature of digital assets to ensure that users are not using copyrighted content.

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Key Takeaways
• By 2027, Asia Pacific is predicted to become a major regional player in the digital asset management business. This is due to Southeast Asian entrepreneurs' increasing emphasis on exploiting cutting-edge technologies to maintain consistent contact with clients.
• MSMEs, which account for more than 90% of ASEAN establishments, are investing heavily in AI and other technologies to accelerate digital transformation, which is expected to increase the demand for digital asset management software in the APAC region.
• By 2027, the hybrid sector is anticipated to have a significant proportion of the digital asset management market based on deployment. This is owing to businesses' significant focus on developing productive post-pandemic work environments, with hybrid working expected to have a revolutionary and long-term impact on firms.

Competitive Landscape

Cognizant Technology Solutions Corp, Oracle Corporation, CELUM GmbH, Adobe Systems Incorporated, Cloudinary Ltd, and IBM Corporation are among the leading participants in the digital asset management market. To grow their footprints in this market, they have used various techniques such as expansions, agreements, new product releases, joint ventures, acquisitions, partnerships, and others.

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Recent Developments

Cloudinary Ltd introduced the Cloudinary Media Optimizer in March 2021, a new product that automates image and video optimization and provides the most suitable photos and videos in format and quality.

Cognizant bought Magenic Technologies in January 2021, bolstering its digital engineering expertise. Hundreds more engineers in the United States and the Philippines are likely to be added to Cognizant's global software product engineering network as a result of this acquisition.

Adobe released AEM Assets Part 2 in November 2021, which includes DAM deployment best practices in action. Every day, Adobe's professional services teams assist customers in architecting, developing, and deploying digital marketing solutions. It also offers advice on how to get the most out of consumers' digital assets while protecting the brand.

Key companies profiled

Adobe
OpenText
Cognizant
Aprimo
Bynder

Key Segments:

By Component
Solutions
Services
Consulting
Integration and Implementation
Training, Support and Maintenance

By Component
Human Resource
Sales & Marketing
IT

By Deployment Model
On-premise
Cloud

By Organization Size
SMEs
Large Enterprises

By Vertical
Government & Public Sector
Healthcare
IT & Telecom
Manufacturing
Retail & eCommerce
Media and Entertainment
Travel and Hospitality
BFSI

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Expert analysis, actionable insights, and strategic recommendations - the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which, 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.

This release was published on openPR.