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Media Asset Management Market 2024 - By Size, Trends, Opportunities And Forecast To 2033
Media Asset Management Market
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According to The Business Research Company's, The media asset management market size has grown exponentially in recent years. It will grow from $5.11 billion in 2023 to $6.17 billion in 2024 at a compound annual growth rate (CAGR) of 20.7%. The growth in the historic period can be attributed to increased use of multimedia in marketing, globalization of media production, increased video content production, media rights and licensing complexity, need for archive and preservation, efficiency in newsroom operations, demand for cross-platform content delivery, enhanced metadata and tagging.
The media asset management market size is expected to see exponential growth in the next few years. It will grow to $13.22 billion in 2028 at a compound annual growth rate (CAGR) of 21.0%. The growth in the forecast period can be attributed to advanced search and discovery capabilities, hybrid work environments in media production, personalization in content delivery, integration with project management tools, focus on sustainability in media production, international content distribution challenges, social media integration and distribution. Major trends in the forecast period include cloud-based mam solutions, remote work collaboration tools, automated workflows, mobile accessibility, subscription-based pricing models, integration with editing software, media analytics for performance insights.
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Market Drivers and Trends:
Demand for asset management solution is driving the growth of the media asset management market. An Asset Management Solution (AMS) refers to a comprehensive set of tools, technologies, and processes designed to help organizations effectively manage, track, and optimize their assets throughout their lifecycle. AMS tools contribute to risk mitigation and regulatory compliance, ensuring that media asset managers can make informed decisions within a secure and compliant framework. For instance, in November 2023, according to Webinars, a Russia-based organization for managing educational content, the future of software asset management, 72% of organizations lack a solid SAM (software asset management) strategy. Therefore, demand for asset management solution will increase demand for media asset management.
Technological advancement is the key trend that is gaining popularity in the media asset management market. Major companies operating in the market are focused on research and development for product innovations such integration of artificial intelligence. For instance, in May 2022, Arvato Systems, a Germany-based IT service management company introduced VidiNet, the cloud-based media services platform with integration of AI software that allows users to recognize information in digital files and create their own AI models. Additionally, integrating VidiNet cognitive services in organizations will allow the creation and quality assurance of training data within a familiar media asset management environment and ensures maximum cost transparency using volume-based payment.
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Major Key Players of the Market:
Amazon.com Inc., Dalet SA, Imagen Ltd., Prime Focus Technologies Ltd., Sony Group Corporation, Microsoft Corporation, VSN Video Stream Networks SL, Bynder BV, Dell Inc., International Business Machines Corporation, SI-MEDIASrl, NEP Group, Oracle Corporation, Square Box Systems Ltd., Quantum Corporation, Dalet Digital Media Systems, Tedial SL, Adam Software Inc., Canto Inc., Celum GmbH, Cognizant Technology Solutions Corporation, OpenText Corporation, North Plains Systems Inc., QBank, Webdam Inc., MediaBeacon Inc., IBM Corporation, Widen Enterprises Inc., Adobe Inc., Hewlett Packard Enterprise, Aprimo Inc., Salsify Inc., Nuxeo SA, MediaValet Inc.
Media Asset Management Market 2024 Key Insights:
• The media asset management market size is expected to see exponential growth in the next few years. It will grow to $13.22 billion in 2028 at a compound annual growth rate (CAGR) of 21.0%.
• Digital Advertising Surge Fuels Media Asset Management Market Growth
• Technological Advancements Drive Innovation In The Media Asset Management Market
• North America was the largest region in the media asset management market in 2023
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