The Global digital asset managementmarket is evaluated to be of USD 1.45 billion in 2015 and is expected to grow appreciably with a CAGR of 11.7% at a value of USD 5.48 till 2027. The increasing densities and volumes of digital assets are anticipated to add growth to the digital asset management market. Advancement of working methodology and affirmation of digital marketing over conventional marketing for real-time solutions and ingenious service models are most likely to thrive in the digital asset management market globally. With a feasible demand in workflow collaboration and mechanization, organizations are actively utilizing digital asset management solutions to improve and maintain operational transparency, digitally improved content, and effective operational costs.
Technological skills and advancement practiced at the organizational level to enhance customer base
With a significant change on the consumer level, a wider range of acceptance for digital assets and their enrichments are observed on an organizational level. With the advent of newer technology, the demand is increasing day by day driving companies to switch to cloud-based storage for digital assets. This has helped the digital asset management market to grow immensely during recent times and impels old layers in the market to remodel its market solutions. Many providers including Aprimo, Canto, Widen, Adobe, and OpenText has started providing cloud-based digital asset management solutions while many others have collaborated with cloud platform providers like Google, CELUM, and AWS. It offers a wide range of applications in the digital asset management system along with options for implementation, maintenance, and cost-effectiveness.
Artificial Intelligence to drive the cloud-based management solutions
The future of technological solutions will be driven by artificial intelligence. While opting for any digital asset management platform, the organizations opt for those solutions which are compatible with both machine learning and artificial intelligence capabilities. AI-based management solutions help in automating image tagging which can be used to assign metadata or keywords to digital assets such as text, files, images, and videos contained in them. This automated tagging facilitates segmentation, easier identification, and simpler retrieval of digital assets. For instance, in performing forensic analysis, AI helps digital assets management solutions to extract metadata from the digital assets which ensure copyrighted content along with a secured identification process.
Asia- Pacific to become the emerging market over the predicted period
As the Indian entertainment and media industry is growing rapidly, the need to manage the digital assets related to it is becoming paramount. The complexities related to language, content, and other digital aspects are creating a new challenge in the industry. This obstruction will be paving a new path for the digital asset management market in the predicted time as it helps in smooth operation and management. Whereas China is relatively more focused on increasing its digital assets. For better management and storage capacity, it is adding more and more analytical sources and technological friendly assets into its digital arena. In Japan, the SME industries are on the rise and to overcome the low IT infrastructure problem, Japan has started investing in its IT and technological requirements. This makes Japan a perfect region for the expansion of the digital asset management market. As the reach of global brands penetrates the Asia Pacific market, digital asset management solutions will be an emerging option to tackle the hindrance of data storage, management, and operations.
Digital Asset Management Market: Competitive Landscape
Companies such as ADAM Software NV, OpenText Corp., Adobe Systems Incorporated, Bynder, Canto, Inc., CELUM, MediaValet Inc., Pica9, Inc., SAS Institute Inc., WebDAM, Widen Enterprises Inc. and Worfront Inc. North Plains Systems, Oracle Corporation, QBank, are the key players in the digital asset management market.
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The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of the digital asset management market size & forecast. The report promises to provide an in-depth analysis of the digital asset management market and industry insights which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.
Impact of COVID-19 in industry
Global lockdown, work from home/ remote location and economic unreliability have enforced the companies to start or increase the digital asset management solutions to regulate the workflow in times of pandemic. These asset management systems have immensely helped in managing, streamlining, analyzing, delivery of digital assets which impacts the growth of the market. Large organizations have managed to expand their digital assets but with small and medium enterprises, hindrances such as cost, declining profits, and budget constraints for technological advancement come in their pathway to accept and utilize the digital asset management systems.
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