Digital Asset Management Best Practice Market Research Report: By Deployment Type (On-premise, Cloud, Hybrid), By Organization Size (Small and Medium-Sized Enterprises (SMEs), Large Enterprises), By Industry Vertical (Media and Entertainment, Retail, Healthcare, Manufacturing), By Functionality (Metadata Management, Asset Storage and Retrieval, Workflow Management, Collaboration), By Pricing Model (Subscription-based, Perpetual License) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast

Digital Asset Management Best Practice Market Overview

As per MRFR analysis, the Digital Asset Management Best Practice Market Size was estimated at 1.8 (USD Billion) in 2022. The Digital Asset Management Best Practice Market Industry is expected to grow from 2.06(USD Billion) in 2023 to 6.9 (USD Billion) by 2032. The Digital Asset Management Best Practice Market CAGR (growth rate) is expected to be around 14.4% during the forecast period (2024 - 2032).

Key Digital Asset Management Best Practice Market Trends Highlighted

Cloud systems are quickly gaining traction as preferred solutions for Digital Asset Management (DAM). Organizations are looking for ways to manage the complex workflows around creation, storage and collaboration that ensure value addition to their digital assets. The rising use of AI and ML technologies in DAM systems is the icing on the cake for this market. Such technologies enable automatic tagging of assets, facial recognition, and content analysis thereby giving much more control to the organizations around the assets they manage.

Compliance with data protection laws and pandemic consequences such as remote work culture have also prompted firms to adopt advanced DAM systems. Organizations are required to be compliant with GDPR and HIPAA guidelines and, hence, must ensure that their digital assets are adequately secured and managed. In addition, remote workers need smooth access to digital assets, which can be easily supported with the help of cloud DAM. The cloud-based approach strengthens DAM by integration with enterprise applications which include content management systems (CMS), customer relationship management (CRM), and other systems that provide a consolidated picture of digital assets in the organization.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Digital Asset Management Best Practice Market Drivers

Growing Demand for Digital Asset Management Solutions

The increasing volume and complexity of digital assets, coupled with the need for efficient and effective management, is driving the demand for Digital Asset Management (DAM) solutions. Organizations across various industries are recognizing the importance of managing their digital assets effectively to maximize their value and optimize their digital operations. DAM solutions provide a centralized platform for storing, organizing, and managing digital assets, making them easily accessible and discoverable.

This helps organizations streamline their workflow, improve collaboration, and enhance the overall efficiency of their digital asset management processes. The growing adoption of cloud-based DAM solutions, which offer scalability, flexibility, and cost-effectiveness, is further contributing to the market growth. As organizations continue to invest in digital transformation initiatives, the demand for robust and feature-rich DAM solutions is expected to remain strong in the coming years, shaping the Digital Asset Management Best Practice Market Industry.

Advancements in Artificial Intelligence and Machine Learning

The integration of artificial intelligence (AI) and machine learning (ML) technologies is revolutionizing the Digital Asset Management Best Practice Market Industry. AI-powered DAM solutions can automate various tasks, such as asset tagging, classification, and search, improving the efficiency and accuracy of asset management processes. ML algorithms can analyze usage patterns and user behavior to provide personalized recommendations and insights, enhancing the user experience and driving adoption. AI and ML capabilities enable DAM solutions to adapt to changing business needs and deliver tailored solutions for specific industries and use cases. As AI and ML technologies continue to evolve, they are expected to play an increasingly significant role in shaping the future of the Digital Asset Management Best Practice Market Industry.

Rising Adoption of Cloud-Based DAM Solutions

The shift towards cloud-based DAM solutions is a major trend shaping the Digital Asset Management Best Practice Market Industry. Cloud-based DAM solutions offer several advantages over on-premises solutions, including scalability, flexibility, and cost-effectiveness. They eliminate the need for organizations to invest in hardware and infrastructure, allowing them to focus on their core business objectives. Cloud-based DAM solutions also provide enhanced collaboration capabilities, enabling teams to access and share assets from anywhere at any time. The growing adoption of cloud-based DAM solutions is expected to continue in the coming years, driven by the increasing popularity of cloud computing and the need for remote and flexible work arrangements.

Digital Asset Management Best Practice Market Segment Insights

Digital Asset Management Best Practice Market Deployment Type Insights   

The Digital Asset Management Best Practice Market is segmented based on deployment type into on-premise, cloud, and hybrid. Among these, the cloud segment is expected to account for the largest revenue share in 2023 and is projected to maintain its dominance throughout the forecast period. The growing adoption of cloud-based solutions for digital asset management is attributed to the increasing need for flexibility, scalability, and cost-effectiveness. Cloud deployment offers businesses the ability to access and manage their digital assets from anywhere with minimal upfront investment and ongoing maintenance costs.

The on-premise segment is expected to hold a significant market share during the forecast period. On-premise deployment provides businesses with greater control over their data and security, which is crucial for organizations handling sensitive or confidential digital assets. However, the high cost of infrastructure and maintenance associated with on-premise deployment may limit its adoption in some cases. The hybrid segment is gaining traction as it offers a balance between the benefits of both on-premise and cloud deployment. Hybrid deployment allows businesses to store and manage their critical digital assets on-premise while leveraging cloud services for additional storage, backup, and disaster recovery capabilities.

This approach provides businesses with the flexibility and cost-effectiveness of cloud deployment while maintaining the security and control of on-premise deployment. Overall, the market growth for digital asset management best practices is driven by the increasing adoption of digital technologies across industries, the growing need for efficient and effective digital asset management solutions, and the rising awareness of the importance of digital asset security and compliance. The market is expected to witness continued growth in the coming years, with the cloud segment leading the way due to its numerous advantages.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Digital Asset Management Best Practice Market Organization Size Insights   

The Digital Asset Management Best Practice Market is segmented by organization size into Small and Medium-Sized Enterprises (SMEs) and Large Enterprises. SMEs are increasingly realizing the benefits of digital asset management, such as improved collaboration, increased efficiency, and better control over their digital assets. Large enterprises are expected to continue to dominate the market due to their large budgets for digital transformation initiatives. Large enterprises are also more likely to have complex digital asset management needs, such as the need to manage large volumes of digital assets or the need to integrate digital asset management with other enterprise systems.

Digital Asset Management Best Practice Market Industry Vertical Insights   

The Digital Asset Management Best Practice Market segmentation by Industry Vertical includes Media and Entertainment, Retail, Healthcare, and Manufacturing. The Media and Entertainment industry held the largest market share in 2023, accounting for over 30% of the Digital Asset Management Best Practice Market revenue. The Retail and Healthcare industries are also major contributors to the market, each accounting for over 20% of the revenue. The Manufacturing industry is expected to grow at the highest CAGR during the forecast period, driven by the increasing adoption of digital asset management solutions to improve efficiency and productivity.

Digital Asset Management Best Practice Market Functionality Insights   

The Functionality segment of the Digital Asset Management Best Practice Market is categorized into Metadata Management, Asset Storage and Retrieval, Workflow Management, and Collaboration.  Metadata Management held the largest market share in 2023 and is projected to maintain its dominance throughout the forecast period. The increasing need for efficient organization and retrieval of digital assets is driving the growth of this segment.  Asset Storage and Retrieval is another significant segment, and its growth can be attributed to the rising volume of digital content being generated and consumed.

 Workflow Management is gaining traction as organizations seek to streamline their asset management processes and improve collaboration among team members. The rising demand for digital asset management solutions across various industries, including media and entertainment, healthcare, and manufacturing, is contributing to the market growth. The growing adoption of cloud-based DAM solutions and the increasing need for data security and compliance are also driving the market expansion.

Digital Asset Management Best Practice Market Pricing Model Insights   

The Digital Asset Management Best Practice Market is segmented by pricing model into subscription-based and perpetual licenses. The subscription-based model is expected to account for a larger share of the market in 2024 due to its flexibility and scalability. This model allows users to access the software on a monthly or annual basis without having to purchase a perpetual license. The perpetual license model, on the other hand, requires users to pay a one-time fee for the software, which grants them perpetual access to the software. This model is typically more expensive than the subscription-based model, but it can be more cost-effective for users who plan to use the software for a long period of time.

Digital Asset Management Best Practice Market Regional Insights   

The Digital Asset Management Best Practice Market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest market, accounting for a revenue of 802.1 million USD in 2023. Europe is the second largest market, with a revenue of 534.5 million USD in 2023. APAC is the fastest-growing market, with a CAGR of 16.3% from 2024 to 2032. The growth of the Digital Asset Management Best Practice Market in North America is driven by the increasing adoption of digital asset management solutions by enterprises in various industries.

The market in Europe is growing due to the increasing awareness of the benefits of digital asset management solutions. The growth of the market in APAC is driven by the increasing adoption of digital asset management solutions by small and medium-sized businesses. The market in South America is growing due to the increasing demand for digital asset management solutions from the government and public sector. The market in MEA is growing due to the increasing investment in digital infrastructure by governments and businesses.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Digital Asset Management Best Practice Market Key Players And Competitive Insights

Major players in the Digital Asset Management Best Practice Market industry are focusing on developing innovative solutions to meet the evolving needs of customers. Leading Digital Asset Management Best Practice Market players are investing heavily in research and development to stay ahead of the competition. The Digital Asset Management Best Practice Market industry is highly competitive, with a number of established players vying for market share. Some of the key players in the Digital Asset Management Best Practice Market include IBM, OpenText, Oracle, SAP, and Adobe. These companies offer a range of Digital Asset Management Best Practice Market solutions to meet the needs of different customers. The Digital Asset Management Best Practice Market is expected to witness significant growth in the coming years, driven by the increasing adoption of digital technologies.

A competitor in the Digital Asset Management Best Practice Market market is IBM. IBM offers a range of Digital Asset Management Best Practice Market solutions, including IBM Watson Asset Manager and IBM Content Manager. IBM Watson Asset Manager is a cloud-based Digital Asset Management Best Practice Market solution that uses artificial intelligence (AI) to help customers manage their digital assets. IBM Content Manager is a comprehensive Digital Asset Management Best Practice Market solution that provides a central repository for storing, managing, and sharing digital assets. IBM is a leading provider of Digital Asset Management Best Practice Market solutions, and its products are used by a wide range of customers, including Fortune 500 companies and government agencies.

Another competitor in the Digital Asset Management Best Practice Market market is OpenText. OpenText offers a range of Digital Asset Management Best Practice Market solutions, including OpenText Media Management and OpenText Content Suite. OpenText Media Management is a cloud-based Digital Asset Management Best Practice Market solution that provides a centralized platform for managing and distributing digital assets. OpenText Content Suite is a comprehensive Digital Asset Management Best Practice Market solution that includes a range of features, such as digital asset management, content management, and collaboration tools. OpenText is a leading provider of Digital Asset Management Best Practice Market solutions, and its products are used by a wide range of customers, including media and entertainment companies and government agencies.

Key Companies in the Digital Asset Management Best Practice Market Include

• Nuxeo


• Brandfolder


• Sinequa


• Canto


• OpenText


• Microsoft


• IBM


• Oracle


• MediaValet


• Widen


• Adobe


• Salesforce


• Google


• Box


• Bynder

Digital Asset Management Best Practice Market Industry Developments

The Digital Asset Management (DAM) Best Practice market is projected to grow significantly over the next decade. In 2023, the market was valued at USD 2.06 billion and is expected to reach USD 6.9 billion by 2032, exhibiting a CAGR of 14.4% during the forecast period (2023-2032). The increasing adoption of digital technologies and the growing need for efficient management of digital assets are driving the growth of the market.

Recent news developments in the DAM market include the acquisition of FotoWare by Hyland, a leading provider of enterprise content management (ECM) solutions. This acquisition is expected to strengthen Hyland's position in the DAM market and provide customers with a more comprehensive suite of digital asset management tools. Another notable development is the launch of new DAM solutions by vendors such as Adobe and OpenText, which offer advanced features such as artificial intelligence (AI), machine learning (ML), and cloud-based deployment. These advancements are expected to further fuel the growth of the DAM market in the coming years.

Digital Asset Management Best Practice Market Segmentation Insights

1. Digital Asset Management Best Practice Market Deployment Type Outlook
   
   
   
   1. On-premise
   
   
   2. Cloud
   
   
   3. Hybrid
   
   
   
   

2. Digital Asset Management Best Practice Market Organization Size Outlook
   
   
   
   1. Small and Medium-Sized Enterprises (SMEs)
   
   
   2. Large Enterprises
   
   
   
   

3. Digital Asset Management Best Practice Market Industry Vertical Outlook
   
   
   
   1. Media and Entertainment
   
   
   2. Retail
   
   
   3. Healthcare
   
   
   4. Manufacturing
   
   
   
   

4. Digital Asset Management Best Practice Market Functionality Outlook
   
   
   
   1. Metadata Management
   
   
   2. Asset Storage and Retrieval
   
   
   3. Workflow Management
   
   
   4. Collaboration
   
   
   
   

5. Digital Asset Management Best Practice Market Pricing Model Outlook
   
   
   
   1. Subscription-based
   
   
   2. Perpetual License
   
   
   
   

6. Digital Asset Management Best Practice Market Regional Outlook
   
   
   
   1. North America
   
   
   2. Europe
   
   
   3. South America
   
   
   4. Asia Pacific
   
   
   5. Middle East and Africa