DUBLIN, May 20, 2022 /PRNewswire/ — The “Global Digital Asset Management Market with COVID-19 Impact Analysis, by Component (Solutions, Services), Business Function (HR, Sales & Marketing, IT), Deployment Type, Organization Size, Vertical, and Region – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global Digital Asset Management (DAM) market is projected to grow from USD 4.2 billion in 2022 to USD 8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.6% during the forecast period.
Major factors that are expected to drive the growth of the DAM market include increasing digitalization of content and the need for effective collaboration of corporate assets, the emergence of cloud-based delivery options, and the growing need for controlled access and better security of digital assets to avoid copyright issues.
Furthermore, increasing infusion for achieving data integrity and the increasing trend of diffusing encryption technologies with digital solutions to streamline safe digital trading are expected to create ample opportunities for DAM vendors.
The COVID-19 pandemic adversely impacted the market in 2020, resulting in a sudden decline in year-over-year growth of the market. However, the companies in the market have adopted various strategies to improve the business.
They are enhancing their existing products through collaborations and product developments. Further, the shift from on-premises to cloud-based solutions, a continuous digital transformation, and a surge in demand for secure digital asset management during the COVID-19 pandemic have provided ample opportunities for vendors of this market.
Solution segment to hold a larger market size in 2022
The solution segment is projected to contribute majorly to the market. This growth of solution segment is supported by the rising digital assets, increasing digitalization, and rising enterprise spending on digital solutions along with the growing need for creating curated digital assets, enabling its centralized storage, and optimizing inter-department and intra-department collaboration.
Factors such as rising digital assets, increasing digitalization, and rising enterprise spending on digital solutions have also contributed to the high adoption of the DAM solution. The services segment is projected to witness a higher growth rate during the forecast period, owing to growing demand for hassle-free and proper deployment and integration of the DAM solutions along with need of organizations to understand changing business conditions, client insights, market trends, or service inconveniences.
By vertical, media and entertainment industry to register the largest market size during the forecast period
The media and entertainment vertical is expected to hold the largest market size in the DAM market. As media and entertainment companies deal with large number of media assets, such as movies and podcasts, movie clips, interactive images, posters, and e-content that are regularly needed to be stored and delivered to the customers and transferred within the departments for making edits and achieving approvals, the demand for DAM solutions in the industry is the highest.
Asia Pacific (APAC) to register the highest growth rate during the forecast period
Steady income growth, dynamic consumer demands, and significant consumer spending have compelled organizations across APAC to improve their business processes with high-technology diffusion. Owing to this, companies in the region are expected to increasingly adopt DAM solutions to manage their ever-increasing media and other digital assets and to gain holistic visibility into brand value.