Digital Asset Management Market Size, Share & Trends Analysis Report By Deployment (On-premise, Cloud (SaaS)), By Organization Size (SMEs (Small and Medium Enterprises), Large Enterprises), By End-User (Media and Entertainment, BFSI, Government, Healthcare, Retail, Manufacturing, Other End Users) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The digital asset management market size was valued at USD 3,497 million in 2021. it is estimated to reach USD 8,159 million by 2030, registering a CAGR of 18% during the forecast period (2022-2030). 

With the advent of cloud storage, enterprises are increasingly getting used to the idea of access to all content from anywhere. This is helpful, but it is also complicating the storage of content. With the growing spending from enterprises on creating digital content, DAM systems are increasingly becoming vital. DAM systems are also known to save time and money for businesses. According to Bynder, the ROI of using a DAM system is between 8:1 and 14:1. This is significantly large, as time savings that DAM systems provide, with business's assets stored and described logically, enterprises spend less time looking for them.

Moreover, DAM systems enhance safety as businesses have far greater control over files and identity management access. A security threat may be harmful to business and lose customers over lack of security and trust. To neglect such scenarios, the use of DAMs is increasingly becoming vital.

The digital asset management market is divided by deployment, organization size, end-user, and region.

Market Dynamics

Global Digital Asset Management Market Drivers

• Increase in the Number of Digital Assets

Due to the increasing automation and connected devices trend, digital content has witnessed a significant increase. According to a study of 13,000 brands and agency professionals for marketing, advertising, e-commerce, creative, and IT professionals around the globe by Adobe in February 2021, a company with a strong customer experience is better positioned to adapt to changeable customer behavior and markets and more likely to achieve long-term growth than its competitors.

According to the Adobe Digital Trends Report, in 2021, the past investments in customer experience have paid off, which further underlines the importance of speed and personalization. CX leaders were observed to flourish in the first half of 2020, and over 70% of the leaders outpaced their sectors. They were three times more likely to have 'significantly outpaced' their sectors than the mainstream.

The study also found that companies that have built vital analytics functions were more than twice as likely to say their customers are optimistic about their digital experience than their peers with lower levels of insight, which stood at 71% compared to 31% as per the contrary belief. Similar trends augment the amount of data and digital assets created to keep customers engaged. Therefore, companies are increasingly adopting digital strategies, which have resulted in a rise in digital assets for them.

• Growing Adoption in the Food and Beverage Sector

The market is likely to grow in the future years as the food and beverage industries increase their implementation of digital asset management services and solutions. The emergence of visual and social media is predicted to increase the demand for high-quality and elite food goods. Every major participant in the food and beverage industry must leverage intelligent technologies to fuel brand building. In this industry, digital asset management enables the creation of a more coherent system for all consumers across many channels and agencies.

The DAM enables an organization to make more informed and innovative content decisions. Getting customers' attention is critical in the food and beverage industry. Major corporations have achieved substantial market advances. Brandfolder, for example, offers assistance that eases the way a food and beverage firm manages and distributes digital assets. The company's services include product-specific auto labels, polished themes, advanced editing and formatting, and other critical services.

Global Digital Asset Management Market Restraints:

• Absence of Knowledge and Higher Costs of the Solutions

There is a lack of awareness about the solutions available in the market because many companies are still using older enterprise content management platforms with some DAM-like capabilities but not necessarily purpose-built DAM solutions for creative services or marketing use cases required for their organizations.

Besides, these solutions are priced high depending on their capacity and features. The difference between mid-range and high-end is typically the sophistication of integration with creative and production processes. A mid-range solution may enable browsing DAM from Adobe PhotoShop. Still, a high-end system may also integrate state-of-the-art video editing tools, such as those used in film production studios.

Moreover, integrating DAM solutions and other enterprise management solutions is expected to require having a DAM system with an API so it can talk and transfer data between systems or transfer data manually. It is necessary to ensure consistency for integration if assets are being used and changed within multiple systems. Hence, lack of knowledge and higher solutions costs hampers the market. 

Future Growth Opportunities in the Global Digital Asset Management Market

• Technological Advancements Boosting Market Growth

Digital asset management is becoming a significant component of marketing technology for executing marketing campaigns. In addition, machine learning and artificial intelligence (AI), including picture and facial recognition, are transforming the DAM sector. The integration of various technologies, such as Bluetooth, RFID, Wi-Fi, and Zigbee, with IoT in several devices, is expected to provide the market players with many growth opportunities, allowing them to make significant product developments and innovations to capture their potential a considerable share of the market.

The market is further witnessing several product innovations around the globe. For instance, in April 2021, Marcom Central, an operator in the brand management arena, announced the launch of Marcom Gather, a digital asset management (DAM) solution. Marcom Gather is user-friendly digital asset management (DAM) solution that provides brands with a modern and practical approach to centralizing, organizing, and sharing digital assets across the organization.

Regional Analysis

By region, the digital asset management market share is segmented into North America, Asia-Pacific, Europe, Rest of the world.

Which Region Accounts for Most Demand for Digital Asset Management Market?

North America accounted for the largest market, and Asia-Pacific is expected to grow faster over the forecast period. The North American DAM market was valued at USD 1,332 million in 2021, and it is expected to reach USD 5472 million by 2030, registering a CAGR of 17% during the forecast period. 

The adoption of the Digital Asset Management (DAM) market is growing in the United States mainly due to the investments in innovation activities, cloud adoption, IoT devices growth, and others. The increase in the digitization of various end-user industries in the country also leads to significant data generation. According to a recent survey by Mendix, a Siemens business, 78% of the manufacturing workers in the United States welcome digitization. 

Additionally, there has been a growth in the adoption of digital asset management platforms with technologies such as Artificial Intelligence and Machine Learning. AI and ML in the media help in metadata tagging, which plays a vital role in organizing, finding, distributing, and analyzing digital content. Various vendors, including Adobe, Widen, and IBM, offer DAM solutions with AI capabilities.

The Asia-Pacific market was valued at USD 677 million in 2021, and it is expected to reach USD 3764 million by 2030, registering a CAGR of 21% during the forecast period. Digital asset management platforms are gaining popularity in Asia as technology-savvy high net worth individuals demand transparency, speed, and lower costs for their portfolios. They show a preference for platforms that offer a more comprehensive range of digital services with supervision from regulators. In Asia-Pacific, China is the largest market. 'New Infrastructure' is one of the key investment areas for stabilizing growth, including 5G, AI, IoT, and cloud computing. IT services and applications are expected to be heavily invested in, and as DAM is a SaaS in this market, it is expected to show strong growth in the future.

Segmental Analysis

The digital asset management market share is divided by deployment, organization size, end-user, and region. 

By Deployment

the digital asset management market is divided into on-premise and cloud (SaaS). Cloud accounted for the largest market share and is expected to remain the dominant segment of the market; and was valued at USD 2238 million in 2021, and it is expected to reach USD 11,290 million by 2030, registering a CAGR of 20% during the forecast period.

Vendors are rapidly shifting away from on-premises systems and SaaS-based systems that provide mobile availability and other intuitive features. The model's affordability responds to comprehensive digital asset needs by addressing organizations of all sizes. These solutions typically offer low-cost options and speedy service deployment. As web hosting technology got complicated, market vendors hired multiple IT professionals to ensure the system was operational, secure, and updated. As companies realized the inconvenience of possessing their servers, the switch to managed web hosting led them to charge only for what they use. The main benefit of implementing these solutions is the pay-per-use pricing model.

By Organization Size

the digital asset management market is segmented into SMEs (Small and Medium Enterprises) and large enterprises. Large enterprises dominated the market and were valued at USD 1872 million in 2021, and it is expected to reach USD 7750 million by 2030, registering a CAGR of 17% during the forecast period.

For businesses dealing with unprecedented amounts of documentation, imagery, product descriptions, videos, podcast episodes, etc., digital asset management systems become an integral part. In addition, a DAM can aid a large organization in keeping their digital assets secure, safe, organized, and instantly accessible to workers from across the world, owing to their global presence. Additionally, the growth of the on-premises deployment type can be attributed to the large enterprises as they prefer to store and manage their vital assets in their infrastructure. For instance, DAM from Aprimo is a highly scalable, centralized, and content-centered platform that allows enterprises to upload, store, manage, share, and track files, such as images, videos, audios, texts, and creative files. The platform is also helpful in streamlining content creation and planning processes.

By End-User

The digital asset management market is segmented into media and entertainment, BFSI, government, healthcare, retail, manufacturing, and other end-users. The media and entertainment segment accounted for the largest market share over the forecast period. The media and entertainment segment was valued at USD 810 million in 2021, and it is expected to reach USD 3327 million by 2030, registering a CAGR of 17% during the forecast period.

With the rising consumption of digital content and expansion of the subscriber base of online content-based publishers, the media and entertainment segment is expected to witness growth during the forecast period. The production and distribution of entertainment products involve many risks that are further enhanced in the digital platform, as it facilitates the reproduction of the original product and its rapid distribution globally. In the digital age, everything is accessed over the internet digitally, thereby driving the demand for robust digital asset management solutions.

Additionally, the media and entertainment industry is one of the largest growing industries that includes motion pictures, streaming content, television programs, commercials, music, and audio recordings, broadcast, radio, book publishing, and the evolving social media presence across the globe. The integration of new OTT services across existing subscription-based streaming devices is also expected to drive the market across various regions.

Impact of covid-19

Various vendors in the market have used the pandemic situation to offer their solutions to the healthcare industry users to expand their positions in the market. For instance, in October 2020, Medialogix started working with the Royal Preston Hospital to reduce patient contact while still delivering media imagery across all departments. The company's focus is to be the leader in offering DAM solutions in law enforcement and healthcare.

Similarly, in October 2020, FotoWare's DAM software was used to increase the impact of infection control measures without compromising patient care and safety at Royal Preston Hospital. Such trends were observed worldwide, where DAM solutions were used to tackle the pandemic effectively.

During the pandemic, the closing of businesses induced by the lockdown had led to a significant slump in the market; however, digital consumption businesses are shifting to digital-first strategies, owing to which the demand for DAM solutions is expected to have a positive outlook.

Recent Developments

• In March 2021, JSR Equity, a growth equity firm focused on investing in software companies, made a strategic growth investment in Canto, a digital asset management (DAM) software provider. Canto will utilize this additional investment to expand its customer-facing teams, broaden and accelerate its product development initiatives, and drive growth across its target markets.
• In September 2020, Smartsheet, an enterprise platform for dynamic work, announced that it had completed its acquisition of Brandfolder, a company in digital asset management (DAM). This acquisition merged Brandfolder's world-class DAM capabilities with Smartsheet's leading collaborative work management platform to create a dynamic solution to manage workflows around content and collaboration. 
• In February 2021, FADEL and Esko announced a partnership and the integration of FADEL's cloud-based digital rights management (DRM) software, rights cloud, and MediaBeacon digital asset management (DAM) solution.
• In May 2021, Digizuite formed a strategic collaboration with Comma Group, a data management consultancy organization in the United Kingdom. As a result, this partnership is a significant step forward for both companies to provide innovative, data-driven digital asset management solutions to businesses worldwide, focusing on the European market.
• In February 2021. Widen, and Shutterstock Inc. launched an integration that automatically syncs assets between their platforms. Content professionals can now curate assets from Shutterstock and sync them with Widen Collective, along with the metadata, licensing information, and usage rights.
• In June 2020, Bynder acquired We Adapt, a SaaS solution to help brands scale their video content creation. The acquisition of We Adapt, renamed Video Brand Studio, enables Bynder to offer brands a single platform to scale on-brand content capabilities across print, images, and video.