Digital Asset Management Market O Expand at 15.6% CAGR Due to Increasing Adoption of Cloud-Based Solutions
Digital Analytics Solutions Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2026
Albany, NY -- (SBWire) -- 04/19/2019 --The global digital asset management (DAM) market is highly fragmented due to the presence of several small, medium, and large number of players in the market, says Transparency Market Research. Due to the large number of players, the market is also highly competitive in nature. To mention some of the few leading players in the global digital asset management market, are Hewlett Packard Enterprise, IBM Corporation, Boeing, Dell EMC, Oracle Corporation, Microsoft Corporation, Amazon Web Services, Symantec Corporation, and Canto, Inc. The leading players in the market are investing highly in research and development activities with the aim to bring new solutions and products in the market. These strategies will not only help the players in the market to strengthen their geographical reach but these will also help in diversifying market dynamics and increase competition among the players.
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As per the TMR, the global digital asset management market is estimated to attain a valuation of US$6.33 bn by the end of 2025 progressing from US$1.73 bn in 2016. The market is expected to rise at a healthy 15.6% CAGR during the forecast period 2017 to 2025.
Based on deployment type, the enterprise deployment model held major share in the global digital asset management market in 2016. This segment is likely to maintain its dominance in the near future but may experience slight decline due to rising popularity of cloud based deployment model. On the regional front, Europe and North America held half of the market share in 2016. On the other hand, Asia Pacific is projected to lead the market due to growing demand for digitalization in the region.
Increasing Use of Digitalization to Boost Demand for Digital Asset Management
The growing pace of digitalization in various organizations and in several public sector department has significantly grown the demand for digital asset management market. Moreover, large accumulation of data and need to store them properly has also driven the DAM market on a large scale. As it is complex process to manage large data sets and to control limitation and difficulties manually, thus, to deal with these issues the demand for digital asset management has grown. To mention some of the other growth factors are government mandates to maintain transparency of operations and improvement in digital content to benefit the market growth in coming few years.
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High Initial Cost May Hamper Market Growth
On the other hand, some restraining factors may hamper the growth in the global digital asset management market. One of the major obstacles is lack of skilled labor force and high initial investment. However, these factors only be present for some time as the small players in the market are focusing on tailor made solutions that is likely to minimize the effect of these restraints. Moreover, the global digital asset management market also hold lucrative opportunities for the new and small players in the market that are projected to manage these small obstacles in the market.
The information presented in this review is based on a TMR report, titled "Digital Asset Management Market (Solution - Asset and Metadata Archiving, Video Management, Web Content Management, Creative Tool Integration, and Lifecycle and Rights Management; Deployment Model - Enterprise, On-premise, and Cloud; Application - Marketing, Sales, Information Technology, and Photography and Graphic Designing) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."
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