Digital Asset Management Market to Grow at 16.0% CAGR during the Forecast Period from 2019 – 2027

According to a new market research report published by Credence Research “Digital Asset Management Market ((Component- Solution, Service (Support and Maintenance, System Integration, Consulting)), (Application- Enterprise, Marketing, Broadcast & Publishing), (Deployment Model- On-Premise, Cloud-based), (Organization Size- Large Enterprises, Small and Medium-sized Enterprises), (End-User- Media & Entertainment, Education, BFSI, Consumer Goods and Retail, Manufacturing, Travel & Tourism, Healthcare, Others (IT, Telecom, Government, etc.))) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the overall Digital asset management market worldwide was valued at US$ 2.9 Bn in 2018 and is set to grow with a CAGR of 16.0% during the forecast period.

Market Insights

Rising adoption of electronic gadgets and systems Over the past few years, customer engagement has emerged as an effective method for customer retention and digital asset management enables customer engagement on a real time basis. Backed by globalization and the need to collaborate the various segments has emphasized the need for a better process.  The various offerings of the digital asset management will mark a remarkable growth for the digital asset management market during the forecast period.

Based on organization type, the small and medium enterprises shall grow at the fastest CAGR during the forecast period. Small and medium enterprises suffer from relatively higher resource crunch than the large enterprises and thus require better procedures to solve the intricacies on a cost effective basis. Through the adoption of digital asset management, implementation of feasible solutions for managing and maintaining metadata and digital assets is possible. Due to use of these services and solutions, SMEs are able to focus more on business operations than the cost of maintaining digital asset management. Thus we expect that the small and medium enterprises segment will be the fastest expanding segment during the forecast period.

Based on the geography, North America dominates the digital asset management market in 2018. Further, Asia Pacific shall be the fastest growing region during the forecast period. Increased adoption of digital asset management in India and Japan shall drive the market in the region. Digital asset management offers solution to the complexities in content, language, and other regional requirements in the media and entertainment industry and thus have a huge demand for the same from Indian industry. Further, the digital asset management solutions are rapidly being adopted in banks, government services etc. Thus, we expect that Asia Pacific region will grow significantly during the forecast period 2019-2027.

 

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