Digital Asset Management Market Size Report 2024

The digital asset management market is predicted to see growth of USD 15B in the span of six short years, according to Data Bridge Market Research. In this article, I'll walk through this research to help you gain an understanding of the digital asset management market, and what it means for you as you’re selecting digital asset management software.

Digital Asset Management Market Size

The digital asset management (DAM) market size is currently seeing a compound annual growth rate (CAGR) of 17.7%, according to a research report by DataHorizzon Research. As of 2023, the DAM market size was valued at USD 4.7B and is expected to rise to USD 20.3B during the forecast period. 

The need for DAM solutions is ever-growing as business processes and workflows continue to become more complicated and companies start to buy-in to the ROI of DAM. This correlates with the massive market growth projection for digital asset management.

With the sheer number of advancements in DAM systems, it’s no surprise that the digital asset management market size will continue to have an upward trajectory for decades to come.

Within a shorter forecast period of only five years, Mordor Intelligence is expecting an estimated CAGR of 14.16% between the base year of 2024 into 2029, based on their current estimate of a USD 5.88B market share at the end of 2023.

Digital Asset Management Market Insights

Throughout this market report, I’ll cover market opportunities for the DAM market while also analyzing the current state of this market and what the future may hold.

As we move throughout this article, I will:

1. Define growth drivers for the digital asset management market
2. Discuss what factors are restraining to the overall growth and globalization of the digital asset market
3. Offer my break down and analysis of the state of the DAM market
4. Analyze current and future market trends for DAM solutions and tools
5. Share my predictions on what will continue to drive growth for the DAM market as well as what defining characteristics we can expect to see in the near future

Digital Asset Management Market Drivers

In the era of machine learning, AI, and automation obsession, the digital asset management industry is set for considerable growth. The global digital asset management market is set to thrive due to a few driving factors:

• Explosion of digital content: As the world becomes more and more digital, digital asset management solutions and proper version control are becoming a necessity, not a luxury.
• Globalization of markets: With market players, especially in media and entertainment, expanding to global markets, there is a growing demand for asset management systems that shows no signs of slowing down.
• Growth opportunities for remote work: Businesses are investing more in remote work, which means an increased need in cloud-based DAM solutions. 
• Compliance requirements: There has been an increase in compliance requirements, which means businesses need ways to standardize and adhere to regulations. DAM solutions provide these capabilities.
• Desire for improved customer experiences: Major players in the DAM market, like IBM, help deliver improved customer experiences by ensuring users have access to the right digital assets. This ensures a consistent experience for customers.
• Overall growth of digital marketing: Whether they're in healthcare or artificial intelligence, businesses are investing more time, energy, and resources into digital marketing. Market trends like this feed into a need to streamline content management and lead to the fast growth rate of the DAM market.

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Digital Asset Management Market Restraints

While the digital asset management market size is projected to see huge growth, there are always areas that can hold it back. There are a few key market restraints, such as:

• Pricing: Fortune Business Insights notes that it is no surprise that pricing plays a factor when businesses consider using DAM ecosystems for content creation or management solutions. The high prices of some of these DAM systems, and the added costs of implementing DAM software, are often outside the range of what is viable for smaller e-commerce businesses, for example.
• Ensuring data security: According to IMARC GROUP, maintaining digital asset security can be a limiting factor simply because of the rise of hacking, data breaches, etc.
• Cheaper and less safe alternatives: Similar to pricing, some businesses find that they can create their own makeshift digital asset management system by hobbling together free samples or paying for several cheaper alternative systems, which could lead to security vulnerabilities. 

Analysis Of Digital Asset Management Market Segments

I will be analyzing the digital asset management market size by the following categories: deployment, end-user industry, region, and enterprise size. 

By Deployment

The DAM market is in a state of fluctuation between on-premise and cloud-based digital asset management solutions. According to a market report by MarketsAndMarkets, businesses are making the switch from expensive on-premise DAM solutions to entirely cloud-based solutions.

In IMARC GROUP’s report, however, they have clearly identified that on-premise is still the primary deployment method at the moment. This will not always be the case, though, with O’reilly’s Cloud Adoption Report noting that 25% of businesses are migrating to cloud-based solutions entirely.

While on-premise deployment currently has a hold of the market, there will be a clear shift towards cloud-based DAM solutions in the coming years. This is a trend that will need to be watched closely to see how things shift in the digital asset management market over the next decade.

By End User Industry

The current market size of digital asset management indicates expanding markets, but there are dedicated end-users who have been early adopters of DAM systems and will continue to use them.

Industries that are largely utilizing digital asset management solutions (either cloud-based or on-premise) include:

• BFSI (Banking, Financial Services, and Insurance)
• Media and entertainment
• Healthcare
• Government
• Retail
• Manufacturing
• Social media

There are a plethora of other, smaller markets that utilize DAM solutions, but the above industries make up the largest portion of the market.

By Region

The globalization of the digital asset management market makes it difficult to properly track the percentage of use in various regions. Here’s what the landscape looks like in the following areas:

• Africa: South Africa is the largest player in the African market for DAM systems and solutions.
• Asia Pacific: This includes countries such as China, India, Japan, and Australia. The Asia Pacific region is expected to have the highest CAGR over the next decade, which may elevate these countries and the rest of Asia Pacific to market leaders within the next several years.
• North America: This includes Canada and the United States, with the former being the highest market share holder for the digital asset management market.
• Europe: Including countries such as France, Germany, Italy, and Spain, there is rapid growth happening in these countries as well as the rest of Europe.
• Middle East: Saudi Arabia has a dominant market share in this region and is quickly gaining traction as an impressive market leader given its geographical size.
• Latin America: Countries like Brazil and Mexico are still emerging in the digital asset management market, but are projected to see significant growth throughout the forecast period.

By Enterprise Size

This may come as no surprise, but large businesses and enterprises currently have the highest market share. However, despite the fact that DAM pricing is such a limiting factor, many small and medium enterprises (SMEs) are investing in digital asset management systems.

It is predicted that SMEs will have the highest CAGR over the 2024-2034 forecast period due to the increased availability and affordability of cloud-based DAM solutions.

Digital Asset Management Competitive Landscape

As I’ve discussed throughout this article, there is a lot of competition in the growing digital asset management market. Fueled by the explosive growth in digital marketing, there has been a growing abundance of digital asset management systems.

The below list is by no means exhaustive, but it does showcase some of the key players and top digital asset management software tools currently available.

• MediaValet has one of the largest global market shares for digital asset management while also sporting some of the best DAM solutions for scalability. Find pricing information for MediaValet here.
• Air is a clear winner for those dealing with visual digital assets and trying to manage metadata for those assets.
• Bynder has some of the cleanest UX for creating consistent branding for large enterprises and up-and-coming SMEs.
• Acquia DAM (Widen) offers a plethora of customizability and simple searchability that makes collaboration and sharing digital assets easy and enjoyable.
• Aprimo is an industry leader that excels at incorporating rising technologies and creating opportunities for cross-platform integrations.
• Wedia is one of the most functional DAM solutions that makes for a smooth plug-and-play experience.
• Canto is a great option for ease-of-use—it works consistently every time and doesn't need unique and special use cases for your digital asset management.
• Pics.io makes organizing and tracking all of your digital content creation a breeze while also offering powerful solutions for collaboration between multiple teams.
• Celum is perfect for those working with teams that utilize Kanban and automation.
• Brightspot is a joint content management system (CMS) and DAM, making it a good option for publishers, media companies, and marketing departments. Find Brightspot's pricing here.

Before you choose a digital asset management tool, review these demos of digital asset management software to make sure the tool you're considering has the features you need.

Recent Developments In The Digital Asset Management Market

There have been several major events in recent years that have changed and shaped the global digital asset management market. 

Major players such as Cognizant Technology Solutions Corp, Hewlett-Packard Company, Oracle Corporation, Adobe Systems Incorporated, OpenText Corporation, Celum, Mediabeacon Inc., Canto Inc., Widen, Bynder, Northplains, and MediaValet Inc. have all played roles in developing the DAM market.

• June 2018: Cloudinary announced the first end-to-end DAM developed for businesses to manage their digital media assets while delivering engaging customer UX. They also incorporated AI-based search for better asset manipulations and more efficient workflows.
• April 2019: Hewlett Packard worked with PubNub to bring Intelligent Edge capabilities to the DAM market. Hewlett Packard is still planning on collaborating with PubNub to expand their technology while expanding to other industries and DAM use cases.
• March 2019: Adobe and Microsoft revealed Open Data Initiative (ODI), an initiative to help customers create new connections across siloed data for businesses to improve their customer interactions, as well as gather more accurate data to use in their business processes.
• August 2023: KeyShot acquired Digizuite A/S, allowing them to utilize Digizuite's DAM solutions to take a larger share of the market. This allowed them to empower companies to streamline their digital asset management and enhance their ability to collaborate, as well as offer seamless content creation and delivery across all media channels.
• December 2023: OpenText and Vue.ai merged in order to expand their digital asset management solutions. Focusing on AI-powered metadata tagging for media assets, OpenText and Vue.ai began to lead the charge in the advancements in artificial intelligence driven digital asset management solutions. 

Key Trends In The Digital Asset Management Market

The DAM market is quickly evolving while also still being relatively new to the digital marketing landscape. According to Bynder, the digital asset market is clearly trending towards:

• Voice recognition: More and more DAM solutions are leveraging voice recognition technology and AI in order to improve asset searchability.
• AI in asset discovery: DAM systems are beginning to rely more on AI-assisted digital asset discovery by having AI analyze digital content for opportunities in content creation and recognizability.
• AI-assisted metadata tagging: There is a growing trend towards AI-assisted tagging, organizing, and retrieving digital assets to improve the scalability and general organization of the DAM market.
• Emphasis on remote work: With so many businesses moving to remote work, the digital asset market is on an explosive growth curve and many DAM solutions will need to start focusing on data security to assist with this move to remote work.
• Automation: Many DAM software companies are leaning heavily on automation because there is a clear market trend for automation opportunities playing a large role in their decision to purchase and utilize a DAM solution.

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