August 19, 2019: Adroit Market Research today published a study on the “Global Digital Assets Management Market Size 2017 by Type (On-premises and Cloud), By Application (Media and Entertainment, Healthcare, Retail and Consumer Goods, Education, BFSI, Automotive and Manufacturing, and Others (Travel & Transportation, and Utilities)), Region and Forecast 2019 to 2025”. The report provides the various key strategies adopted by the leading players as the demand is growing from North America economies. Current digital assets management market share has been derived on the basis of thorough understanding of the forecast and dynamics of digital assets managements in various geographies. Also, the global digital assets management market size has also been laid down based on Porter’s Five Forces Analysis for the industry players’ decision making.
The global digital assets management market size was USD 2,220.00 Million in 2018 and is expected to grow to USD 10,206.20 Million in 2025 with a CAGR 24.35%. Media consumption across the globe is increasingly happening in digital formats. The increase in the number of devices capable of supporting digital media along with increasing internet access speed has provided consumers with an option to access the media content of his choice be it information, entertainment or social activity anytime, anywhere.
A study conducted by Adobe indicated that the increase in smartphone usage is directly influencing consumer content consumption habits. In December 2018, Adobe conducted Consumer Content Survey of 1,000 U.S. consumers, who own at least one digital device and found that digital content consumption is on the rise and consumers have already established expectations and preferences. The proliferation of various content formats (i.e., video, social, memes, etc.) is behind the growth in digital content consumption. According to the Adobe Consumer Content Survey, consumers spend 8.8 hours a day, on average, engaging with digital content.
Nowadays, the rise of digital media players such as Netflix, Hulu, Amazon, Apple TV, Roku, and Boxee, etc. are changing consumer's expectations around customer’s experience. The bar is getting higher for high-quality digital content and consumers have little patience for the poor experience. With consumers now using multiple devices throughout the day, people expect the experience and level of personalization will be continuous and seamless as they move from one device to the next.
The global digital assets management market can be segmented on the basis of type - On-Premises and Cloud-Based Deployment. On-Premises had the highest market share in 2018. However, Cloud-Based Deployment is anticipated to grow with the highest CAGR of 27.43% in the forecasted period owing to the cost benefits offered by the cloud-based model, the small and medium enterprises have largely adopted a cloud-based deployment model while implementing DAM solutions. Additionally, seamless scalability options and speed are some of the other benefits that have contributed to the growth of the cloud-based deployment model.
Based on the application, the global digital assets management market can be further bifurcated into Media and Entertainment, Healthcare, Retail and Consumer Goods, Education, BFSI, Automotive and Manufacturing, and Others (Travel & Transportation, and Utilities). Among these, Media and Entertainment had the highest market share in 2018. Whereas, Retail and Consumer is poised to grow with the highest growth rate of 26.55% in the given time frame. Brand consistency is vital to maintaining market position and consumer loyalty. Omni-channel strategies and the rise of rich media have created a perfect storm for exponential growth in content demand, and retailers are directly in its path. Therefore, future retail will depend on digital asset management as the e-commerce industry is on the rise.
The major players in this industry include OpenText Corporation, Oracle Corporation, Adobe Systems, Hewlett - Packard (HP), ADAM Software, IBM, Cognizant Technology, Northplains System, Widen Enterprises, Canto, Inc., Qbank DAM, Bynder, and Celum.
Key segments of the global digital assets management market
Type Overview, 2015-2025 (USD Million)
Application Overview, 2015-2025 (USD Million)
- Media and Entertainment
- Retail and Consumer Goods
- Automotive and Manufacturing
- Others (Travel & Transportation, and Utilities)
Regional Overview, 2015-2025 (USD Million)
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Central and South America
- Rest of Central and South America
- Middle East and Africa
- GCC Countries
- South Africa