Digital Asset Management Market 2022
The Digital Asset Management Market is expected to grow the “speedy spectrum” way in the next 10 years. 5G is accompanying IoT. It is expected to drive the manufacturing vertical and the HD cameras helping in improving traffic management and safety, along with enabling smart grid control and smart retail. This would be the situation brought about by the ICT vertical on the whole.
The global digital asset management market is anticipated to reach a Revenue of US$ 11.4 Bn by 2032 from US$ 4.3 Bn in 2022, rising rapidly at a CAGR of 10.3% throughout the forecast period.
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Increased digitalization of content and the requirement for effective corporate asset collaboration, the advent of cloud-based delivery options, and the growing demand for limited access and greater protection of digital assets to avoid copyright issues are all projected to drive the digital asset management industry forward.
Furthermore, the rising demand for data integrity and the growing trend of integrating encryption technologies with digital solutions to facilitate safe digital commerce are projected to provide sufficient prospects for a rise in the sales of digital asset management.
Digital asset management adoption has been boosted by the growing demand for collaborative digital workflow, particularly for marketing and sales activities. The increased need for digital asset protection to avoid copyright concerns is driving the demand for digital asset management systems.
The demand for bettering digital assets while lowering operational expenses is projected to propel the digital asset management market size forward.
Although digital asset management solutions have numerous advantages, the initial deployment and lifetime license expenses for managing digital assets should not be overlooked. Although the overall cost of a digital asset management license and implementation rises as the number of users per account and storage capacity grows.
Furthermore, many SMEs are hesitant to use digital asset management systems due to the uncertainty around support service costs, digital asset management limits, and other minor capabilities.
As per the recent digital asset management market study by Persistence Market Research, while selecting digital asset management solutions, businesses search for AI and machine learning capabilities. Companies can use AI-based digital asset management solutions to automate image tagging, which is the process of assigning keywords or information to digital assets, including files, images, text, and videos, based on what they contain.
This automated tagging allows digital assets to be quickly identified, segmented and retrieved. Digital asset management solutions can also use AI to extract metadata from digital assets, conduct forensic investigations, and evaluate the conformance nature of digital assets to ensure that users are not using copyrighted content.
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- By 2027, Asia Pacific is predicted to become a major regional player in the digital asset management business. This is due to Southeast Asian entrepreneurs' increasing emphasis on exploiting cutting-edge technologies to maintain consistent contact with clients.
- MSMEs, which account for more than 90% of ASEAN establishments, are investing heavily in AI and other technologies to accelerate digital transformation, which is expected to increase the demand for digital asset management software in the APAC region.
- By 2027, the hybrid sector is anticipated to have a significant proportion of the digital asset management market based on deployment. This is owing to businesses' significant focus on developing productive post-pandemic work environments, with hybrid working expected to have a revolutionary and long-term impact on firms.
- The US digital asset management market size is projected to rise at a CAGR of 10% throughout the forecast period.
Competitive Landscape
Cognizant Technology Solutions Corp, Oracle Corporation, CELUM GmbH, Adobe Systems Incorporated, Cloudinary Ltd, and IBM Corporation are among the leading participants in the digital asset management market. To grow their footprints in this market, they have used various techniques such as expansions, agreements, new product releases, joint ventures, acquisitions, partnerships, and others.
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Recent Developments
Cloudinary Ltd introduced the Cloudinary Media Optimizer in March 2021, a new product that automates image and video optimization and provides the most suitable photos and videos in format and quality.
Cognizant bought Magenic Technologies in January 2021, bolstering its digital engineering expertise. Hundreds more engineers in the United States and the Philippines are likely to be added to Cognizant's global software product engineering network as a result of this acquisition.
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