The global digital asset management market is expected to grow at a compound annual growth rate of 18.36% over the forecast period to reach a market size of $10.018 billion in 2026, from $3.078 billion in 2019, according to ResearchAndMarkets.
The growing era of digital content across all industries from healthcare and finance to publishing and education is contributing to the growth of the digital asset management market. Moreover, it can lead to a significant cost saving for the business as it enables faster creation, storage, search, and distribution of marketing network and content which is further supplementing the adoption of digital asset management solutions.
North America is expected to play a major role in the market growth, due to the rise in the number of firms offering digital asset management solutions. The Asia Pacific is also expected to play a major role in the market growth, due to digital assets management’s ability to tackle common problems that arise when dealing with novel expansion regions, global teams, and an influx in content.
Rise in cloud deployment
The market is expected to surge in the coming years, due to the rise in cloud deployment across various enterprises, worldwide. Cloud digital asset management is a solution that enables companies to organize, store, manage and use their assets in a cloud-hosted environment. The type of digital assets manager is hosted in safer and secure cloud infrastructure and is offered and delivered in the form of software-as-a-service.
The major benefits of cloud digital asset management are that it has faster upgrades, faster deployment, IT time savings, is easier for users, and has increased agility. According to the data given by Eurostat, 36% of the European Union enterprises had been using cloud computing in the year 2020. Moreover, a significant number of enterprises had been reported to have been adopting cloud computing in the United States, in the year 2020.
Major companies have been making significant developments in the market. For instance, MediaBeacon, one of the key players in the market, provides cloud digital asset management solutions for various end-users. The company also holds and has ISO 27001 certification for data management, software environment, backups, and storage.
Rising use in the food and beverage industry
The market is expected to surge in the coming years, due to the rising use of digital asset management solutions and services in the food and beverage industry. The market has been expected to surge at a significant rate in the coming years. With the rise of visual and viral media, the demand for high-quality and premium food products is expected to surge.
According to Nestle, 72% of Instagram users have purchased a product that they had seen on Instagram. Every key player in the food & beverage market has to use smart solutions to power experiential marketing. Digital Assets Management in this sector allows the creating of a more centralized environment for all users across different platforms and departments.
The DAM allows an enterprise to help make smarter and creative content decisions. In the food & beverage sector, catching the attention of the customers is highly imperative. Major companies have been making significant developments in the market. For instance, Brandfolder provides solutions that simplify the way a food & beverage enterprise manage and provides digital assets. The company’s solutions add product-specific auto tags, creates polished templates, advance editing & formatting, and provides other imperative solutions.
Latest developments in the digital asset management market
In July 2021, GE Digital, one of the major players in the market, announced that SAUDIA Airlines would be implementing GE Digital’s Aviation Software Asset Records solution. The company had also stated that the novel contract extends the partnership between GE and Saudia, and would create further cost optimization and operational efficiencies. The company’s digital asset records system makes it easier for operators and users to streamline records management with a single and cloud-based solution.
In May 2021, Adobe, one of the major players in the market, had announced the launch of a novel asset management tool, known as Adobe Experience Manager Asset Essentials. The company has also been launching a novel tool to combine and integrate this novel experience called the Adobe Journey Optimizer. The novel tool would allow users and customers to build out their journeys and figure and find the best ways to deliver content and messages along that journey.
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