NEW YORK, Oct. 24, 2023 /PRNewswire/ — The “Digital Asset Management Market by Deployment (On-Premise and Cloud), End-user (Large enterprise, Small, and medium enterprise), and Geography (North America, Europe, APAC, South America, and Middle East and Africa) – Forecast and Analysis 2023-2027″ report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the digital asset management market between 2022 and 2027 is USD 11.93 billion.
The shift from on-premises to SaaS is notably driving the digital asset management market growth. Cloud-based storage services have become increasingly popular among organizations across various industries for storing digital files, as they offer managed file services and disaster recovery solutions. Moreover, cloud solutions are highly adaptable, with IaaS, PaaS, and SaaS deployment models, enabling businesses to tailor their cloud infrastructure to their specific needs. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here
Data privacy and security concerns are the major challenges impeding the digital asset management market growth. Cloud-based solutions face a higher vulnerability to cyberattacks, particularly stemming from code glitches, as public clouds are shared by multiple tenants, impacting various applications within the cloud environment. This openness of architecture and resource sharing creates a pathway for cyber attackers to easily infiltrate cloud-based data storage systems. Consequently, it is imperative for companies to prioritize data encryption and employ multi-factor authentication methods, including biometrics, to secure user authorization within their IT systems. Additionally, adhering to regulatory guidelines for cloud security management is essential. These challenges are anticipated to exert a negative influence on the growth of the digital asset management (DAM) market during the forecast period.
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- The market share growth by the on-premise segment will be significant during the forecast period. On-premises DAM solutions come equipped with features like workflow optimization, budgeting, DAM, and reporting. These software packages are primarily tailored for the demands of large, intricate marketing operations due to their robust nature and higher cost, making them most suitable for such specific environments. The primary advantage of on-premises software lies in the fact that it grants businesses full control over their vital data. This control facilitates the establishment of a framework for aligning marketing goals and their execution across various business units, functions, or product lines. These factors collectively contribute to the expansion and success of this software segment.
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Key Companies in the digital asset management market:
Acquia Inc., Adobe Inc., Aprimo, Bynder BV, Canto Inc., CELUM GmbH, Cloudinary Ltd., Cognizant Technology Solutions Corp., Danaher Corp., Frontify AG, Image Relay Inc., MediaValet Inc., Open Text Corp., Oracle Corp., PhotoShelter Inc., QBNK Co. AB, Smartsheet Inc., TIBCO Software Inc., WoodWing Software B.V., and International Business Machines Corp.
The Canada asset management market is estimated to decline at a CAGR of 14.57% between 2022 and 2027. The size of the market is forecast to increase by USD 20,974.2 million.
The Enterprise Asset Management (EAM) Market size is estimated to grow at a CAGR of 7.85% between 2022 and 2027. The market size is forecast to increase by USD 2,046.52 million.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Deployment
Market Segmentation by End-user
Drivers, Challenges, & Trends
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