Increase in the complexity, velocity, and volume of content that end-user industries are generating currently, is anticipated to boost the demand for enhanced and industry-specific data asset management solutions.
The service segment is projected to grow at the CAGR of around 18% during the forecast period. Increase in demand for enhanced content management solutions and rise in competition among end-user organizations globally are anticipated to boost the segment growth during the forecast period.
The IT segment dominated the market in 2016, whereas the marketing segment is projected to witness the highest CAGR of 15% during the forecast period. This is attributed to growth in adoption of real-time digital asset management solutions among marketing departments of end-user industries to assist sales department with up-to-date content.
The global digital asset management market was valued at $1,928 million in 2016, and is projected to reach at $5,287 million by 2023, growing at a CAGR of 13.7% from 2017 to 2023. This is attributed to increase in need for advanced and real-time digital content management solutions and services among end-user industries.
Region-wise, North America dominated the market, in terms of expenditure on digital asset management solutions and services, owing to high penetration of digital technologies among end-user industries. Moreover, the market in Asia-Pacific is projected to grow at the highest CAGR of around 16%, owing to increase in awareness among end-user industries about benefits of adoption of digital asset management solutions.
The global digital asset management market is characterized by the presence of international market players. These companies tend to expand their market presence by adopting strategies, such as product, strategic alliance, and acquisitions. Some of the key players operating in the digital asset management industry include ADAM Software NV, Adobe Systems Incorporated, Cognizant Technology Solutions Corp, EMC Corporation, Hewlett-Packard (HP), IBM Corporation, Northplains Systems, Opentext Corporation, Oracle Corporation, and Widen Enterprises.
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- The study provides an in-depth analysis of the digital asset management industry, with current and future trends to elucidate the imminent investment pockets.
- Information related to key drivers, restraints, and opportunities and their impact analysis is provided.
- Porters Five Forces analysis illustrates the potency of buyers and suppliers participating in the market.
- The quantitative analysis of the market from 2016 to 2023 is provided to elaborate the market potential.
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Digital Asset Management Market Key Segments:
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This post was originally published on Trading Herald