Digital Asset Management Market Report 2024 (Global Edition)

Market Dynamics of Digital Asset Management Market:

Key Drivers 

• An increase in the ownership of digital assets is leading to market growth in the digital asset management market.

A portion of ownership or rights represented by data in a digital format is called a digital asset. This digital representation of a part of a bigger, frequently real asset can take the shape of a token or unit. The digital asset space is exploding across industries, not simply changing. Tokenization of real-world assets, such as classic vehicles, music, artwork, or even a short film, is democratizing ownership and participation. A vast amount of digital assets is being created and acquired by organizations due to the exponential rise of digital material. Multimedia data such as pictures, movies, documents, and more are included. The demand for DAM solutions is driven by the necessity to effectively manage, organize, and use these assets. The amount of digital assets has increased dramatically due to the growing digitalization of content, social media, and online marketing. For Instance, More than twice as much as it had been at the end of 2020, the worldwide market capitalization of cryptocurrencies stood at over $2 trillion in August 2021. Put another way, in just ten years of existence, the total market value of cryptocurrencies has surpassed that of gold, which has served as the world's reserve asset for most of modern history, by about 20%. As a result, effective methods are now required to manage these assets. Second, the requirement for DAMS has increased due to the growing emphasis on online brand presence and the necessity of consistent branding across various platforms. (Source: https://www.bnymellon.com/us/en/insights/all-insights/digital-assets-from-fringe-to-future.html) Therefore, The institutional need for a worldwide infrastructure that offers stability and safety is apparent, as the growing significance of digital assets has been established. 

• Increase in technological advancements is boosting the market growth for digital management.

An increasingly important part of marketing technology for carrying out campaigns is digital asset management. Furthermore, the DAM industry is changing due to machine learning and artificial intelligence (AI), which includes facial and picture recognition. It is anticipated that the market players will have numerous growth opportunities as a result of the integration of various technologies, including Bluetooth, RFID, Wi-Fi, and Zigbee, with IoT in multiple devices. These opportunities will enable them to make significant product developments and innovations in order to realise their potential and secure a sizeable portion of the market. AI has developed to the point where it now permeates every facet of human life. This piece explores the potential for artificial intelligence (AI) and machine learning to completely transform the way we manage and maximise our investments, with a focus on the future of digital asset management.Digital asset management is going through a change of its own during this AI revolution. Artificial intelligence and machine learning  are revolutionising the way we trade, manage, and optimise digital assets as traditional asset management techniques collide with the world of cryptocurrencies and blockchain technology. For Instance, With the introduction of Cloudinary Nexus, a digital asset management (DAM) solution designed specifically for small and medium-sized enterprises (SMBs), the picture and video platform Cloudinary today expands its asset management suite. The new AI-enabled solution, which is currently available in both free and paid tiers, gives teams and SMBs the enterprise-grade capabilities they need to connect fast and simply, find and adapt assets, and build their brand with less complexity, effort, and time(Source: https://www.cloudcomputing-news.net/news/2023/nov/14/cloudinary-introduces-nexus-a-free-ai-powered-digital-asset-management-solution/) Hence, as technology is advancing, managing the digital assets is getting more secure and easier which drives the market growth.

 Key Restraints of Digital Asset Management Market

• Lack of knowledge about the industry and high cost hampers the market growth.

many businesses still use older enterprise content management platforms with some DAM-like capabilities but may not be specifically designed DAM solutions for their organizations' needs in marketing or creative services, there is a lack of knowledge about the solutions on the market. Furthermore, these solutions come at a significant cost based on their features and capabilities. Usually, the level of integration sophistication with creative and production processes distinguishes mid-range from high-end products. Using Adobe PhotoShop to browse DAM might be possible with a mid-range system. For Instance, The amount of documents and concurrent users that a digital asset management system can serve determines how much it will cost. For as little as $15,000 in hardware and software, as well as $4,000 annually for support, an entry-level system may accommodate up to 10,000 documents and five users at once.The cost-effectiveness of purchasing the system increases with its size. It will cost at least $70,000 plus about $11,000 a year to operate a system that can handle 250,000 documents and 40 users at once.(Source:https://socialsci.libretexts.org/Courses/Sacramento_City_College/LIBT_300%3A_Introduction_to_Library_Services_(Li)/01%3A_Technical_Services_and_Infrastructures/1.04%3A_New_Page#:~:text=The%20cost%20of%20digital%20asset,a%20year%20in%20annual%20support.) Furthermore, it is anticipated that having a DAM system with an API will be necessary for integrating DAM solutions with other enterprise management solutions, allowing the systems to communicate and exchange data, or manually transfer data. If assets are being utilised and modified across several systems, integration consistency must be guaranteed. Thus, the market is hampered by a lack of awareness and greater solution costs.

What was the Impact of COVID-19 on the Digital Asset Management Market?

The COVID-19 pandemic has affected almost every country in the world and has had a significant impact on people's lives, communities, enterprises, and economies. Beyond the acute health emergency, the consequences are already evident: changes in asset classes, market volatility, new levels of corporate debt, and the beginning of what might be a protracted recession. However, there are also noteworthy opportunities. Large and expanding markets exist in China and other Eastern countries, enormous amounts of capital remain accessible for investment, and exciting opportunities arising from increased digitization and future technology await. These circumstances provide a difficult climate for the asset management sector in a market that was already seeing a lot of change. For Instance, During COVID-19 The Army Digital Asset Management (ADAM) idea was designed by Albany Beck in collaboration with Army ICS Ops as a member of the Digital Change Team. They developed an ADAM app prototype that could interact with both new and legacy laptop records, enabling compliance with pre-agreed processes along with an on-demand reporting functionality that provided real-time visibility and control of this vital hardware data set. (Source: https://www.albanybeckps.com/case-studies/enabling-digital-asset-management-during-the-covid-19-crisis)
 

Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.

The Global Digital Asset Management Market is witnessing significant growth in the near future.

In 2023, the On Premise segment accounted for noticeable share of global Digital Asset Management Market and is projected to experience significant growth in the near future.

The Media Entertainment segment is expected to expand at the significant CAGR retaining position throughout the forecast period.

Some of the key companies ADAM Software NV, Bynder and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.

Frequently Asked Questions