The vendor landscape of the digital asset management is highly consolidated with the presence of a handful players in the market, says Transparency Market Research. Some of the major players in the digital asset management market are Cognizant Technology Solutions Corp, Hewlett-Packard Company, Oracle Corporation, Oracle Corporation, Dell Technologies, and IBM Corporation.
These players are focusing towards business expansion, acquisition and mergers and collaboration in order to concretize their market position. Along with this, they are looking to strengthen their geographical reach and customer base in order to garner majority of share.
For instance, in year 2019 – Hewlett Packard collaborated with PubNub to bring new Intelligent Edge capabilities to the enterprise. The company is projecting to expand PubNub’s technology and value a wider range of industries and applications.
Transparency Market Research estimates that the global digital asset management market, which valued at US$1,732.5 mn in 2016, will exhibit an excellent CAGR of 15.6% from 2017 to 2025 and account for US$6,327.8 mn in 2025.
Regionally, North America is expected to hold a majority of share in the digital asset management market during the forecast period that is from 2017 to 2022. This is mainly because the region has a high concentration of media and entertainment industries. Further on the basis of type, the small and medium enterprises (SMEs) segment is expected to grow at a significant CAGR rate during the forecast period owing to the dependency of the organisation on digital asset management as compared to the larger enterprises.
Increasing Penetration of Smartphones to Offer Lucrative Opportunities
The digial asset management market is expected to grow at a significant pace in the coming few years, thanks to their ability to solve business complexities for better cost optimization on their business processes. In the coming few years, several companies are focusing on improving their online marketing presence as ecommerce has emerged as prominent point of sales. Further, rise in digital marketing activities across the globe has splure the need for organizing digital assets.
he Digital Asset Management comprise of a number of solutions and services that helps in store, organize, access, and share their rich media content of any organization. The service segment comprise of end user expenditure on consulting, implementation, and training & support where as solutions consist of several things such as analytics, asset and metadata archiving, creative tool integration, lifecycle & rights management and video management.
Substential boost in the demand for collaborative digital workflow especially for a smoth sales and marketing activities is a prominent factoe expected to drive the global digital asset management market. Other factors like increasing smart phones penetration, redue in rate of intert access and improvwmwnt in digital content are some of the vital factors expected to drive the global digital asset management market in the forthcoming year.
Integration of AI with Digital Asset Management Solution to Boost Prospects
Despite several drivers, growth in the digital asset management market is likely to hamper owing to the low awareness and reluctance of small enterprise to leave traditional approach.
To overcome this, players in the digital asset management market is focusing on offering integrating artificial intelligence with digital asset management solutions and services for massive digital content storage. This is another important factor projected to create new growth opportunities for the digital asset management players in the forecast time period.