The global digital asset management market is expected to grow with the CAGR of approximately 30.6% during the forecast period (2016-2023). The major factors driving the market demand are adoption across industries such as healthcare, banking, financial services & insurance, telecom, etc., increasing adoption of social media marketing and increasing demand for cloud based solutions. The cloud-based solutions held major share of around 50% in 2015 and it is expected to show potential demand in the forecast period due to shift from on premise to Software-as-a-Service (SaaS). Numerous vendors such as IBM, Oracle and EMC have started shifting from on premise to cloud as it offers mobile accessibility, intuitive services and drag-and-drop functionality. The cloud-based solutions provide low-cost options and speedy deployment of services, thus it is increasingly being used by end-users to decrease the total operational cost. Lack of knowledge regarding digital asset management solution and high cost of digital asset management are the key factor that are restricting the growth of the market. Growth in tourism sector and increasing e-commerce industry across the globe are the key opportunities for the market. The market includes certain challenges such as lack of skilled professionals and high initial investment.
On the basis of geography, North America was occupied major share in terms of revenue in 2015. The major reason for its dominance is increasing media & entertainment industry as well as increasing demand for cloud-based solutions in the region. Asia Pacific is expected to witness potential growth in the forecast period due to increasing focus among companies towards creating brand awareness in the region. The major companies in the market includes IBM Corporation, Hewlett-Packard, Widen, Cisco Systems, Microsoft Corporation, Oracle Corporation etc. Partnerships, product launches, mergers & acquisitions etc. are some crucial strategies adopted by the major players to gain competitive advantage.
The global digital asset management market has been categorized on the basis of component, end-use and user type. According to component segment, the digital asset management market is further segmented into software and services. The software is segment is further sub-segmented into on premise and cloud-based. The service is further segmented into system integration, operations & maintenance and consulting. According to end-use segment, the market is further segmented into education, healthcare, BFSI (banking, financial services & insurance), telecom & it, retail, manufacturing, government, media & entertainment, hospitality and others (transportation, consumer electronics & utilities). According to user type, the market is further classified into small & medium enterprises (SMEs) and large enterprises. SMEs have witnessed potential growth in 2015 due increasing demand for cloud-based solutions among SMEs are expected to propel the demand for digital asset management. In addition, increasing awareness about the benefits they offer as compared to traditional content management solutions is expected to further propel the demand for the digital asset management solutions during the forecast period (2016-2023).