Digital Asset Management Market Expected to Grow at a CAGR of 22.05% by 2027, Driven by the Rise of SaaS
The digital asset management market is projected to witness substantial growth in the coming years, with a Compound Annual Growth Rate (CAGR) of about 22.05% from 2022 to 2027. According to a report, the market size is expected to increase by USD 11,936.72 million during the forecast period. The shifting trend from on-premises to Software as a Service (SaaS) has been a key driver for the growth of the digital asset management market.
The adoption of cloud-based storage services has made digital files the preferred choice for storage among businesses across various industries. The flexibility, scalability, and cost-effectiveness offered by cloud-based solutions have further fueled their demand. Moreover, service providers managing digital files and offering disaster recovery solutions have attracted many businesses to opt for cloud-based storage services.
Cloud-based solutions are available in different deployment models, namely Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and SaaS. These options provide enterprises with the flexibility to build cloud-based infrastructure according to their specific business needs. Additionally, SaaS solutions cater to businesses of all sizes by offering affordable options and fast service delivery.
One of the major trends observed in the digital asset management market is the increased adoption of analytics to manage digital assets. Predictive analytics solutions are being extensively used by businesses to integrate them into their digital asset management systems. This enables companies to effectively manage their digital assets, transform unstructured enterprise data into structured data, and extract valuable insights to enhance their campaigns across different channels.
For instance, Adobe offers a digital asset management product called Adobe Experience Manager, which incorporates advanced analytics capabilities. This enables businesses to analyze data from digital assets and create more targeted and successful campaigns across various channels.
Major companies operating in the digital asset management market include 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.
As the digital asset management market continues to grow, businesses are expected to increasingly rely on cloud-based solutions to effectively manage their digital assets. The adoption of advanced analytics will also play a crucial role in improving asset management and enhancing campaign strategies. With the shift to SaaS and the advancements in technology, the digital asset management market is poised for significant growth in the coming years.
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Note: This article has been generated by an AI language model and has undergone minimal human review. The above information does not constitute any investment advice or financial opinion.
