Global Digital Asset Management Market Grows; Standard Chartered and SBI Forge $100M Crypto Venture in UAE
The global Digital Asset Management (DAM) market is undergoing significant growth and transformation. As of 2023, the market size stands at USD 4.7 billion and is projected to reach USD 8.7 billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 13.0%.
This growth is fueled by the increasing demand for digitalization, smart devices, and social media, along with a rising adoption by small and medium-sized businesses seeking to optimize operations with limited resources.
Enterprises are increasingly focusing on enhancing digital customer experiences, as seen in the partnership between Aditya Birla Fashion and Retail Limited and Adobe. This trend is contributing to the expansion of the DAM market, with vendors strategically focusing on providing user-friendly solutions.
However, the high costs associated with DAM implementation and integration pose a significant restraint, especially for small enterprises. The complexity and cost of enterprise-level or cloud DAM solutions, like Adobe Experience Manager, can deter SMEs despite the obvious benefits.
In terms of functionality, DAM systems offer efficient organization, categorization, and management of digital assets, leveraging AI algorithms for tagging and custom fields to enhance asset discovery and search capabilities. Security and compliance remain critical challenges, emphasizing the need for secure storage and proper access control to sensitive digital information.
Large enterprises are the largest contributors to the DAM software market growth, utilizing enterprise DAM software to drive efficiencies in digital content lifecycle management. This shift towards digital is changing traditional marketing practices, necessitating better organization and management of digital assets. Retail & eCommerce segments are particularly dominant in the DAM market, utilizing these solutions to manage product creation and distribution more effectively, ultimately reducing errors, inventory shrinkage, and margin compression.
The Asia Pacific region is poised to experience the highest growth in the Digital Asset Management (DAM) market, driven by digital transformation trends in countries like China and India, and the increasing adoption of DAM solutions by SMEs due to budget constraints and limited IT infrastructure.
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Digital Asset Management (DAM) market
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The DAM market, valued at USD 4.7 billion in 2023, is set to reach USD 8.7 billion by 2028, propelled by global digitalization trends, particularly in the Asia Pacific region.
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