The global digital asset management software market is expected to reach US$ 9.2 Bn by the year 2026, with a significant growth rate during the forecast period.
Digital asset management software enables information reception, storage, retrieval, and distribution of digital assets of an organization. Digital assets include images, presentations, documents, videos, audios, and others that can be accessed by employees, clients, contractors, and other key stakeholders of a company. Digital assets are quickly accessed through a centralized digital library of an organization.
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The market demand for digital asset management software is increasing due to the growth in digital assets of organizations. Digital assets are increasing owing to the integration of various business functions such as marketing and sales, and others. In addition to these, organizations are investing huge amounts in digital marketing to reach out to a larger customer base and build a positive brand image, which is increasing the market demand for digital asset management software. Moreover, low awareness among people about the service and the lack of a skilled workforce to manage digital assets of organizations can hinder the future market demand. The adoption of artificial intelligence by various organizations to provide efficient solutions using digital asset management software will accelerate the market demand during the forecast period.
The market for global digital asset management software is segmented on the basis of component type, deployment type, product type, application, end-use industry, and region. On the basis of applications, the market is categorized as marketing & advertising, broadcast & publishing, and others. Among these, the media & advertising application is expected to dominate the market in the year 2019, owing to the rising adoption of digital marketing by organizations. On the basis of regions, the Asia-Pacific region is expected to witness significant growth during the forecast period, owing to rising e-commerce services in online retailing. The large data generated by e-commerce can be managed efficiently by digital asset management software.
The key market players are Adobe Systems Incorporated, Adgistics, Brandfolder, Bynder, Canto Inc., Cognizant Technology Solutions Corporation, Image Relay, Oracle Corporation, Third Light, Widen Collective, and others. There are various strategies such as mergers and acquisitions, partnerships, and joint ventures that are being carried out by the market players to expand their business and gain a higher market share.
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For instance, in February 2018, Bynder, the Amsterdam-based global leader in digital asset management, acquired Shutterstock, a digital asset management company, to create creative cloud-based solutions with the purpose of managing, distributing, and collaborating on digital assets. This acquisition was aimed at addressing the evolving needs of customers and developing artificial intelligence-based solutions using digital asset management software.
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