Increase in the complexity, velocity, & volume of content that end-user industries are generating currently, is anticipated to boost the demand for the market.
The digital asset management market is rising mainly due to the increasing digitalization of content and the need for effective collaboration of corporate assets, the emergence of cloud-based delivery options, and the growing need for controlled access and better security of digital assets to avoid copyright issues.
The global digital asset management market was valued at $1,928 million in 2016, and is projected to reach at $5,287 million by 2023, growing at a CAGR of 13.7% from 2017 to 2023. This is attributed to increase in need for advanced and real-time digital content management solutions and services among end-user industries.
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The service segment is projected to grow at the CAGR of around 18% during the forecast period. Increase in demand for enhanced content management solutions and rise in competition among end-user organizations globally are anticipated to boost the segment growth during the forecast period.
The IT segment dominated the market in 2016, whereas the marketing segment is projected to witness the highest CAGR of 15% during the forecast period. This is attributed to growth in adoption of real-time digital asset management solutions among marketing departments of end-user industries to assist sales department with up-to-date content.
Increased need for collaborative digital workflow especially for marketing applications has encouraged end-user industries to invest on enhanced digital asset management solutions and services. Furthermore, rise in need to meet the regulatory compliance and efficient data integration are estimated to fuel the market growth during the forecast period. However, high initial cost associated with the deployment of digital asset management solutions and lack of skilled professionals are some of the factors that are expected to hamper the market growth.
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