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Digital Asset Management (DAM) Market Forecast To Reach $28.7 Billion By 2029, Fueled Digital Asset Management (DAM) Market Forecast To Reach $28.7 Billion By 2029, Fueled By Cloud Adoption And Remote Work TrendsBy Cloud Adoption And Remote Work Trends
By GlobeNewswire
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Dublin, June 07, 2024 (GLOBE NEWSWIRE) -- The "Digital Asset Management Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The global Digital Asset Management (DAM) market is witnessing a significant rise as organizations across industries prioritize efficient management and utilization of digital content. With a Compound Annual Growth Rate (CAGR) of 12.85% projected through 2029, the global market value, which stood at USD 13.77 billion in 2023, is set to grow robustly. Key factors contributing to this expansion include the escalating production and consumption of digital media, the growing imperative for compliance with data protection and intellectual property regulation, and the increasing adoption of cloud-based DAM solutions.
In the wake of stringent data privacy regulations such as the GDPR and CCPA, DAM solutions are increasingly recognized for their vital role in data governance and regulatory compliance. Organizations lean on these systems to manage digital assets securely and ensure adherence to legal standards, thereby mitigating the risks of non-compliance.
The Shift Towards Cloud-Based Solutions
A telling trend in the DAM market is the shift toward cloud-based platforms, preferred for their scalability, remote access capabilities, and cost efficiency. In an era where agile response to market demands and distributed workforce collaboration is essential, cloud-native DAM solutions provide the necessary tools to manage digital assets effectively.
Integration and Adoption Challenges
While the market is ripe with opportunities, integrating DAM systems with existing technology stacks remains challenging, often requiring customized solutions. Moreover, with digital transformation, companies face hurdles in driving user adoption and managing organizational change, emphasizing the need for comprehensive change management strategies.
Emerging Trends: AI and Cloud-Native Technologies
The integration of Artificial Intelligence (AI) and Machine Learning (ML) into DAM systems is emerging as a transformative factor that enhances automation and intelligent management of digital assets. Additionally, the increasing reliance on cloud infrastructure and mobile access point to a future where cloud-native DAM solutions play a critical role in digital asset management strategies.
Regional Market Dynamics
The Asia-Pacific region leads the DAM market share, spurred on by its rapid digital transformation and diverse digital content needs. Localization, multilingual support, and compliance with regional data protection laws are key considerations for DAM providers operating in this market.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 181 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $13.77 Billion |
| Forecasted Market Value (USD) by 2029 | $28.7 Billion |
| Compound Annual Growth Rate | 12.8% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- Adobe Inc.
- Canto Inc.
- CELUM GmbH
- Cognizant Technology Solutions Corporation
- Oracle Corporation
- Cloudinary Ltd.
- Open Text Corporation
- MediaValet Inc.
- Bynder BV
- MediaBeacon Inc.
For more information about this report visit https://www.researchandmarkets.com/r/my7th0
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First published on Fri, Jun 7, 2024
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