ALBANY, New York, April 25, 2019 /PRNewswire/ -- The digital asset management market showcases a high fragmented and competitive vendor landscape, says Transparency Market Research. Such a competition mainly exists thanks to a large number of small players established globally. The digital asset management market will likely undergo more fragmentation in the near future, reports Transparency Market Research (TMR). The low barriers to entry and relatively low costs of capital are expected to driving more small players to the market. Some key players in the global digital asset management market are IBM Corporation, Hewlett Packard Enterprise, Dell EMC, Boeing, Microsoft Corporation, Oracle Corporation, Symantec Corporation, and Amazon Web Services.
Key players in the digital asset management market are focused on consolidating their top position in the market. Digital asset management solutions like cloud services are still in their infancy. Additionally, these solutions provide a myriad of benefits to their end-users such as cost-efficiency, data recovery, and many others. Furthermore, once the end-user is hooked onto a certain cloud systems, all of which resemble each other closely, the IT environment poses problems while switching. Hence, once a company gains a dominating position in the digital asset management market, its position be difficult to replace, due to economies of scale.
The digital asset management market was valued at US$1.73 bn in 2016. The market is expected to grow at 15.6% CAGR during 2017-2025. At the current pace of growth, the digital asset management market will reach US$6.33 bn by 2025 end. Among the many segments in the market, enterprise deployment segment accounted for the largest share of total revenues in 2016. Digital mobility and cost-efficiency are proving to be key for growth of this segment.
Region wise, the digital asset management market is experiencing robust growth in North America, Europe, and in Asia Pacific as well. Among these regions, North America and Europe accounted for over 50% total revenue share in 2016. On the other hand, Asia Pacific region is expected to register the highest CAGR during 2017-2025.
Widespread penetration of digitalization has raised the odds of competitions in many markets. Many industrial players are either forced to innovate or die a painful death through ruthless competition. The ground reality is especially stark in the IT industry. Many applications despite being top-notch products cannot generate any revenues due to large availability of free products. This reality has also lowered the value associated with IT products. Additionally, presence of many heavyweights in the market results in extremely tough economic conditions for small players in the digital asset management market. The low-cost cloud solutions are expected to continue bleeding large players in the short run in the digital asset management market.
Lowered value-perception of digital services are expected to hamper revenue margins in the market. However, the critical nature of cloud, ERP, and CRMs are expected to result in high margins for several players in the digital asset management market.
Digitalization to Propel the Digital Asset Management Market
Digitalization has engulfed every aspect of modern life. Hence, it has become a key aspect of B2C and B2B communication as well. Digital assets such as CRMs, ERPs among others enhance considerably when used in synchronization with digital technology. Additionally, these software are a backbone for many companies which rely on them to communicate with customers, respond to real queries, and also engage in future planning. In addition, software like CRM rely heavily on digitalization to store client queries, their data, and leverage it to provide a valuable input. Hence, growing digitalization globally, thanks to cheap smartphones and increasing access are expected to drive significant growth for the digital asset management market.
The information presented in this review is based on a TMR report, titled "Digital Asset Management Market (Solution - Asset and Metadata Archiving, Video Management, Web Content Management, Creative Tool Integration, and Lifecycle and Rights Management; Deployment Model - Enterprise, On-premise, and Cloud; Application - Marketing, Sales, Information Technology, and Photography and Graphic Designing) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."
Digital Asset Management Market has been segmented as below:
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