Over the forecast period, the global digital asset management market is predicted to increase at a compound yearly growth rate of 18.36%, reaching a market value of US$10.018 billion in 2026.
FREMONT, CA: The rise of digital information in a variety of industries such as healthcare, finance and education, has fueled the digital asset management market's expansion. Also, it helps in cost saving for businesses as it allows rapid creation, storage, search, and distribution of marketing networks and content that complements the use of digital asset management solutions.
Due to an increase in the number of companies providing digital asset management solutions, North America is likely to play a significant role in the market growth. With the digital assets management's capacity to address frequent challenges that come when dealing with fresh expanding locations, multinational teams, and an influx in content, Asia Pacific is also expected to play a significant role in the market growth.
With an increase in cloud adoption across various organisations throughout the world, the industry expects a boom in the next few years. Cloud digital asset management is a cloud-based solution that allows businesses to organise, store, manage, and use their assets. This type of digital asset manager is delivered as software-as-a-service and is hosted on a safer and more secure cloud architecture.
The most significant advantages of cloud digital asset management include faster updates, faster deployment, time saving, user convenience, and enhanced agility. Data explicit that 36 percent of the European Union businesses are likely to deploy cloud computing. Also, several industries in the United States have embraced cloud computing.
In addition, due to the increased use of digital asset management solutions and services in the food and beverage industry, the market is expected to rise rapidly in the future years. The emergence of visual and viral media is predicted to increase demand for high-quality and premium edible goods which in turn boosts the market rate in the coming years.