The digital asset management (DAM) market is expected to generate revenue worth $9.32 billion by 2028 based on soaring demand, according to a report by SkyQuest Technology Consulting.
With a market value of $3.68 billion set in 2021, this sector is speculated to record a compound annual growth rate (CAGR) of 14.2% during the 2022-2028 forecast period.
Since the global society is becoming digital-centric, some key trends expected to drive this market include financial institutions’ heightened adoption of blockchain technology for transparency and traceability purposes.
Furthermore, the diversification of crypto investment products is anticipated to propel the DAM market. Per the report:
“Several providers are expanding their cryptocurrency investment offerings beyond simply providing exposure to digital assets via derivatives or tokens. These platforms are also offering managed accounts and other services that make it easier for investors to get started.”
Since DAM enables organizations to manage, store, and track digital assets like documents, videos, and images, the usage of decentralized autonomous organizations (DAOs) is rising.
SkyQuest pointed out:
“Several players in the global digital asset management market are increasingly incorporating DAOs into their offerings, as this type of arrangement provides users with more control over their assets and helps reduce costs associated with traditional approaches such as custodial solutions.”
Businesses also leverage the digital asset management market to protect their intellectual property and optimize their information strategies and communication. As a result, index funds and hedge funds are eyeing this sector.
Per the report:
“Many hedge fund firms are starting to explore the potential of investing in digital assets, as this sector has shown strong growth in recent years.”
SkyQuest intended to comprehend trends in operations and consumer behaviour in the digital asset management market through the study.
Meanwhile, the blockchain in the manufacturing market is expected to render revenue worth $766.2 million in 2030, according to a recent report by Verified Market Research.
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