The global market for corporate heritage data management solutions is experiencing significant growth in demand from a number of industry verticals. Demand for essential historical/heritage in an organized manner is the driving force of the market. Companies have started realizing the benefits of heritage data for marketing and brand development activities. Increased spending on marketing and related activities is anticipated to drive the corporate heritage data management market.
Transparency Market Research estimates that the global corporate heritage data management market will rise to a valuation of US$834.6 mn by 2024, from US$175.2 mn in 2015. The market is estimated to expand at a remarkable CAGR of 19.1% during the forecast period from 2016 to 2024.
Digital Asset Management Solutions Witness High Adoption Levels
Among the solutions used for corporate heritage data management, digital asset management (DAM) held the largest market share of approximately 66% in 2015, as digital asset management provides an all-inclusive system for achieving corporate heritage data management. It provides a logical hierarchy for all the digital data within the enterprise. Data can be organized according to various parameters which can be manually selected. Furthermore, digital asset management provides advanced security features such as authorized permissions to data and features. It helps in limiting the exposure of intellectual property owned by enterprises. Full lifecycle support helps in moving the content within different applications and manage the workflow.
The segment of digital asset management is expected to retain its dominance in the global corporate heritage data management market throughout the forecast period as well, and account for a nearly 67% of the global market by 2024. The segment of data collection management (DCM) solutions holds a much lesser share in the global market as compared to the segment of DAM solutions, however, both the segments are anticipated to experience similar growth during the forecast period.
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North America to Continue to Dominate Market but Lose to Asia Pacific in Terms of Growth Rate
In 2015, North America was the dominant market for corporate heritage data management as demand across the retail and manufacturing sectors experienced high adoption of sophisticated heritage data management solutions for effective organization of historic data. The use of heritage data management solutions across automobile companies for using historic data such as profiles of old models and manufacturing facilities also substantially increased in the region in the past few years. The continuous rise in demand for advanced heritage data management solutions across numerous industries is expected to allow North America to retain its dominance in the global market in the next few years as well.
However, due to the growing needs from the media and entertainment and telecom and IT sectors, Asia Pacific is anticipated to outpace North America and Europe, the latter of which presently holds the second position in the global market, over the forecast period. The region is expected to exhibit a CAGR of 21.3% from 2016 through 2024. The Asia Pacific heritage data management market is expected to gain tremendous growth opportunities from the flourishing telecom and IT sectors.
The market presently features a rather small number of established vendors. As such, the competition is moderate. However, the high growth prospects of the market are expected to attract many new vendors, making the market more competitive. Some of the key players operating in the corporate heritage data management market are North Plains Systems Corp., Open Text Corporation, Widen Enterprises, Inc., NetXposure, Inc., MediaBeacon, Inc., Eloquent Systems, Inc., CultureArk, GruppoMeta, Extensis, Inc., Arkivum Ltd., Media Equation Pty Ltd., Heritage Werks, Inc. and FINNZ.