Global Digital Asset Management (DAM) Systems Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Component (Software, and Solutions), By Business Function (Human Resource (HR), Sales and Marketing, Information Technology (IT), and Others), By Application (Enterprise, Marketing, Broadcasting, and Publishing), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030Industry: Information & Technology
DIGITAL ASSET MANAGEMENT (DAM) SYSTEMS MARKET: OVERVIEW
The Digital Asset Management (DAM) Systems Market was valued at USD 3.1 Billion in 2021, the market is projected to grow USD 8.5 Billion in 2030, at a CAGR of 13.06%. Digital assets such as photos, images, text-based files, videos, and spreadsheets have grown exponentially in recent years. This expansion has been attributed primarily to the rapid digitization of content. The digital asset management (DAM) solution allows authorized users to store, review, edit, retrieve, and share digital information through a centralized interface. Copyright functionality in a DAM solution also automates and collaborates workflow and manages permissions. Some popular DAM solutions include asset analytics, creative tool integration, asset and metadata archiving, video management, lifecycle & rights management, and web content management.
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The COVID-19 pandemic had a negative impact on the market in 2020, resulting in a sharp drop in year-over-year growth. However, companies in the market have used a variety of strategies to improve their operations. Digital acceleration, which was part of many entities' growth strategies and operating models during the COVID-19 pandemic, is a prominent trend characterizing the digital asset management market outlook from 2021 to 2027. Following the outbreak of the disease, businesses are rapidly adopting digital technologies and focusing on customer service digitalization investment as a tailored approach to overcoming the crisis. Furthermore, the use of innovative technologies such as AI to assist organizations in seamlessly identifying and utilizing rich media assets will improve DAM operations and, as a result, fuel industry growth in the coming years.
DIGITAL ASSET MANAGEMENT (DAM) SYSTEMS MARKET: TREND
Growing Technological Advancement
The advancement of technology is a key trend shaping the digital asset management (DAM) market. Major players in the digital asset management industry are focusing on developing technologically advanced DAM solutions. For example, in July 2020, Sitecore, a software company based in the United States, released version 3.4 of its Sitecore Content Hub solution, which includes new and improved workflow and third-party integration capabilities. Sitecore Content Hub version 3.4 expands its Digital Asset Management platform with artificial intelligence (AI) and video technologies, allowing for the automated creation of video metadata and transcripts, as well as time and range-based annotation, cropping, and subtitles. Cloud-based DAMs are becoming increasingly popular as various technologies such as Artificial Intelligence and Big Data Analytics gain traction. DAM scans content and generates metadata tags using Artificial Intelligence (AI) technology. Optical character recognition, speech recognition, and facial recognition are some of the AI use cases for DAM.
DIGITAL ASSET MANAGEMENT (DAM) SYSTEMS MARKET: DRIVERS
Increasing Prevalence of Cloud-Based Digital Asset Management (DAM) Solutions Drive Market Growth
The growing popularity of cloud-based digital asset management (DAM) solutions is expected to propel the digital asset management (DAM) market forward. Cloud-based digital asset management is a platform that allows businesses to manage, store, and organize their assets in the cloud. A cloud DAM would benefit any organization that uses resources for packaging, marketing, advertising, or any other business-related activity. According to an IO integration report, for example, the use of DAM software has increased, with approximately 62 percent of companies using digital asset management software in 2019. As a result of the growing popularity of cloud-based DAM solutions, the digital asset management market is on the rise. The increased adoption of cloud computing technology among small and medium-sized businesses due to its benefits is likely to drive the adoption of cloud DAM solutions.
Global Digital Asset Management (DAM) Systems Market Report Coverage
|Market Size in 2021:||USD 3.1 Billion|
|Forecast Period 2021-2030 CAGR:||13.06%.|
|2030 Value Projection:||USD 8.5 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||215|
|Tables, Charts & Figures:||118|
|Segments covered:||By Component, By Business Function, By Application, By Region, COVID-19 Impact Analysis|
|Companies Covered:||Adobe, OpenText , Cognizant , Aprimo, Bynder, Sitecore, Widen, MediaBeacon , CELUM, Nuxeo, Frontify, Hyland Software|
|Growth Drivers:||1)Increasing Prevalence of Cloud-Based Digital Asset Management (DAM) Solutions Drive Market Growth 2) Lack of visibility, control, and Integration Hamper Market Growth|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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DIGITAL ASSET MANAGEMENT (DAM) SYSTEMS MARKET: RESTRAIN
Lack of visibility, control, and Integration Hamper Market Growth
A lack of visibility and control over company's digital assets is a major issue. It can result in data loss, duplicate content, copyright infringement, and other problems. One gain complete visibility into digital assets as well as the ability to control who has access to them and when. The ability to manage content with granularity and precision reduces the workload on digital asset teams. It can be avoiding the risks of duplication and infringement on intellectual property. This is regarded as the most critical of the digital asset management challenges.
DIGITAL ASSET MANAGEMENT (DAM) SYSTEMS MARKET: SEGMENTATION
The global Digital Asset Management (DAM) Systems Market is segmented by By Component (Software, and Solutions), By Business Function (Human Resource (HR), Sales and Marketing, Information Technology (IT), and Others), By Application (Enterprise, Marketing, Broadcasting, and Publishing), and Region (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa).
SEGMENTATION: BY REGION
Based on the Region, the Global Digital Asset Management (DAM) Systems Market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
The Asia Pacific region is anticipated to grow over the next few years of global Digital Asset Management (DAM) Systems Market owing to the emerging use of digital asset management system among people in the region. Asia Pacific is a developing region that offers numerous opportunities for the digital asset management market. Because of the complexities associated with content, language, and other regional requirements, India is regarded as a very difficult country to manage for entertainment and media providers. As a result, digital asset management has become widely used to address such complexities. DAM platforms are still in the early stages of development in China in 2020. Although there were no DAM solutions in the region in 2018, some content management services appeared in 2019. They did, however, primarily provide some content editing functions while also providing some creative marketing materials. Large investments from well-known manufacturing companies would boost demand for Digital Asset Management (DAM) Systems across Asia-Pacific.
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DIGITAL ASSET MANAGEMENT (DAM) SYSTEMS MARKET: KEY PLAYERS
- Hyland Software
DIGITAL ASSET MANAGEMENT (DAM) SYSTEMS MARKET: RECENT DEVELOPMENT
- April 2021 - Hyland Software, a US-based software company, acquired Nuxeo in for an undisclosed sum. Nuxeo's acquisition strengthens Hyland's commitment to cloud-native platforms and open-source communities while expanding the company's global footprint with new team members, customers, and partners. Nuxeo is a company based in the United States that provides digital asset management solutions.
- May 2021- Frontify, a Swiss MarTech company, signed a strategic agreement with Celum, which includes a comprehensive integration of both systems. This integration will greatly expand the scope and performance of the Celum cloud platform, providing customers with additional brand management features.
DIGITAL ASSET MANAGEMENT (DAM) SYSTEMS MARKET: REPORT OVERVIEW
The scope of the report includes a detailed study of regional markets for Global Digital Asset Management (DAM) Systems Market. The Global Digital Asset Management (DAM) Systems Market is segmented by Component, Business Function, Application, and Region. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Digital Asset Management (DAM) Systems Market.
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