Digital Asset Management (DAM) Market

[129 Pages Report] The overall Digital Asset Management (DAM) market is expected to grow from USD 2.08 Billion in 2016 to USD 5.66 Billion by 2022, at a CAGR of 18.3% from 2017 to 2022. The DAM solutions offer several advantages to organizations such as efficient management of digital assets, extraction of relevant insights from data, and effective usage of decision analytics based on patterns. Various applications of DAM solutions includes Enterprise, Marketing, and Broadcasting and Publishing. DAM solutions are being adopted across several industry verticals such Media and Entertainment, Banking, Financial Services, and Insurance (BFSI), Consumer Goods and Retail , Manufacturing, Healthcare and Life Sciences, Education, Travel and Tourism, Others. The base year considered for the study is 2016, and the forecast has been provided for the period between 2017 and 2022.

Digital Asset Management Market Dynamics

Drivers

• Proliferation of Digital Content
• Increasing Focus and Spending on Digital Marketing
• Evolution of Internet Services
• Emergence of IoT Likely to Benefit the Growth of DAM Solution

Restraints

• Lack of awareness and dependency on traditional approaches

Opportunities

• Artificial Intelligence in DAM
• SaaS DAM solutions gaining demand in the market

Challenges

• Perplexing Management of Continually Changing Digital Assets

Proliferation of Digital Content

Digital content has observed tremendous growth in the recent years with the rapid adoption of technology across the world. The proliferation of smartphones and social media platforms has been one of the major factors driving the growth of digital content. Enterprises are at the forefront to collect and utilize the large pool of digital data for different activities, such as marketing, sales, and branding. Moreover, the growth of digital content is further driven by the transition of traditional media and entertainment industry toward digitization. The advent of on-demand movies and TV shows, offered by Netflix and Amazon Prime, has been a vital factor contributing to the digital content on a large scale. With the significant rise in digital content, enterprises are attracted to the DAM solution to manage and utilize their large pool of digital data efficiently. Considering the continual growth of digital content across enterprises, the DAM solution is expected to witness an increase in demand in the coming years.

The following are the major objectives of the study:

• To define, describe, and forecast the global DAM market on the basis of segments which include component, application, deployment type, organization size, vertical, and region.
• To describe and forecast the DAM market, in terms of value, by region– North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America
• To provide detailed information regarding major factors influencing the DAM market growth (drivers, restraints, opportunities, and challenges)
• To strategically profiles key players and comprehensively analyzes their core competencies, along with detailed competitive landscape
• To analyze strategic approaches such as product launches, mergers and acquisitions, contracts, agreements, and partnerships in the DAM market

The research methodology used to estimate and forecast the DAM market begins with the collection and analysis of data on key vendor product offerings and business strategies from secondary sources, such as IT service providers, technology providers, press releases, investor presentations of companies, white papers, technology journals, certified publications, and articles from recognized authors, directories, and databases. The vendor offerings have also been taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the total market size of the DAM market from the revenue of the key market software tool providers and service providers. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The breakdown of profiles of the primary participants is depicted in the figure below:

BREAKDOWN OF PRIMARY PARTICIPANTS

Note: Others* (designation) include sales managers, marketing managers, and product managers
Note: Revenue of Tier 1 companies > USD 1 billion, Revenue of Tier 2 companies > USD 100 million, and Revenue of Tier 3 companies < USD 100 million

To know about the assumptions considered for the study download pdf brochure

The DAM ecosystem comprises vendors such as ADAM Software NV (Belgium), Adobe Systems Incorporated (U.S.), OpenText Corporation (Canada), Celum (Austria), MediaBeacon (U.S.), Canto, Inc. (U.S.), Widen (U.S.), WebDAM (U.S.), Bynder (Netherlands), Northplains (Canada), MediaValet, Inc. (Canada), and Cognizant (U.S.).

Major Digital Asset Management Market Developments

1. In March 2017, Cognizant acquired Brilliant Service which is a Japan-based intelligent products and solutions company. This acquisition would help the company to expand its horizon in the digital market space and thus explore new capabilities and possibilities.
2. In February 2017, Adobe Systems Incorporated enhanced Adobe Experience Cloud and Adobe Advertising Cloud to manage digital data efficiently for marketing and management purpose.
3. In January 2017, ADAM entered into a partnership with SoftServe, a leader in digital software development and consulting. This partnership will help integrate design experience and analytical capabilities of SoftServe with DAM suite of ADAM Software NV.

Target Audience:

• DAM vendors
• Workforce optimization solution providers
• Customer experience solution providers
• Contact center infrastructure vendors
• Managed service providers
• Value added resellers

Report Scope:

The research report categorizes the DAM market to forecast the revenues and analyze the trends in each of the following sub-markets:

By Application

• Enterprise
• Marketing
• Broadcast and Publishing

By Component

• Solutions
• Services
  • Consulting
  • System Integration
  • Training and Support

By Deployment Type

• On-premises
• Cloud

By Organization Size

• SMEs
• Large Enterprises

By Vertical

• Media and Entertainment
• BFSI
• Consumer Goods and Retail
• Manufacturing
• Healthcare
• Education
• Travel and Tourism
• Others

By Region

• North America
• Europe
• Middle East and Africa (MEA)
• Asia Pacific (APAC)
• Latin America

Critical questions which the report answers

• What are the application areas which the DAM companies are exploring?
• Which are the key players in the market and how intense is the competition?

AVAILABLE CUSTOMIZATIONS

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product Analysis

• Product matrix which gives a detailed comparison of the product portfolio of each company

Geographic Analysis

• Further breakdown of the North American DAM market into countries
• Further breakdown of the European DAM market into countries
• Further breakdown of the APAC DAM market into countries
• Further breakdown of the Middle Eastern and African DAM market into countries
• Further breakdown of the Latin American DAM market into countries

Company Information

Detailed analysis and profiling of additional market players

The Digital Asset Management (DAM) market is estimated to grow from USD 2.44 billion in 2017 to USD 5.66 billion by 2022, at a CAGR of 18.3% considering the tremendous growth in digital assets across different industry verticals. Moreover, the rise in the use of smartphones has contributed to the growth of digital assets such as images, videos, and other documents. Moreover, increasing focus on digital marketing has further aided the growth of digital assets and thus subsequently the need for DAM solutions to manage these digital assets.

The small and medium enterprises (SMEs) segment is expected to grow at the highest CAGR during the forecast period. Small enterprises face greater resource crunch than larger enterprises and require better methods to solve the complexities for better cost optimization on their business processes. Implementing viable solutions for managing and maintaining metadata and digital assets are some of the major benefits that the small enterprises are experiencing through the adoption of DAM. By using these managed services, SMEs are able to focus more on business operations than worrying about managing the digital assets cost.

The cloud-based DAM solutions are rapidly gaining traction in the deployment type segment. The cloud deployment type stimulates better access to digital assets data, with faster implementation and reduced total cost of ownership. Considering the cost benefits, small and medium enterprises are likely to adopt cloud-based deployment model for implementing DAM solutions. Furthermore, higher scalability and speed are other major factors that support the fast growth of this model. The market for cloud is expected to grow in the coming years as it provides secure access to various marketing content thus promoting and aiding the marketing campaigns.

North America is expected to hold the largest market share and dominate the DAM market from 2017 to 2022. The region also has a high concentration of media and entertainment industries that largely contribute to the adoption of DAM solutions and services. The DAM solutions and services are being increasingly adopted across various industry verticals, which have led to the growth of the market globally. The consumer goods and retail sector is expected to grow at the highest rate from 2017 to 2022.

DIGITAL ASSET MANAGEMENT MARKET SIZE, BY REGION, 2022 (USD BILLION)

Consumer Goods and Retail, Healthcare and Life Sciences, and Manufacturing industry verticals are expected to drive the growth of digital asset management marketConsumer Goods and Retail

The consumer goods and retail industry is revolutionizing its workflow management by adopting online means to cater its end-user thus giving its customers a convenient and user-friendly experience. Ample data is created in the process and is being saved by different people on various locations. However, when such data needs to be shared with stakeholders, searching and sharing the content is a time-consuming and tedious task. eCommerce is booming as majority of people nowadays prefer this mode for shopping as it is convenient as well as feasible. With eCommerce, digital content such as images and videos are increasing exponentially, and thus arises the need for efficient management of digital assets. Organizations need a tool which can store and upload the content while retrieving information stored in the Product Information Management (PIM). All the above painpoints can be addressed and solved by deploying DAM solution by an organization and thus help in serving their stakeholders in an enhanced way. DAM solution provides an effective way to manage and share digital contents effectively thus helping users improve their process efficiency. It empowers marketing professionals with digital filters helping them find particular bit of marketing collaterals.

Healthcare and Life Sciences

The healthcare and life sciences industry generates vital data related to human beings such as text, numeric files, images, and codes. Previously, this data was in paper form; however, with the established technology in place, the data generated now is mostly digital. Healthcare data is generated from different sources and is stored over distributed network. Sometimes the same data exists in different systems and different format; for instance, clinical data and claim data contain same information but exist in different format. In future, this pool of data is expected to further increase due to increasing sources of data such as fitness monitors, health sensors, health applications, e-health cards, and insurance data. This diverse dispersed data will be difficult to access, manage, and share; thus need for effective data management arises in the healthcare industry. Data sharing is also a concern with this data as it is the private and confidential data of an individual and breach of this data can have serious consequences. In order to efficiently manage, store, and share the data, organizations and institutions in this industry need an effective all-in-one DAM solution. DAM solution empowers users with effective management of their digital assets with more benefits such as cross team collaboration, streamlined efficiency, and better resource allocation.

Manufacturing

In the manufacturing industries, maintaining product quality is a vital aspect. It is important to successfully complete a project within stipulated timeframe, and thus inefficiencies and flaws in the process cannot be tolerated. Lack of efficiency and control in the media creation results in waste of time and effort in searching the right file, sharing files which are too large for email, or broadcasting partial content keeping certain data private. The DAM solution assists to overcome these issues and help improve the productivity and efficiency. It offers absolute handling and control over digital media assets, while handling and monitoring the current projects and its resources thus giving the users proper coordination tools for carrying out efficient and productive process. For instance, Tata Steel has deployed Bynder’s digital asset module which offers user-friendly interface, smart filters, and a handy collections feature, and helps in effective management and sharing.

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