Digital Asset Management (DAM) Market

[129 Pages Report] The Digital Asset Management market is projected to grow from USD 2.44 billion in 2017 to USD 5.66 billion by 2022, at an expected CAGR of 18.3%. The base year considered for this study is 2016 and the forecast period is 2017–2022. The rise in demand among enterprises to manage digital assets, proliferation of digital content, and increasing focus on digital marketing have further aided the adoption of DAM solution, globally.

Selected Market Dynamics in Digital Asset Management Market

Increasing focus and spending on digital marketing

As more users are engaged on social media, digital marketing has evolved as a vital platform for enterprises to market their products and services to a large target audience in a short period of time. Furthermore, integration of analytical tools with social media platforms has facilitated enterprises to understand their customer behaviour patterns and offer better customer value proposition. Considering the marketing benefits of social media, enterprises are willing to invest heavily on digital marketing activities to promote their products and services, hence leading to a significant rise in digital content, such as high-definition videos, high-quality images, and audios. To manage this plethora of digital content, enterprises are expected to adopt the DAM solution, which would enable them to streamline digital assets, surface relevant metadata, secure assets, and also transform digital content into their latest forms.

Lack of awareness and dependence on traditional approaches

Large enterprises have been adopting various advanced solutions to manage their digital assets, considering the large pool of digital content available with them. However, many organizations stick to traditional and time-consuming methods, such as manually managing digital assets, majorly due to budget constraints to adopt advanced technologies and lack of awareness. Thus, many SMEs depend on manual and other traditional approaches to manage their digital assets. Furthermore, lack of training and capabilities to manage these advanced solutions is another major factor for their lower adoption. This degree of unawareness differs from region to region, and the adoption of advanced solutions in North America and Europe is faster as compared to other regions. Resistance to changes is another factor that restricts employees from adopting the DAM solution.

Objectives of the Study:

• To define, describe, and forecast the Digital Asset Management Market on the basis of components (solution and services), applications, organization sizes, deployment types, verticals, and regions
• To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
• To analyze the submarkets with respect to the individual growth trends, prospects, and contributions to the market
• To analyze and forecast the market size in terms of revenue
• To forecast the market size of the market segments with respect to the 5 main regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the market
• To profile the key players of the market and comprehensively analyze their core competencies1 in each microsegment
• To analyze competitive developments, such as agreements, alliances, joint ventures, and mergers and acquisitions in the market

The research methodology used to estimate and forecast the digital asset management market begins with the collection and analysis of data from the extensive secondary sources, directories, and databases, such as D&B Hoovers, Bloomberg Businessweek, and Factiva to identify and collect information for a technical, market-oriented, and commercial study of the Digital Asset Management Market. The key vendor’s product offerings and business strategies have been analyzed 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 to identify market segments. The bottom-up procedure was employed to arrive at the total market size of the 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.

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

Industry Ecosystem

The digital asset management ecosystem comprises vendors such as Adobe Systems Incorporated (U.S.), OpenText Corporation (Canada), Celum (Austria), Mediabeacon, Inc. (U.S.), Canto, Inc. (U.S.), Widen (U.S.), Bynder (Netherlands), Northplains (Canada), Mediavalet, Inc. (Canada), and Cognizant (U.S.). Please visit 360Quadrants to see the vendor listing of Digital Asset Management Software.

Key Target Audience

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

Scope of the Digital Asset Management Market Report

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

By Component

• Solution
• Services
  • Consulting
  • System Integration
  • Support and Maintenance

Digital Asset Management Market By Application

• Enterprise
• Marketing
• Broadcast and Publishing

By Deployment Type

• On-premises
• Cloud

By Organization Size

• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises

Digital Asset Management Market By Vertical

• Media and entertainment
• Banking, Financial Services, and Insurance (BFSI)
• Consumer goods and retail
• Manufacturing
• Healthcare and life sciences
• Education
• Travel and tourism
• Others (energy and utilities, telecom and IT, and government)

By Region

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

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 digital asset management market into countries
• Further breakdown of the European market into countries
• Further breakdown of the APAC market into countries
• Further breakdown of the Middle Eastern and African market into countries
• Further breakdown of the Latin American market into countries

Company Information

• Detailed analysis and profiling of additional market players

The digital asset management 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. Artificial Intelligence (AI) is changing the way social media marketing approaches customers and the companies address workflow challenges. AI platforms in digital asset management makes it easier than ever before to manage huge volumes or content. AI offers the ability to automatically tag assets based on attributes such as faces, objects, colours, shapes, and more. And the constant developments in DAM technologies, such as integration of cloud and mobility, analytics, and the emergence of IoT have further leveraged DAM vendors to offer a superior solution to improve organizational productivity in a cost-efficient manner.

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 maintaining digital asset management 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.

Managing digital assets, extracting relevant insights from data, and using decision analytics based on patterns are critical aspects of an organization. DAM solution and services offer an efficient and effective way to manage these digital assets and are being increasingly adopted across various industry verticals globally. The consumer goods and retail sector is expected to grow at the highest rate from 2017 to 2022.

The DAM solution helps industries in effectual monitoring and tracking of their digital assets for media and production. They also facilitate managers with real-time access to critical information, such as priority digital media for marketing, protected documents, and fragmentation of digital assets. The North American region has a high concentration of media and entertainment industries that largely contribute to the adoption of DAM solutions and services. Hence, among all the regions North America is expected to hold the largest market share and dominate the Digital Asset Management Market from 2017 to 2022.

However, due to lack of training and capabilities to manage these advanced solutions is a major factor for less adoption of DAM solutions by organizations. This degree of unawareness differs from region to region, the adoption of advanced solutions in North America and Europe is faster as compared to other regions.

The major solution and service providers in the Digital Asset Management Market include 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.). These players have adopted various strategies, such as new product launches, to cater to the needs of the DAM users.

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