Digital Asset Management Market

[274 Pages Report] DAM (Digital Asset Management) is the process of managing, organising, and distributing digital assets from a single content location or hub. The primary goal of DAM is to assist organisations in creating and managing content throughout the entire content lifecycle. In turn, digital asset management software aids in the creation, archiving, management, repurposing, and manipulation of digital assets. It can also help businesses with content marketing or allow for better management of product assets in an e-commerce store, such as SAP commerce. Almost every department in an organisation can benefit from digital asset management.

The global DAM market size is expected to grow from USD 4.7 billion in 2023 to USD 8.7 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 13.0%. The growing need for continuous innovation, digitalization, rising demand for smart phones, tablets and social media are the major factors fueling the growth of DAM software market. Further, the increasing adoption of DAM software by medium businesses and small businesses, with limited resources available to optimize their operations, has significantly contributed to the growth in the market in terms of the user base.

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Drivers: Focus on enhancing digital experience of customers among enterprises

The emphasis among enterprises on improving the digital experience of customers is growing at a rapid pace, resulting in a greater need for partnerships to deliver content more efficiently. Aditya Birla Fashion and Retail Limited, one of India’s largest fashion companies, announced a partnership with Adobe in July 2022 to deliver high-quality digital experiences. As part of ABFRL’s digital transformation strategy, iconic brands such as Louise Philip, Van Heusen, Allen Solly, Peter England, and Pantaloons will use the Adobe experience cloud to power their websites and mobile applications. These brands will be able to provide unified and personalized content experiences across multiple platforms, owing to AEC. The DAM market is expanding, and vendors are adopting a strategic focus to attract customers. The emphasis is on providing a straightforward and elegant user experience. As more users turn to DAM to streamline their asset creation process, software providers must respond to the demand for simple, user-friendly solutions.

Restraint: High cost related with implementation and integration

Although DAM solutions provide various benefits such as, the cost associated with initial implementation and lifetime license costs for managing digital assets cannot be ignored. According to DayDream, where the overall average cost of a DAM aoftware was nearly USD 51,999 in 2018, a non-hosted DAM solution cost nearly USD 71,746. Similarly, the costs of enterprise-level or cloud DAM, such as Adobe Experience Manager, start at USD 0.5 million (excluding licensing costs) annually. Although the increase in the number of users per account, usage and storage capacity increases the overall cost of DAM license and implementation. Additionally, with the conundrum over the pricing of support services, DAM constraints, and other minute capabilities, many SMEs are skeptical about implementing DAM solutions. According to the 2018 State of Digital Asset Management report by Acquia, only 30% of surveyed organizations had deployed the DAM solution in 2018. Despite the benefits, the high upfront costs restrain small organizations from adopting DAM solutions

Opportunities: facilitates easier management of assets

To keep all assets well-organized and easy to find, teams can create dedicated project folders for individual projects. Project stakeholders can use DAM to categorise and organise digital assets based on their purpose, format, size, or other suitable parameters. Furthermore, DAM allows to structure the files within folders using tags that are automatically suggested by AI algorithms. Furthermore, custom fields and tags tailored to the needs of each project can help with asset discovery. DAMs assist in creating advanced filters to enhance the search by utilising various file attributes. Aside from the basic search, which uses a single field of query, custom metadata and embedded fields can be used to find the right asset. Searching within specific folders or files for assets created or modified on specific dates, for example, is all part of the modern DAM. DAM users have access to features and tools that allow them to create, edit, categorise, approve, reject, move, delete, download, publish, unpublish, share, and render assets quickly.

Challenges: Lack of security and compliance

One of the most critical aspects of managing digital assets is ensuring that they are stored in a secure environment. Unfortunately, many businesses fail to address this critical aspect of management. Furthermore, many businesses are not in compliance with even the most basic security requirements and standards. Because digital assets may contain sensitive information that should not fall into the wrong hands, organisations should prioritise properly securing them. When user use DAM systems, user can control who has access to the digital asset, who can change or delete it, and so on. This should be the top priority among the digital asset management challenges to plan for and overcome.

Based on organization size, large enterprises segment to be the largest contributor to the DAM software market growth during the forecast period

DAM solutions include built-in digital rights management to help enterprises better control asset access and usage. Enterprise digital asset management is a term that is frequently used to refer to digital asset management solutions for large—and typically global—enterprise-sized businesses. In general, enterprise DAM software enables teams to drive efficiencies throughout the entire digital content lifecycle. That entails centralising, organising, sharing, and collaborating on company digital assets such as documents, images, videos, presentations, creative files, and so on in one location for better content management and the associated benefits. Traditional marketing is changing as a result of the growing shift to all things digital. To reach their customers on the right channel, at the right time, and in the right context, every brand must prioritise content and technology. Many organisations struggle to organise, manage, route, share, and find the content they create in the absence of technologies such as enterprise digital asset management. The manual and time-consuming struggle of remembering where user kept an asset and then naming it is not an isolated experience. It's the new normal for businesses that don't have a centralised digital asset library.

Based on vertical, retail & eCommerce segment is to be a larger dominator to the DAM software market during the forecast period

In today's competitive retail market, every advantage counts. DAM makes it easier for retailers to manage the creation and distribution of their products. This reduces the possibility of errors leading to inventory shrinkage and margin compression. A company with a low profit margin is more likely to fail. DAM ensures that retailers do not take unnecessary risks.  With a more streamlined inventory management system, retailers can provide a better in-store experience. This includes a more efficient online order fulfilment process and faster stock replenishment. Any DAM system would be incomplete without a digital asset library. This is where retailers can keep all of their digital assets (such as product images, videos, and so on) that they use across their channels. A product library can assist brands in discovering new and innovative uses for their assets. They can also quickly locate the appropriate assets for future marketing campaigns. Using the product library reduces the risk of retailers creating redundant content or images. Retailers can also more efficiently scale their marketing campaigns by improving product library management. They can use DAM to better manage their inventory. This can assist retailers in avoiding excess inventory while maintaining their brand promise. In several ways, digital asset management can help retailers save time and money such as, it can help to reduce the need for expensive print materials. Product catalogues, signage, and packaging are all examples of this. DAM can assist in reducing the time required to create and distribute content. This includes content both online and offline. DAM can assist retailers in saving money on storage and distribution costs. This includes both the cost of physical storage (hard drives, tapes, etc.) and the cost of digital storage (cloud storage, for example). DAM allows retailers to reduce the amount of physical and digital storage they require. In the long run, this can help save both time and money. Digital asset management is a critical step in the digital transformation of any retail organisation. It allows for the effective and efficient management of digital assets and provides an overview of the brand's current presence across multiple channels. While digital asset management is critical, it is also important to remember that it is only one component of the puzzle. The key is to find a solution that provides a wealth of data while also assisting in the interpretation of that data.

Asia Pacific to grow at the highest CAGR during the forecast period

Due to the complexities of 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 became widely used to address such complexities. There is a clear trend towards digital transformation of businesses in China.A Harvard University-educated designer created a unicorn with his content marketing platform in October 2021, aided by investors who see enterprise software as the next big opportunity in China's tech industry. Tezign, a platform that connects designers with businesses, announced the completion of the first tranche of its Series D round led by Temasek Holdings, increasing its valuation to more than USD1 billion. Around USD 40 million was contributed by the Singaporean government investment firm and other backers. According to the Small and Medium Enterprise Agency of Japan, Japan is the ideal country for digital asset management solutions in this region because 99.7% of industries fall into the small and medium enterprise segment. Furthermore, due to limited budgets and insufficient IT infrastructure, SMEs have preferred low to medium-cost solutions such as digital access management software over ERP solutions. NRI announced an investment in March 2021 in collaboration with Komainu Holdings Limited, a digital asset management service provider. The collaboration allows NRI and Komainu to combine their technologies in order to expand their offerings into the region's digital asset market. Furthermore, the BFSI sector has seen an increase in the use of DAM technology to store and manage wealth across countries. Asia Digital Bank Ltd (ADB), a wholly-owned subsidiary of China's state-owned Asia Pacific Investment Bank (APIB), announced plans to build a self-financing servicing ecosystem through industrial alliances in May 2021. Huobi Asset Management is the second fund manager to receive Securities and Futures Commission approval to issue 100% virtual asset funds. The Asia-Pacific region is quickly becoming one of the most rapidly growing regions in the digital asset management industry. As global brands expand their reach into Asia Pacific and invest more in visual content strategies, DAM is emerging as a solution to help them deal with common challenges that arise when dealing with global teams, new expansion regions, and an influx of content.

Key Players

Adobe (US), OpenText (Canada), Cognizant (US), Aprimo (US), Bynder (Netherlands), Sitecore (US), Widen (US), MediaBeacon (US), CELUM (Austria), Nuxeo (US), WoodWing (Netherlands), Canto (US), Wedia (France), Digizuite (Denmark), censhare (Germany), Cloudinary (US), MediaValet (Canada), Ignitetech (US), BrandMaker (Germany), Brandfolder (US) are the key players in the DAM software market.

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Scope of the Report

This research report categorizes the DAM market based on component, business function, deployment type, organization size, vertical, and region.

Based on Component, the DAM market has been segmented as follows:

• Solutions
• Services
• Consulting
• Integration and Implementation
• Training, Support, and Maintenance

Based on business function, the DAM software market has been segmented as follows:

• Human Resources (HR)
• Sales & Marketing
• Information Technology (IT)
• Other Business Functions

Based on deployment mode, the DAM software market has been segmented as follows:

• On-Premises
• Cloud

Based on organization size, the DAM software market has been segmented as follows:

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

Based on vertical, the DAM software market has been segmented as follows:

• Retail & eCommerce
• BFSI
• Manufacturing
• IT & Telecom
• Media & Entertainment
• Government & Public Sector
• Travel & Hospitality
• Healthcare
• Other Verticals (Education, Real Estate & Construction, and Energy & Utilities)

Based on regions, the DAM software market has been segmented as follows:

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Rest of Asia Pacific
• Middle East and Africa
  • United Arab Emirates (UAE)
  • KSA (Kingdom of Saudi Arabia)
  • Rest of Middle East and Africa
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America

Recent Developments

• In November 2021, Adobe launched AEM Assets. AEM Assets Part 2 would feature the most optimal DAM implementation practices in use. Adobe’s professional services teams would help customers architect, develop, and implement digital marketing solutions daily. It also would provide insights into ways to get the most out of users’ investments in digital assets and protect brands.
• In March 2023, OpenText has collaborated with Bayer. OpenText and Bayer work together to simplify digital operations. Bayer chose OpenText Business Network Cloud Enterprise as a strategic solution for select B2B integration activities within the Consumer Health and Pharmaceuticals divisions in order to increase agility and improve operational efficiencies.
• In August 2021, Cognizant has acquired Hunter Technical Resources. Hunter Technical Resources’ digital engineering assets were acquired by Cognizant. This acquisition broadened Cognizant’s access to the highly specialized expertise that its clients require to accelerate their digital transformation journey.

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