Digital Asset Management Market by Component (Solutions and Services), Business Function (Human Resources, Sales & Marketing, and Information Technology), Deployment Type, Organization Size, Vertical and Region - Global Forecast to 2028
[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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Report Metric |
Details |
Market size available for years |
2019–2028 |
Base year considered |
2022 |
Forecast period |
2023–2028 |
Forecast units |
Million/Billion (USD) |
Segments covered |
Component, Business Function, Deployment Type, Organization Size, Vertical, and Region |
Geographies covered |
North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa |
Companies covered |
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).
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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.
Frequently Asked Questions (FAQ):
What is the projected market value of DAM software Market?
The global DAM software 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%
Which region has the highest market share in the DAM software Market?
North America has the highest market share in the DAM software Market.
Which are the major vendors in the DAM software Market?
Adobe (US), OpenText (Canada), Cognizant (US), Aprimo (US), Bynder (Netherlands), Sitecore (US), Widen (US), MediaBeacon (US), CELUM (Austria), Nuxeo (US), WoodWing (Netherlands), Canto (US), are the key vendors in the DAM software market.
What are the some drivers in the DAM software Market?
Increasing digitalization of content and need for effective collaboration of corporate assets, the focus on enhancing digital experience of customers among enterprises are the major factors fueling the growth of DAM software market.
What are the some challenges in the DAM software Market?
Lack of governance and standards, lack of visibility and control, lack of integration, lack of asset lifecycle management, lack of security and compliance are the common challenges in the DAM software Market.
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The study involved four major activities in estimating the current market size for DAM software and services. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakup and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
The market size of companies offering DAM solutions and services was derived based on the secondary data available through paid and unpaid sources by analyzing the product portfolios of major companies in the ecosystem and rating the companies based on their product capabilities and business strategies. Various secondary sources were referred to in the secondary research process to identify and collect information for this study. The secondary sources included annual reports, press releases, investor presentations of companies, and whitepapers; certified publications; and articles from recognized associations and government publishing sources, such as Content Marketing Institute (CMI), Association for Information and Image Management (AIIM), DAM Federation, and Multichain Asset Managers Association (MAMA).
Secondary research was mainly used to obtain key information about the industry’s value chain, the total pool of key players, market classification, segmentation according to industry trends to the bottom-most level, and key developments from the market and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from the supply and demand sides of the DAM market ecosystem were interviewed to obtain qualitative and quantitative information. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various vendors providing DAM offerings; associated service providers; and channel partners operating in the targeted countries. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to arrive at the final quantitative and qualitative data.
After the complete market engineering process (including calculations for market statistics, market segmentation at each level, market size estimations and forecasting, and data triangulation), extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. The primary research also helped identify and validate the segmentation types; industry trends; key players; a competitive landscape of different market players; and key market dynamics, such as drivers, restraints, opportunities, challenges, industry trends, and key strategies. The bottom-up approach was extensively used in the complete market engineering process, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and subsegments listed in this report. The complete market engineering process was extensive qualitative and quantitative analysis to list the key information/insights throughout the report.
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Market Size Estimation
The top-down and bottom-up approaches have been used to estimate and validate the size of the DAM market and various other dependent sub-segments.
The research methodology used to estimate the market size includes the following details:
- The key players in the market have been identified through secondary research, and their revenue contributions in the respective countries have been determined through primary and secondary research.
- This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders, such as Chief Executive Officers (CEOs), VPs, directors, and marketing executives.
- All percentage splits and breakups have been determined using secondary sources and verified through primary sources.
All possible parameters affecting the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data has been consolidated and added with detailed inputs and analysis from MarketsandMarkets.
In the bottom-up approach, the adoption trend of DAM in key countries with respect to regions that contribute to most of the market share was identified. For cross-validation, the adoption trend of DAM, along with different use cases with respect to their business segments, was identified and extrapolated. Weightage was given to the use cases identified in different areas for the calculation. An exhaustive list of all vendors offering services in the DAM market was prepared. The revenue contribution of all vendors in the market was estimated through annual reports, press releases, funding, investor presentations, paid databases, and primary interviews. Vendors with DAM offerings were considered for the evaluation of the market size. Each vendor was evaluated based on its offerings across verticals. The aggregate of all companies’ revenue was extrapolated to reach the overall market size. Each subsegment was studied and analyzed for its market size and regional penetration. The region split was determined by primary and secondary sources based on these numbers.
Data Triangulation
With the data triangulation procedure and validation of data through primaries, the exact values of the overall DAM market size and its segments’ market size were determined and confirmed using the study.
Market Definition
DAM is a software application that provides a centralized hub to facilitate easy storage, organization, discovery, management, distribution, and analysis of digital assets, such as images, videos, designs, audio, animations, and 3D content of an enterprise. Departments, including Human Resources (HR), Information Technology (IT), Sales and Marketing, and creative operations and website management, use DAM to collaborate and manage digital assets.
Key Stakeholders
- DAM solution and service providers
- Consulting service providers and consulting companies
- Government organizations, forums, alliances, and associations
- System integrators (SIs)
- Value-added resellers (VARs)
- Research organizations
- End users
Report Objectives
- To describe and forecast the digital asset management (DAM) market based on components (solutions and services), business functions, deployment types, organization size, verticals, and regions
- To forecast the market size of regional segments: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America
- To strategically analyze the market’s subsegments with respect to individual growth trends, prospects, and contributions to the total market
- To provide detailed information related to the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To analyze industry trends, patents and innovations, and pricing data related to the market
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for major players
- To track and analyze competitive developments, such as new product developments, product enhancements, partnerships, and collaborations, in the market
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:
Company Information
- Detailed analysis and profiling of additional market players up to 5
Growth opportunities and latent adjacency in Digital Asset Management Market