Adobe (US) and OpenText (Canada) are leading players in Digital Asset Management Market
MarketsandMarkets forecasts 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% during the forecast period. The creation and dissemination of digital content has significantly increased the push for digital engagement which drives the DAM market.
The market players have adopted various growth strategies, such as partnerships, acquisitions, agreements, and collaborations, and new product enhancements to expand their presence in the DAM market. New product launches, product enhancements and collaborations have been the most adopted strategies by major players in past few years, which helped companies to innovate their offerings and broaden their customer base.
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Adobe is a global software company with a diversified product portfolio. It operates in digital media, digital marketing, and print and publishing. It caters to several industry verticals, including BFSI, retail, government, travel and hospitality, healthcare, education, manufacturing, and telecommunication. Adobe licenses its technology to hardware manufacturers, software developers, and service providers for using its products and solutions. Its marketing cloud comprises marketing services, including web experience, analytics, social media optimization, testing and targeting, and campaign management. The company delivers products through Software as a Service (SaaS), managed services, term subscription, and pay-per-use models. It delivers six marketing cloud solutions: analytics, social, advertising, targeting, web and app experience management, and cross-channel campaign management. Adobe is one of the leading digital media and digital marketing solutions providers. The DAM market space provides its offerings via the Adobe Experience Cloud. Adobe’s DAM solution enables its clients to share, secure, and store digital assets challenges. These challenges include the inability to manage assets at scale, isolated asset storage, poor version control, digital rights, and permissions limitations. Adobe’s Experience Manager Assets platform allows the clients to deliver experiences with speed, agility, and consistency. Adobe also offers DAM features, such as DAM workflows, DRM, dynamic media delivery, search and metadata, native connections to creative cloud, and asset automation.
OpenText has grown to be a leader in providing Enterprise Information Management (EIM) solutions. The comprehensive OpenText EIM platform and suite of software products and services provide secure and scalable solutions for global companies and governments worldwide. It also offers a comprehensive line of products and services that aim to enable faster business growth, obtain lower operational costs, and lower information governance and security risks by improving business insights, impact, and processing speed. The company operates in four business segments: license, cloud services, and subscriptions, customer support and professional services, and others. OpenText creates next-generation EIM solutions and delivers them to the market by partners. The company’s expanded partnerships and product integrations with Google, SAP, and Mastercard provide greater content service options in the cloud for customers. In 2019, the company acquired Liaison Technologies and Catalyst Repository Systems. OpenText offers a robust set of products that enable customers to enhance their brand's value by better managing rich media and videos in the DAM market space. OpenText’s solutions enable clients to find, share, and use digital media assets to deliver enhanced experiences. The company’s DAM software solutions also offer several benefits to the company’s clients, including increased ROI, reduced agency fees, maximum asset utilization, enhanced visibility and insights, and optimized brand consistency.
Related Reports:
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
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