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From the past few years, digital assets, such as photos, images, files containing text, videos, or spreadsheets are growing exceptionally. This growth has primarily been attributed to the rapid digitization of contents. The digital asset management (DAM) solution enables the authorized person to store, review, edit, retrieve, or share digital information over a centralized interface. DAM solution also automates and collaborates workflow and manages permissions through copyright functionalities. Asset analytics, creative tool integration, asset and metadata archiving, video management, lifecycle & rights management, and web content management are some of the popular DAM solutions.
The increasing digitalization of content is the key factor in driving digital asset management market growth. The rising demand for collaborative digital workflow specifically for marketing and sales activities has bolstered DAM adoption. The demand for digital asset management solutions is further driven by the growing need for digital assets' security to avoid copyright issues. The demand for improving digital assets with reduced operational costs will further stimulate the DAM market growth.
Organizations are increasingly migrating towards cloud-based enterprise solutions and services. For instance, as per the RightScale's 'State of the Cloud' report, published in January 2018, 96% of enterprises prefer cloud computing rather than on-premise. Also, cloud DAM solution provides low-cost licenses and reduces implementation and maintenance costs compared to hosting content on-premises. Thus, the popularity of cloud-based applications and benefits offered by the cloud DAM solution will positively impact the overall market growth.
Key Market Driver -
• Rapid ongoing digitalization is likely to drive the global market growth • Significant demand for collaborative digital workflow is accelerating the market growth
Key Market Restraint -
• Higher cost and lack of skilled workforce is hampring the market growth.
Key players in the global digital asset management market are developing new products and solutions for uplifting their position in a global marketplace. Vendors are increasingly looking to enhance their current DAM portfolio in order to meet the best of customer’s needs. Companies are raising their fundings in order to develop their current DAM portfolio. Prominent market players including OpenText are adopting various business strategies such as product development and partnerships. Many digital asset management solution providing companies, including Canto, Aprimo, OpenText, and Adobe Inc have started extending partnerships with cloud service providers, such as Google and AWS. This partnerships aimed to offer cloud based DAM solutions to their customers.
Prominent companies included in the global digital asset management market are Adam Software, Canto Inc., Celum, Cognizant Technology Solutions, OpenText Corporation, North Plains Systems, Oracle Corporation, QBank, Webdam Inc., Mediabeacon Inc., IBM Corporation, Widen Enterprises Inc., and among others.
North America is likely to emerge as a dominant region in the global market due to social media evolution across the region. The generation of enormous amounts of content due to increased social media use led vendors to adopt digital asset management solutions to reach a large audience in the shortest possible time. The presence of prominent market players such as OpenText Corporation, Oracle Corporation, and others are flourishing across North America. Growing demand analytics for data analytics is further likely to support the market growth.
Similarly, European enterprises' adoption of digital marketing strategies would be expected to drive DAM adoption across Europe.
The Asia Pacific is anticipated to register a high growth rate over the years as it is increasingly migrating towards digitalization. Increasing adoption of cloud computing technology among small & medium enterprises owing to its benefits would be likely to drive the adoption of cloud DAM solutions.
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