DAM systems enable businesses to store, organize, search, retrieve, and share their complete digital content catalogue from a single location, or “single source of truth.” A unified DAM system, which is quick to set up and operate, gives peers, employees, clients, contractors, and other important stakeholders-controlled access to their full digital content library, which includes photographs, photos, creative files, video, audio, presentations, documents, and more.
The global Digital Asset Management Market is expected to reach USD 4,856.26 million by 2028, up from an anticipated USD 1,848.34 million in 2021, with a CAGR of 14.5%.
Digital asset management systems exist in a variety of sizes and shapes, depending on the organization’s demands and specific use cases. A huge retail company would use a DAM system to manage e-commerce product photography, whereas a global charitable organization might use it to store and share current papers among its internal teams. Most digital asset management solutions now provide add-on modules such as brand guidelines and project workflow management capabilities to help create efficiencies throughout the whole digital content lifecycle.
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Major Key Players for Digital Asset Management Market:
- Cognizant Technology Solutions
- ADAM Software
- Dell EMC
Market Dynamics and Factors:
End users have been urged to use enhanced digital asset management solutions and services as demand for collaborative digital workflow has grown, particularly for sales and marketing operations. Furthermore, an increase in the necessity to comply with government laws in order to preserve operational transparency, as well as improvements in digital content and lower operational expenses, are expected to propel the digital asset management market forward during the projection period. Due to the growing demand for real-time and shared operations, collaborative workflow has a significant impact on the digital asset management industry’s growth.
Furthermore, development in the use of digital asset management solutions is expected to increase the factor’s impact on the digital asset management market’s growth in the near future. As a result, this factor’s overall influence is expected to stay high over the projection period.
However, end users are expected to be hesitant to invest in digital asset management solutions and services due to high initial costs and a scarcity of experienced labor.
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Digital Asset Management Market Report Highlight:
- By Deployment, the cloud-based implementation segment accounted for a considerable proportion due to the transition from on-premise to Software-as-a-Service (SaaS) and is likely to enjoy healthy demand over the Digital asset management forecast period. Many companies, including Oracle, EMC, and IBM, have lately begun to transition from on-premise to cloud-based services, which include intuitive services, mobile access, and drag-and-drop functionality.
- By application, the media and entertainment industry, which accounted for more than 30% of all end-uses in 2020, was the largest end-use group. The media and entertainment business have experienced increasing growth as a result of increased demand for visual material and advancements in video quality.
- With more than 30% of total sales, North America dominated the digital asset management market. This growth could be attributed to the region’s substantial use of social media. Due to the tremendous amounts of content produced by social media, advertisers have turned to DAM to reach a large audience in the shortest amount of time.
Key Industry Development:
- Cloud-based as technologies like Artificial Intelligence and Big Data Analytics gain popularity, digital asset management is becoming more popular. Digital asset management uses Artificial Intelligence (AI) technologies to search material and create metadata tags. Some AI use cases for digital asset management include optical character recognition, speech recognition, and facial recognition.
- Many companies, such as Cognizant Technology Solutions, MediaBeacon, and Bynder, are involved in cloud-based digital asset management, which is fueling the market’s quick expansion because end-users prefer cloud-based solutions.
Digital Asset Management Market Segmentation:
- Media & Entertainment
For this report, Introspective Market Research has segmented the Digital Asset Management Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Digital Asset Management Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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Report Published by Introspective Market Research 2022:
Global Digital Process Automation (DPA) Software Market by Service Type (Cloud Based, Web Based), Application (Large Enterprises, SMEs), Deployment Model, Vertical, and Region – Global Forecast to 2028
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