The global digital asset management (DAM) market is expected to witness significant growth in the coming years owing to rapid digitization and growing need for online medium platform. In addition, rising concerns regarding loss or misplaced data, demand for collaborative digital workflows, and need for compliance with regulatory standards are likely to propel the market growth. Rise in digital marketing activities and high penetration of smartphones has increased the number of digital assets, such as images, videos, and other documents.
Rapid growth of data and increasing need for storing information properly are also likely to boost demand for DAM across organizations as managing a large data set manually is considered a complex task. Small and medium enterprises extensively make use of these solutions as they help to maintain and manage the metadata and other digital assets. Increasing focus to reduce human interventions by making the process automated have also increased demand for these solutions. Organizations emphasize on multi content delivery, which helps to improve their business. Furthermore, growing trend of virtual business among organizations, adoption of new methodology, and competitive pricing strategies in order to provide unique services or product range to customers are expected to have a positive impact on the market growth. Moreover, organizations are emphasizing on reducing their operational cost by business process outsourcing and implementing cloud computing platform. DAM solutions help enterprises to minimize operational cost and offer asset management solutions for production as well as marketing. Cloud-based digital asset management solutions are likely to gain popularity than on-premises applications as they offer faster implementation and help to reduce ownership costs. Small and medium organizations are increasingly adopting cloud-based applications to implement DAM solution.
However, high initial investment and lack of skilled staff can challenge the market in future. Though, adoption of customized solutions among small players is expected to reduce the effect of these restraining factors.
Key applications associated with the market include media and entertainment, marketing, retail, photography and graphic designing, and information technology. Media and entertainment holds a prominent share in the market owing to rapid growth of digital information and growing need for an effective solution to manage it. Retail is likely to emerge highly lucrative in coming years owing to growth of e-commerce industries.
North America is a leading region in the market owing to presence of a large number of players and thriving media and entertainment industry. Asia Pacific is anticipated to witness robust growth in the years to come owing to rising demand for DAM in sectors, such as banking, government, and private industries. Countries, such as Japan is significantly contributing to the regional market growth. In addition, Japanese bankers’ association (JPA) is focusing on usage of cloud-based blockchain platforms. High internet penetration has resulted in generation of a large amount of data, which is, in turn, likely to increase the need for specialized solutions in the country. Additionally, recognition of Bitcoin and digital currencies as money has increased the number of digital assets in the country.
Some of the leading companies operating in the digital asset management market are Oracle Corporation; ADAM Software, Canto Inc.; Widen Enterprises Inc.; and WebDAM Inc. For instance, Cloudinary introduced a DAM solution to help organizations manage their digital media assets and provide engaging end-user experiences. This can be achieved with the help of AI-based search, efficient workflows, and on-the-fly asset manipulations and optimization. The solution offers features, such as efficient and rapid upload, advanced search and discovery, and customizable metadata and AI-based content analysis.
Research Support Specialist, USA