According to the recent report by IMARC Group, titled “Digital Asset Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global digital asset management market size reached around US$ 3.88 Billion in 2020. Digital assets refer to documents, audio, animation, pictures, and other media content that requires proper rights to use them. Digital asset management (DAM) is a system that helps in storing, organizing, sharing, and retrieving digital assets at a centralized location. It helps in increasing the security and searchability of digital content in a cost-effective manner. DAM solutions also lead to an enhancement of team creativity by automating workflow, quick retrieval of media files and backup, and permission management via copyright functionality. Cloud DAM is designed with a user-friendly interface, due to which it is can be easily utilized by any member of the organization. As a result, DAM is increasingly being used in a range of industries such as information technology (IT), manufacturing, and retail.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Digital Asset Management Market Trends:
The rising adoption of DAM software can be accredited to its numerous benefits like real-time access to digital content across different departments, risk reduction of organizational data and asset misuse, and less operational costs. Apart from this, the emerging trend of digital marketing has increased overall online data, thereby creating opportunities for DAM software integration. The proliferation of social media platforms is also contributing to the market growth. Furthermore, global lockdowns due to the outbreak of coronavirus disease (COVID-19) compelled most organizations to digitize their work in order to hold their market position. This has led to a rise in the integration of DAM software in different organizations as it maintains the workflow and has a high return on investments (ROI). Additionally, the emergence of the latest technologies, such as artificial intelligence (AI) and face recognition services, is expected to create a positive outlook for the market. On account of these factors, the market is expected to experience strong growth during the forecast period (2021-2026).
- On the basis of the type, the market has been categorized into the library, brand, and production asset management systems.
- Based on the component, the market has been bifurcated into services and solutions. The services segment is further divided into support and maintenance, consulting, and system integration.
- On the basis of the application, the market has been classified into broadcast and publishing; sales and marketing; and others.
- Based on the deployment, the market has been segregated into the cloud and on-premises segments.
- On the basis of the organization size, the market has been bifurcated into large, and small and medium-sized enterprises.
- Based on the end use sector, the market has been segmented into retail; education; healthcare and life sciences; manufacturing; travel and tourism; media and entertainment; banking, financial services, and insurance (BFSI); and others.
- Region-wise, the market has been categorized into Asia Pacific (China, Japan, Australia, Indonesia, India, South Korea, and Others), North America (Canada and the United States), Latin America (Brazil, Mexico, and Others), Europe (Germany, Italy, Spain, Russia, France, the United Kingdom, and Others), and the Middle East and Africa.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being Cognizant Technology Solutions, OpenText Corporation, Adam Software, Canto Inc., Celum, North Plains Systems, Mediabeacon Inc., IBM Corporation, Widen Enterprises Inc., Oracle Corporation, QBank, and Webdam Inc.
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