Product ID: SQSG45B2010
Global Digital Asset Management (DAM) Market Size, Share, Growth Analysis, By Component(Solution, Services), By Industry(Banking, Financial Services & Insurance (BFSI)) - Industry Forecast 2024-2031
Report ID:
SQSG45B2010 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
69 |
Figures:
75
Global Digital Asset Management (DAM) Market Insights
Global Digital Asset Management (DAM) Market size was valued at USD 3.49 billion in 2019 and is poised to grow from USD 4.11 billion in 2023 to USD 8.15 billion by 2031, growing at a CAGR of 18% in the forecast period (2024-2031).
Digital assets like pictures, graphics, text-containing files, movies, and spreadsheets have grown significantly during the last few years. The quick digitization of contents has been primarily blamed for this rise. The authorized individual can save, review, update, retrieve, or distribute digital information via a centralized interface thanks to the digital asset management (DAM) solution. Additionally, a DAM solution handles permissions through copyright functions while automating and collaborating on workflow. Some of the well-liked DAM solutions include asset analytics, creative tool integration, asset and metadata archiving, video management, lifecycle & rights management, and web content management.
The primary factor propelling the growth of the digital asset management industry is the rising digitalization of content. DAM adoption has also been aided by the growing demand for collaborative digital workflow, particularly for marketing and sales activities. The increasing need for digital asset protection to prevent copyright issues is another factor driving demand for digital asset management systems. This need for better digital assets with lower operating expenses is projected to boost the expansion of the DAM market.
US Digital Asset Management (DAM) Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Digital Asset Management (DAM) Market Segmental Analysis
The Global Digital Asset Management (DAM) Market is segmented based on component, industry and region. Based on Components, Digital Asset Management (DAM) Market is categorized into Solutions, and Services. Based on Industry, Digital Asset Management (DAM) Market is categorized into Banking, Financial SErvices & Insurance (BFSI), Telecom and IT, Retail, Healthcare & Life Sciences, Education, Media and Entertainment, and Manufacturing. Based on region, Digital Asset Management (DAM) Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Digital Asset Management (DAM) Market Analysis by Component
On the basis of components, the solutions segment currently dominates the digital asset management (DAM) market. The increase in digital assets, digitalization, and enterprise spending on digital solutions, as well as the growing demand for curating digital assets, enabling their centralized storage, and maximizing inter- and intra-departmental cooperation, all promote the expansion of the solution category.
The significant adoption of the DAM solution has also been influenced by factors including growing digital assets, growing digitalization, and growing enterprise investment on digital solutions. Due to the increasing need for hassle-free and proper deployment and integration of DAM solutions, as well as the requirement for organizations to comprehend shifting business conditions, client insights, market trends, or service inconveniences, the services segment is anticipated to experience a higher growth rate during the forecast period.
Digital Asset Management (DAM) Market Analysis by Industry
On the basis of industry, the media & entertainment segment is currently dominating the global digital asset management (DAM) market, and is expected to continue its dominance over the forecast period. The need for DAM solutions in the industry is at an all-time high because media and entertainment companies regularly need to store, deliver to customers, and transfer large quantities of media assets such as movies, podcasts, movie clips, interactive images, posters, and e-content between departments for editing and approval.
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Global Digital Asset Management (DAM) Market Regional Insights
Based on the region, the North American region currently dominates the digital asset management (DAM) market and is expected to continue its dominance, due to the expansion of social media in the region. Vendors have adopted digital asset management systems in response to the massive amount of information being produced as a result of rising social media usage in order to reach a broad audience as quickly as feasible. In North America, the thriving presence of well-known market participants like OpenText Corporation, Oracle Corporation, and increased demand for data analytics is projected to support the market expansion.
Similarly, adoption of digital marketing methods by businesses in the European region are expected to increase DAM adoption throughout the continent.
The Asia Pacific region is also expected to experience rapid growth over the coming years as it is moving rapidly towards digitization and also due to the growing popularity of cloud computing among small and medium-sized businesses owing to its advantages.
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Global Digital Asset Management (DAM) Market Dynamics
Digital Asset Management (DAM) Market Drivers
- Adoption of cloud-based distribution methods to support the market growth: With changing consumer behavior, the number of digital assets and the speed with which they are being enriched is increasing dramatically across enterprises. Companies are rapidly moving their digital asset storage to the cloud as a result of the enormous growth in the amount of digital assets. This has prompted established on-premises DAM solution providers to reinvent their cloud platform offerings, and it has also resulted in the entry of new cloud-based DAM solution providers. Adobe, OpenText, Aprimo, Widen, and Canto are just a few of the DAM vendors that have begun delivering cloud-based DAM solutions. Many of them have also partnered with cloud platform vendors like AWS and Google. In comparison to on-premises content hosting, cloud distribution alternatives offer affordable licenses, deployment, and maintenance. The majority of enterprises are leaning toward adopting cloud-based DAM systems as a result of these cost advantages.
Digital Asset Management (DAM) Market Restraints
- High initial cost for implementation and integration of DAM is projected to limit the market expansion: Although DAM solutions have many advantages, it is important to consider the cost of initial deployment and ongoing license fees when managing digital assets. Enterprise-level DAM, like Adobe Experience Manager, starts at a yearly cost of USD 0.5 million (excluding licensing fees). However, the overall cost of a DAM licensing and installation rises along with the number of users per account and storage capacity. Many SMEs are wary of using DAM systems due to the difficulty in pricing support services, the limitations of digital asset management, and other minor skills.
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Global Digital Asset Management (DAM) Market Competitive Landscape
Leading companies in the global market for digital asset management are creating new goods and services to improve their standing there. In order to effectively serve customers' needs, vendors are progressively striving to improve their present DAM portfolio. Companies are soliciting money to expand their DAM portfolios currently. OpenText is one of the leading market companies that use a variety of business tactics, including collaborations and product development. Numerous firms that offer digital asset management solutions, such as Canto, Aprimo, OpenText, and Adobe Inc., have begun expanding their alliances with cloud service providers like Google and AWS, to provide their clients with cloud-based DAM solutions.
Digital Asset Management (DAM) Market Top Players Company Profiles
- Adobe Inc.
- OpenText Corporation
- Cognizant
- Aprimo
- Bynder
- Widen
- MediaValet Inc.
- IBM Corporation
- Northplains
- Nuxeo
- Webdam
- Extensis
- Qbank DAM
- IntelligenceBank
- Brandfolder
- DigiZuite
- Image Relay
- Third Light
- MerlinOne Inc.
- Adgistics
Digital Asset Management (DAM) Market Recent Developments
- In May 2021 - Frontify, a Swiss MarTech business, formed a strategic agreement with Celum, which includes a comprehensive integration of both systems. This integration will significantly increase the scope and performance of the Celum cloud platform, providing customers with more brand management features.
- In April 2021 - Adobe launched Adobe Experience Manager Assets Essentials to facilitate cross-team collaboration. Assets Essentials is a lightweight version of Adobe Experience Manager Assets that simplifies digital asset storage, discovery, and distribution across marketing and creative professional teams. Assets Essentials will be the default asset management experience across all Experience Cloud apps.
Global Digital Asset Management (DAM) Key Market Trends
- The development of artificial intelligence to optimize procedures: The majority of digital solutions now operate differently thanks to artificial intelligence (AI). As a result, while selecting DAM solutions, businesses are considering Artificial Intelligence (AI) and machine learning (ML) capabilities. Companies can automate image tagging, or the assignment of keywords or metadata to digital assets like files, images, text, and videos based on what they include, with the aid of AI-based DAM solutions. Digital assets may be quickly identified, segmented, and retrieved thanks to this automated labeling. In order to do forensic analysis, check the compliance of digital assets, and ensure that users are not exploiting any information protected by copyright, AI is also helpful to DAM solutions in extracting metadata from the digital assets.
Global Digital Asset Management (DAM) Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the analysis, the global digital asset management (DAM) market is currently led by countries in the North American region, due to the expansion of social media in the region. Along with this, the solutions segment contributes significantly to the market growth, due to the increase in digital assets, digitalization, and enterprise spending on digital solutions among others, and is expected to boost the market over the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 3.49 billion |
| Market size value in 2031 | USD 8.15 billion |
| Growth Rate | 18% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Digital Asset Management (DAM) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Digital Asset Management (DAM) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Digital Asset Management (DAM) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Digital Asset Management (DAM) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Digital Asset Management (DAM) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Digital Asset Management (DAM) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Digital Asset Management (DAM) Market Report Snapshots
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