Global Digital Asset Management (DAM) Market

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 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 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).

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. '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'

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.

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.

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.

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