IMARC Group’s latest report, titled “Digital Asset Management Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, finds that the global digital asset management market size reached US$ 3.4 Billion in 2019. Digital Asset Management (DAM) refers to software and systems that are used for organizing, storing and retrieving rich media assets, which include video, music, photo, animation and other multimedia content, in a cost-effective manner. This software also helps in creating the digital content either by producing it in a digital format or by encoding it through image or text scanning or digital audio recording. Nowadays, digital assets, such as videos, photos, documents and other media, are growing exponentially with an increase in digital content creation and sharing. As a result, digital data management software is being extensively used across the globe.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
Global Digital Asset Management Market Trends:
The emerging trend of digital marketing is one of the primary factors driving the market growth. Furthermore, the DAM software helps in enhancing team creativity, locating media files quickly using sophisticated search capabilities and managing press kits and picture collections. Along with these benefits, DAM software enables real-time access to digital content across departments at a central location, which is facilitating its adoption across the globe. In line with this, the utilization of this software significantly reduces the risk of organizational assets and data misuse while minimizing the overall operational costs and manual workflows through automation. Additionally, governmental regulations to maintain operational transparency and improve digital workflow are propelling the utilization of advanced DAM solutions and services. Increasing consumption of digital content, along with the proliferation of social media platforms, is also acting as another major growth-inducing factor. Enterprises are increasingly employing DAM solutions to reach the masses, improve customer engagement and integrate analytical tools to understand consumer behavioral patterns. Other factors, including rising adoption of cloud-based services, along with the extensive and continual research and development (R&D) and significant investments in the field of information technology (IT) are expected to further create a positive outlook for the market. Looking forward, the market value is projected to reach US$ 8.5 Billion by 2025, registering a CAGR of 16.5% during 2020-2025.
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Key Market Segmentation:
The competitive landscape of the market has also been examined in the report. Some of the key players operating in the market include Adam Software, Canto Inc., Celum DAM, Cognizant Technology Solutions Corporation, International Business Machines (IBM) Corporation, Mediabeacon, Inc., North Plains Systems Inc., OpenText Corporation, Oracle Corporation, QPCU Limited T/A QBANK, Bynder BV and Widen Enterprises, Inc.
Breakup by Type:
Based on the type, the market has been segmented into brand, library and production asset management system.
Breakup by Component:
On the basis of the component, the market has been bifurcated into solutions and services. Services further include consulting, system integration and support and maintenance.
Breakup by Application:
The market has been categorized based on the application into sales and marketing, broadcast and publishing and others.
Breakup by Deployment:
On the basis of the deployment, the market has been divided into on-premises and cloud.
Breakup by Organization Size:
Based on the organization size, the market has been segregated into small- and medium, and large enterprises.
Breakup by End-Use Sector:
The market has been classified on the basis of the end use sector into media and entertainment, banking, financial services and insurance (BFSI), retail, manufacturing, healthcare and life sciences, education, travel and tourism and others.
Breakup by Region:
Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Indonesia, Philippines, South Korea, North Korea, Malaysia, Vietnam and others), Europe (France, Italy, Russia and others), Middle East and Africa (Saudi Arabia, the United Arab Emirates, South Africa and others), and Latin America (Brazil, Mexico, Argentina, Chile, Peru and others).
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