The Digital Asset Management (DAM) market size is expected to grow from USD 3.4 billion in 2020 to USD 6.0 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.0% during the forecast period. The demand for DAM is driven by increasing digitalization of content and the need for effective collaboration of corporate assets, the emergence of cloud-based delivery options, and growing need for controlled access and better security of digital assets to avoid copyright issues.
The solution segment to hold a larger market sizeduring the forecast period
The solution segment is projected to contribute majorly to the market among the components, while the services segment is projected to witness a higher growth rate during the forecast period. This growth is supported by the need for creating curated digital assets, enabling its centralized storage, and optimizing inter-department and intra-department collaboration. Factors such as rising digital assets, increasing digitalization, and rising enterprise spending on digital solutions have also contributed to the high adoption of the DAM solution.
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HR segment to hold the largest market size in 2020
The growth of HR segment is mainly attributed to increasing need among HR teams to streamline the management of employee-related documents and photos along with ensuring enrichment and distribution of recruitment-related media assets, such as forms, video, and audios. Moreover, the benefits of adherence to the data privacy regulations for avoiding data breach lawsuits by government agencies and former or current employees further add to the demand for DAM solution among HR for managing digital assets.
The major players in the DAM market are Adobe (US), OpenText (Canada), Cognizant (US), Aprimo (US), Bynder (US), Sitecore (US), Widen (US), MediaBeacon (US), CELUM (Austria), Nuxeo (US), Canto (US), Wedia (France), Digizuite (Denmark), censhare (Germany), Cloudinary (US), MediaValet (Canada), Northplains (Canada), BrandMaker (Germany), Brandfolder (US), Bright (UK), MarcomCentral (US), Extensis (US), IntelligenceBank (Australia), and Filecamp (Switzerland). These players have adopted various growth strategies, including product enhancements, new product launches, partnerships, and acquisitions. Product enhancements and partnerships were the major strategies adopted by these players to achieve a strong foothold in the DAM market.
Adobe is one of the prominent players in the DAM market that provides comprehensive digital experience platform featured with robust DAM capabilities. Moreover, it plans to invest in product enhancements, services, systems, and acquisitions. For instance, in March 2020, Adobe Adobe integrated its Adobe Experience Manager (AEM) Assets with Marketo Engage, its acquired solution to improve its DAM capabilities.
OpenText is another well-known company in the DAM market that focuses on Enterprise Information Management (EIM) solutions. It continually enhances its DAM offerings to strengthen its foothold in the DAM market. For instance, in June 2020, OpenText released updates for its Media Management Cloud Edition (CE) that includes new deployment option.
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Aprimo is another privately held DAM company that focuses on improving its products and partnering with key entities to gain a better position in the DAM sector For instance, in July 2020, Aprimo partnered with Delaware, a professional service provider, to utilize the latter’s local physical presence in Singapore, Philippines, Malaysia, and Indonesia for increasing the availability of its DAM platform and other marketing technologies in Southeast Asia.
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