Digital Asset Management Market
Digital asset management (DAM) is the process of organizing stored digital data by managing its digital authentication and rights. DAM solutions hinder human interaction or involvement that significantly resolves issues to manual error. It includes a digital library for the management of huge data files in a digitized format.
Digital content or data plays a vital role in the media and entertainment industry. The preliminary factor for the high penetration rate of digital content is escalating the number of various mobile devices, such as smartphones, tablets, etc. The digital boom has attracted many enterprises to opt digital content for various organizational activities. Huge amounts of unmanageable digital content have forced enterprises to adopt DAM solutions. Moreover, digitization of traditional media approach has substantially contributed to this market’s growth. However, the high initial investment and low availability of skilled workforce might hinder this market on a global scale in the years ahead. The adoption of DAM solutions for facilitating automation features to streamline brand management activities is likely to offer lucrative opportunities for the market players in the forecast timeframe.
The digital asset management market is segmented on the basis of product, component, application, deployment, and vertical. By product, the market is segmented into brand asset management, library asset management, production asset management, and digital supply chain services. The component segment is classified into solutions and services. The service segment is further segmented into consulting, system integration, and training and support. By deployment, the market is categorized into cloud and on-premises. By application, this market includes enterprise, marketing, broadcast and publishing, and others. By verticals, this market is classified into IT and telecom, BFSI, media and entertainment, retail, healthcare, travel and tourism, education, and others.
Geographically, the digital asset management market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The North American digital asset management market is projected to hold a significant market share globally, owing to the market penetration of the media and entertainment industry in the region. The Asia Pacific region is projected to hold a major share in the digital asset management market globally in the years ahead. The growing demand for DAM solutions for formulating various e-commerce strategies regarding online retailing for attracting huge customer base in developing Asian economies is primarily contributing to this regional market growth.
Some key participants of the global digital asset management market are Canto, Adobe Systems Inc., OpenText Corp., WebDAM, SAS Institute Inc., Bynder, Celum, MediaValet Inc., DAM Software NV, Pica9 Inc., Widen Enterprises Inc., Workfront Inc., and North Plains Systems Corp., among others.