Global Digital Asset Management (DAM) Market Analysis Report 2023-2028: AI and Advanced Encryption - The Next Big Opportunities in Digital Asset Management
DUBLIN, Oct. 2, 2023 /PRNewswire/ -- The "Global Digital Asset Management (DAM) Market by Component (Solutions, Services), Business Function (Human Resources, Sales & Marketing, Information Technology), Deployment Type, Organization Size, Vertical, and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global DAM software market is expected to grow from USD 4.7 billion in 2023 to USD 8.7 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 13%
The global Digital Asset Management (DAM) software market is poised for robust growth as businesses across diverse industries pivot towards SaaS-based platforms with mobile compatibility and user-friendly features. Catering to varied digital asset needs, these solutions are ideal for enterprises of all scales.
The trend sees a decline in the adoption of on-premises systems in favor of SaaS platforms, known for their cost-effectiveness and swift deployment capabilities. These platforms prioritize mobile access and provide a seamless user experience.
Centralizing essential media assets like audio, video, 3D content, and digital documents has made DAM systems indispensable. These platforms serve as a Single Source of Truth (SSOT), facilitating storage, organization, navigation, updates, analysis, and efficient distribution across multiple platforms, such as eCommerce sites, websites, apps, and social media channels.
Additionally, the inclusion of digital rights management (DRM) ensures controlled access and swift content approval processes. Features like asset tagging and content localization enhance the navigation experience across different regions.
North America, home to numerous start-ups and global giants, showcases a significant demand for efficient HR software tools. Renowned corporations like Alphabet Inc, AT&T, Apple Inc, and others have their substantial operational bases in the U.S..
This demand stems from the country's burgeoning economic landscape that attracts fresh start-ups and global businesses. The Bureau of Labour Statistics points out that around 356,000 new businesses emerged in the U.S. during Q3 2021. This thriving commercial backdrop beckons HR software providers, fueling the market's growth trajectory.
Prominent players in the DAM software landscape include but aren't limited to Adobe (US), OpenText (Canada), Cognizant (US), Bynder (Netherlands), Sitecore (US), and Widen (US). A comprehensive competitive analysis in the study outlines the strategies, developments, and profiles of these market leaders, ensuring readers have an extensive overview of the sector's dynamics.
Cloud segment to have significant growth during the forecast period
Cloud Digital Asset Management (DAM) democratizes enterprise-wide digital media management and delivery. Cloud DAM also promises to lower operational costs and boost productivity while providing a single source of truth to protect brand identity. Front-end experiences are also influenced by cloud DAM. Bynder announced an integration with Hootsuite Inc., a popular cloud-based social media management platform.
Hootsuite dashboards are linked to digital assets sourced from Bynder, allowing social media marketers to easily access creative content without having to download, resize, and re-upload individual files. Furthermore, the rapid increase in data generation is driving up storage demand.
AI and machine learning capabilities allow data to be collected, processed, and analyzed more quickly, and business data and applications are migrated to multiple public-private clouds. Several companies, including Cognizant Tehnology Solutions, MediaBeacon, and Bynder, are involved in digital asset management and are assisting the market's rapid growth, as most end-users prefer cloud-based solutions.
Retail & eCommerce vertical to grow at a highest CAGR during the forecast period
Bringing a product to market and merchandising it online and offline necessitates the collaboration of many people and teams. A large number of digital files are being created, and they must be easily accessible throughout the process. A digital asset management solution for ecommerce is ideal for teams looking to centralize assets used across e-commerce and retail channels.
Without a DAM solution, e-commerce and retail businesses may struggle to deliver efficient and effective product launches, campaigns, and day-to-day product sales management. Implementing a file management solution can be a quick and simple process that brings all stakeholders in an e-commerce and retail business together. From product design and management to online sales and in-store merchandising, a digital asset management solution for e-commerce is an important piece of the puzzle.
DAM solutions allow to store digital files together and organize them based on the needs of the team. By storing them in the cloud, they can be accessed securely from the file management solution from anywhere in the world. Retail has become as much about the experience as it is about the product for those who sell offline.
With more assets required to support the buying experience, a centralized cloud-based digital asset management solution can help the team get to market faster and stay on brand across channels.
Digital Asset Management market in North America to grow at the highest market size during the forecast period
Several brand partnerships occur in the region to advance the operational capabilities of various operating units of organizations, thereby developing the overall ecosystem in the area.
UKG Inc, for example, acquired SpotCues and its mobile communications platform, Groupe.io, in February 2022. SpotCues' mobile communication platform for the frontline workforce will be integrated with UKG solutions such as UKG Pro, UKG Dimensions, and UKG Ready, allowing for improved communication and employment experience.
Despite supply chain disruptions, inflation, and the emergence of COVID-19 variants raising economic uncertainties, 2021 proved to be a record year for healthcare private equity in North America. An ageing population and an increase in the prevalence of chronic disease are driving steady growth in healthcare demand.
More than a decade after the passage of the Affordable Care Act in the United States, maturing value-based payment models continue to create opportunities for companies that reimagine care delivery with a focus on patient experience, health outcomes, and costs. The pandemic has accelerated the use of digital tools that use big data and machine learning in every health sector, assisting in the efficiency of many operations and spurring innovation. Better health outcomes at a lower cost could result.
Market Overview and Industry Trends
Regulatory Implications and Industry Standards
Case Study Analysis
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