Digital asset management (DAM) solutions enable organizations to manage, store, and share digital content. Digital assets include videos, images, audios, presentations, and other digital content generated and owned by enterprises. DAM allows organizations to manage and streamline their workflow, thus reducing the resource time engaged in the frequently access to and sharing of digital assets. With the strong influence of cloud-based deployment across various businesses, organizations are attracted to cloud repository facilities to store their vital digital assets. The DAM Software-as-a-Service (SaaS) model has enabled on-demand subscription, reducing the cost of DAM solutions. The recent convergence of DAM solutions with analytics tools provides analytics and reporting solutions through which enterprises can gain critical information related to their digital assets. This information enables enterprises to devise their marketing strategy and promote digital content that was mostly viewed by customers. The global DAM market was valued at US$ 1,444.6 Mn in 2015 and is forecast to expand at a CAGR of 18.8% from 2016 to 2024, reaching a value of US$ 7478.0 Mn by 2024.
Organizations have turned to DAM solutions to efficiently manage their digital assets, and optimize their marketing strategies. Increasing demand for visual content and the proliferation of rich media to promote brands are expected to drive the DAM market. The key companies operating in the DAM market include North Plains Systems Corp., OpenText Corporation, Widen, NetXposure, Inc., MediaBeacon, Inc., Hewlett-Packard Company, WebDAM, ADAM Software NV, Bynder, Canto, Inc., and Celum.
The global DAM market has been segmented on the basis of component, end-use, and geography. On the basis of components, the market is segmented into software and services. The deployment types of DAM software are on-premise, hybrid, and cloud-based. Cloud-based deployment has gained high popularity in the recent past, owing to benefits such as providing virtual storage place and eliminating the requirement for a dedicated IT team. The trend of preference for cloud-based deployment is expected to drive the DAM market during the forecast period, considering the cost-effective solutions being offered by cloud DAM vendors. The services offered by players in the DAM market include consulting, system integration, and operation and maintenance. The operation and maintenance segment is expected to play a vital role in driving the services segment, as maintenance will be required on an annual basis to ensure the smooth functionality of DAM solutions in the long run.
Also, the end-use segments of the DAM market include banking, financial services, and insurance (BFSI); telecom and IT; retail; government and public; museums and art; healthcare; education; media and entertainment; manufacturing, hospitality, and others. Media and entertainment was the largest end-use segment of the DAM market in 2015. Complexity in managing large digital files and frequent upgrades of digital content in media and entertainment have attracted organizations to consider DAM solutions at a large scale.
North America led the DAM market in 2015 and is expected to remain dominant throughout the forecast period from 2016 to 2024. The primary driver for the DAM market in North America is the strong presence of the media and entertainment industry. Latin America and Asia Pacific are anticipated to experience promising growth in the DAM market in the coming years, driven by the e-commerce market’s growth and industrialization in the region.
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