Digital Asset Management Market by Component (Solutions and Services), Business Function (HR, Sales & Marketing, and IT), Deployment Type, Organization Size, Vertical and Region - Global Forecast to 2027
Northbrook, IL 60062 -- (SBWIRE) -- 12/05/2022 -- The global Digital Asset Management Market size is projected to grow from USD 4.2 billion in 2022 to USD 8.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.6% during the forecast period. Major factors that are expected to drive the growth of the DAM market include rising need for digitalization, quick and cose collaboration among businesses vis-à-vis their corporate assets, authenticity and security demand of digital assets, easy upgrades, maintenance, taxonomy of digital assets, reduction of production costs and better resource allocation, organizational transparency regardless of vertical or business function of an enterprise, surge in prospects conversion and customer retention, and brand consistency, among others.
Browse 231 market data Tables and 58 Figures spread through 253 Pages and in-depth TOC on "Digital Asset Management Market - Global Forecast to 2027"
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The services segment to grow at a higher CAGR during the forecast period
The DAM services involve consulting, integration and implementation, and training, support, and maintenance services. These services are required at various stages, from pre-sales requirement assessment to post-sales product deployment and execution, thus enabling the client to get maximum Return on Investment (RoI). With these services, DAM solution providers advise end users and help them integrate and deploy software configured to their requirements. These services help identify the type of integration required by the organizations to meet their DAM demands. In addition, companies offering DAM-related services deploy consultants, solution experts, and dedicated project management teams that specialize in the design and delivery of critical decision-support software, tools, and services. Built on nascent and effective AI technologies, vendors offer simple, secure, and easy-to-use digital asset management (DAM) system and services which allows enterprises to store, organize, manage, and share all their digital data from a centralized and secured location. Hence, Organizational transparency.
Sales and Marketing business segment to grow at the highest CAGR in 2022
While enabling the management of marketing and sales-associated digital assets, such as brand guidelines, fonts, and logos, campaign briefs, images, and banners, product videos, sell sheets, and brochures, the DAM solution helps sales staff and marketers in the creation, enrichment, storage, and approval of digital assets. The DAM solution also eases the navigation of assets, enables asset version tracking, and helps manage digital rights associated with assets for preventing copying and duplicacy of the organization's digital assets. By creating a centralized management system for digital assets. It enables brand consistency through automatic asset updates and reinforcement of brand guidelines, providing a single source of truth (information) within businesses and a more consistent, streamlined user experience to external audiences. Contemporary digital content management teams and marketers diligently rely on DAM to reutilize content, reducing redundant production costs and duplicate workstreams or council with its invaluable search features. Specified the high visibility of brand assets and marketing assets through digital channels, such as popular social media, it's important for brands to remain consistent in imagery and messaging to build a strong foundation of the brand authority and generate revenue.
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Europe to showcase significant growth during the forecast period
Europe has major retailers and manufacturing company base that deals with multiple products and services, owing to which they demand robust workplace collaboration and digital solutions. Europe is also witnessing rising losses due to slow TTM (Trailing Twelve months, for financial reporting purpose of an organization using its past 12 consecutive months data), increasing domestic demand and expectations of consumers in the region for better customer experience, and the presence of strong technical expertise along with substantial IT budgets. In the European union, data and smart tools are increasingly enabling businesses to make better decisions, whether operational or strategic. This is where DAM comes in strongly, to educate decision-making based on asset insights, such as condition, costs, and future requirements. Europe is home to many major players as well as SMEs who are continuously conducting their R&D, developing solutions, services using latest technologies to cater to evolving clients' demands. For instance, Nickel Digital Asset Management ("Nickel") , an investment manager of digital assets, won Best Digital Asset manager – Europe 2022. It offers secure institutional-grade access to the digital asset market.
Key Market Players
Market players profiled in this report include Adobe (US), OpenText (Canada), Cognizant (US), Aprimo (US), Bynder (US), Sitecore (US), Widen (US), MediaBeacon (US), CELUM (Austria), Nuxeo (US), Canto (US), Wedia (France), Northplains (Canada), BrandMaker (Germany), Brandfolder (US), Bright (UK), Digizuite (Denmark), censhare (Germany), Cloudinary (US), MediaValet (Canada), MarcomCentral (US), Extensis (US), IntelligenceBank (Australia), Filecamp (Switzerland), Veeva (US), WoodWing (Netherlands), Pimcore (Austria), PhotoShelter (US), Image Relay (US), and Kontainer (Denmark). These players offer various DAM solutions to cater to the demands and needs of the market. Major growth strategies that are adopted by the players include new product launches/product enhancements and partnerships/acquisitions.
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