Chicago, May 03, 2024 (GLOBE NEWSWIRE) -- The global Digital Asset Management Market size is expected to grow from USD 5.3 billion in 2024 to USD 10.3 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 14.0% during the forecast period, according to a new report by MarketsandMarkets™. The shift toward remote work and distributed teams has accelerated the adoption of DAM solutions as organizations seek centralized platforms for accessing and collaborating on digital assets from anywhere, anytime.
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254 - Tables
52 - Figures
263 - Pages
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Digital Asset Management Market Dynamics:
Drivers:
- Increase in digitalization of content and need for effective collaboration of corporate assets.
- Emergence of cloud-based delivery options
- Growth in need for controlled access and better security of digital assets to avoid copyright issues
- Growing focus on digital marketing
- Focus on enhancing digital experiences of customers.
Restraints:
- High cost of implementation of DAM solutions.
Opportunities:
- Emergence of AI to automate business processes.
- Demand for high-quality digital assets in e-commerce
- Infusion of advanced encryption technologies to streamline digital trading.
List of Key Players in Digital Asset Management Market:
- Adobe (US)
- OpenText (Canada)
- Cognizant (US)
- Aprimo (US)
- Cloudinary (US)
- Bynder (Netherlands)
- Hyland (US)
- Acquia (US)
- Frontify (Switzerland)
- Veeva Systems (US)
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Based on the offering, the services segment will grow at the highest CAGR during the forecast period. The DAM market offers a diverse range of services to support organizations in effectively managing their digital assets and maximizing the value derived from them. These services comprise implementation, integration, customization, training, support, and ongoing maintenance. The role of services in the DAM market extends across various asset lifecycle stages, from initial consultation and assessment to ongoing support and optimization. Consulting services assist organizations in defining their DAM requirements, evaluating technology options, and developing a strategic roadmap for DAM implementation. Implementation services focus on deploying and configuring DAM software to meet organizational needs. Services in the DAM market play a critical role in helping organizations unlock the full potential of their digital assets, improve operational efficiency, drive innovation, and achieve business objectives.
Based on the organization's size, SMEs will grow at a higher CAGR during the forecast period.
Small and Medium-sized Enterprises (SMEs) increasingly recognize the significance of DAM solutions in optimizing their operations and enhancing their competitiveness. Unlike large enterprises, SMEs often operate with limited resources and budgets, making efficient asset management crucial for success. DAM solutions allow SMEs to centralize, organize, and access their digital assets more effectively, improving productivity, collaboration, and brand consistency. The scalability and affordability of cloud-based DAM solutions make them particularly attractive to SMEs, allowing them to scale their operations without significant upfront investments in IT infrastructure. As SMEs continue to embrace digital transformation, DAM solutions will play an increasingly critical role in helping them maximize the value of their digital assets.
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Based on business function, the marketing & advertising segment will hold the largest market share in 2023.
In the dynamic digital marketing landscape, where enterprise assets such as images, videos, graphics, and brand materials are crucial, DAM systems offer a centralized storage, organization, and retrieval hub. Marketing and advertising professionals can attest to the transformative impact of DAM solutions, which streamline workflows and enhance productivity. By implementing DAM, teams can overcome the tedious task of sifting through multiple repositories or struggling with version control issues. Quickly locating and accessing assets saves valuable time and supports collaboration and creativity. Moreover, DAM solutions ensure brand consistency by serving as repositories for approved brand assets, thus safeguarding brand integrity across diverse marketing channels; this is particularly crucial in maintaining a cohesive brand identity in the eyes of consumers. Furthermore, DAM analytics provide insights into asset performance, optimizing marketing strategies for improved engagement and ROI.
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