Vancouver, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The global Digital Asset Management (DAM) system market size was USD 3.65 Billion in 2022 and is expected to register a revenue CAGR of 13.9% during the forecast period. Major factors driving the global market revenue growth are growing digitalization of content, increasing need for effective collaboration of corporate assets, increasing emergence of cloud-based options, and growing focus on enhancing digital experience for consumers.
A digital asset management system is software that offers a methodical approach to effectively managing, retrieving, storing, and distributing digital assets for an organization. Digital Asset Management (DAM) is a type of information management technology. A central location where media assets can be accessed is made possible by DAM capabilities for many businesses. A crucial step in the DAM process is creation of the digital asset. It is any valuable file type that is held by a company or a person, in a digital format, can be found using metadata, and has access and usage rights. A vast library of strategically organized digital content is stored in one location using DAM.
Due to Architectural Engineering and Construction (AEC), these businesses will be able to offer unified and customized content experiences across many platforms. Vendors are adopting a strategic approach to draw clients as the digital asset management sector grows. The focus is on offering a simple and sophisticated user experience. Software companies must respond to rising demand for straightforward, user-friendly solutions as more customers turn to DAM to speed up their asset development process.
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Segment Insights
Business Function Insights:
Based on business function, the global market is segmented into information technology, human resources, sales & marketing, and others. The human resources segment accounted for largest revenue share in 2022. Given the extensive scope and length of the system's applications and features, systems as a digital asset management platforms and similar ones have a major impact on Human Resources (HR) operations. File management is streamlined, which is one of the most crucial effects of a DAM system on HR operations of a company. An effective mechanism for managing numerous files in a company, including its creative digital assets and resources, is provided by a DAM system.
Organization Size Insights:
Based on organization size, the global market is segmented into large enterprises and small & medium enterprises. The large enterprises segment accounted for largest revenue share in 2022. Digital rights management is a feature that DAM solutions have built to assist businesses in better managing asset access and usage. The phrase ‘enterprise digital asset management’ is widely used to describe digital asset management options for big, typically international, enterprises. The teams can increase efficiency across the whole digital material lifecycle with the help of corporate DAM software.
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Regional Insights:
The North America market is expected to register fastest revenue growth rate during the forecast period. Increasing adoption of cloud-based DAM solutions in this region is expected to drive revenue growth of the market. Scalability, flexibility, and accessibility are just some of the benefits that cloud-based DAM solutions have over typical on-premise ones. Organizations can store and manage their digital assets in a safe, centralized location that can be accessed from any location, at any time, with cloud-based DAM. Teams can work together and exchange resources more easily as a result, regardless of place or device. In addition, because cloud-based DAM solutions are more easily scalable, businesses can easily increase their storage capacity as their digital asset library expands.
The market in Asia Pacific is expected to register a moderately fast revenue growth rate over the forecast period. India is viewed as a particularly challenging country to manage for entertainment and media companies because of the complexity of the content, language, and other regional requirements. As a result, many organizations now adopt digital asset management to handle such complications. In China, there is a definite tendency toward commercial digital transformation. In October 2021, a Harvard University graduate designer saw enterprise software as the next major potential in China's tech sector and built a unicorn with his content marketing platform with the help of investors.
The Europe market is expected to register a considerable revenue growth rate during the forecast period. New business models, including subscription-based pricing, are emerging, making DAM more available to smaller enterprises. Future market expansion in this region is expected to benefit greatly from such a trend. In addition, effective management of digital assets is necessary for the widespread adoption of DAM solutions into new industries such as healthcare and education.
Scope of Research
| Report Details | Outcome |
| Market size in 2022 | USD 3.65 Billion |
| CAGR (2023–2032) | 13.9% |
| Revenue forecast to 2032 | USD 14.31 Billion |
| Base year for estimation | 2022 |
| Historical data | 2019–2021 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Business Function, Component, Deployment Mode, Organization Size, End-Use Vertical, and Region. |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Cognizant, Digizuite, Adobe, Sitecore, OpenText, BrandMaker, MediaValet, Brandfolder, MediaBeacon and Cloudinary |
| Customization scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global Digital Asset Management (DAM) system market is fairly consolidated with few small and medium-sized market players accounting for the majority of revenue. Major players are deploying various strategies, entering into mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective in the market. Some major players included in the market report are:
- Cognizant
- Digizuite
- Adobe
- Sitecore
- OpenText
- BrandMaker
- MediaValet
- Brandfolder
- MediaBeacon
- Cloudinary
Strategic Development
- On March 01, 2023, Bayer and OpenText announced a collaboration. Bayer and OpenText collaborated to streamline digital business processes. For specific B2B integration tasks across the Consumer Health and Pharmaceuticals businesses, Bayer chose OpenText Business Network Cloud Enterprise as a strategic solution to promote agility and boost operational effectiveness.
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For the purpose of this report, Emergen Research has segmented the global Digital Asset Management (DAM) system market on the basis of business function, component, deployment mode, organization size, end-use vertical, and region:
- Business Function Outlook (Revenue, USD Billion; 2019–2032)
- Information Technology
- Human Resources
- Sales & Marketing
- Other Business Function
- Component Outlook (Revenue, USD Billion; 2019–2032)
- Training, Support & Maintenance
- Solutions
- Consulting
- Integration & Implementation
- Services
- Deployment Mode Outlook (Revenue, USD Billion; 2019–2032)
- Cloud
- On-Premises
- Organization Size Outlook (Revenue, USD Billion; 2019–2032)
- Large Enterprises
- Small & Medium Enterprises
- End-Use Vertical Outlook (Revenue, USD Billion; 2019–2032)
- IT & Telecom
- Healthcare
- BFSI
- Retail & E-Commerce
- Education
- Travel & Hospitality
- Media & Entertainment
- Government
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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