Published on: May 2022
Uncovering the secrets of international Digital Asset Management (DAM) market
The global Digital Asset Management (DAM) market is expected to develop at a Compound Annual Growth Rate (CAGR) of 13.6 percent from USD 4.2 billion in 2022 to USD 8.0 billion by 2027. The increase in the content digitization and the need of the hour that is efficient corporate asset collaboration as well as the introduction of cloud-based delivery options along with the rising demand for restricted access and stronger protections of digital holdings to avoid copyright issues are all expected to propel the Digital Asset Management sector forward. Furthermore, Digital Asset Management suppliers are expected to benefit from the increasing demand for data security and the rising prevalence of integrating encryption technologies with online solutions to support safe digital commerce.
COVID-19's Impact on the Digital Asset Management Market
With the continuous work-from-home scenario, global lockdowns, and economic uncertainty induced by COVID-19, enterprises have begun to employ DAM solutions to streamline storage, management, enrichment, delivery, and analysis of digital assets, bolstering the market's growth. The expansion of the DAM market has been hampered by decreased utilization by Small and Medium-sized Enterprises (SMEs) due to greater investments in other collaborative technologies, falling earnings, and reduced allocation of Information Technology (IT) funds.
The emergence of cloud-based distribution possibilities is a driving force
With changing customer behaviour, the number of digital assets and the rate at which they are enriched is rapidly increasing across enterprises. Companies are rapidly turning to the cloud for digital asset storage due to the massive increase in digital asset volume. This has prompted existing on-premises DAM solution vendors to reinvent their solutions for cloud platforms, as well as the entry of new cloud-based DAM solution providers. Many DAM vendors, including Adobe, OpenText, Aprimo, Widen, and Canto, have begun to offer cloud-based DAM solutions, and many of them have worked with cloud platform providers like AWS and Google. When opposed to hosting material on-premises, cloud-delivery options provide lower costs for licences, deployment, and maintenance. Because of the cost savings, most businesses are migrating toward cloud-based DAM systems. According to Acquia's 2018 State of Digital Asset Management report, 62 percent of the firms questioned utilise cloud-based DAM instead of on-premises DAM, which is one of the top reasons for rising DAM adoption.
High upfront expenditures related with implementation and integration are a constraint
Although DAM solutions have numerous advantages, the initial deployment and lifetime licence expenses for managing digital assets should not be overlooked. According to DayDream, a non-hosted DAM solution cost approximately USD 71,746 in 2018, whilst the overall average cost of a DAM system was nearly USD 51,999. Similarly, enterprise-level DAM, such as Adobe Experience Manager, costs USD 0.5 million per year (without licensing expenses). Although the overall cost of a DAM licence and implementation rises as the number of users per account and storage capacity grows. Furthermore, many SMEs are hesitant to use DAM systems due to the uncertainty around support service cost, digital asset management limits, and other minor capabilities.
During the forecast period, North America will have the greatest market size
Because of North America's strong economic landscape, early adoption of modern technologies, and significant digital adoption at workplaces to improve business operations, the DAM industry in North America is already mature. In addition, established economies in the region, such as the United States and Canada, have fairly accepted modern solutions, such as DAM and other Content Management Platforms (CMPs), in addition to incorporating advanced technologies. Adobe, OpenText, Aprimo, Bynder, Cognizant, and Widen, among other minor and well-established DAM solution suppliers in the region, are among the primary driving drivers for the region's DAM market growth.
Key Players in the Market
Adobe (US), OpenText (Canada), Cognizant (US), Aprimo (US), Bynder (US), Sitecore (US), Widen (US), MediaBeacon (US), MediaBeacon (US), CELUM (Austria), Nuxeo (US), Canto (US), Wedia (France), Digizuite (Denmark), censhare (Germany), Cloudinary (US), MediaValet (Canada), Northplains (Canada) (Denmark). These companies provide a variety of DAM solutions to meet the market's demands and needs. Product upgrades and partnerships are two major growth tactics used by the players.
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