Global Digital Asset Management (DAM) Market Report 2023: Increase in Digitalization of Content and Need for Effective Collaboration of Corporate Assets Bolsters Growth
Global Digital Asset Management (DAM) Market
Dublin, May 03, 2023 (GLOBE NEWSWIRE) -- The "Global Digital Asset Management (DAM) Market by Component (Solutions, Services), Business Function (Human Resources, Sales & Marketing, Information Technology), Deployment Type, Organization Size, Vertical, and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global DAM software market is expected to grow from USD 4.7 billion in 2023 to USD 8.7 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 13% during the forecast period. Companies are gradually shifting away from on-premises solutions and towards SaaS-based solutions that provide mobile accessibility and other intuitive services. The model's affordability addresses specific digital asset requirements by targeting businesses of all sizes. Furthermore, these solutions typically provide low-cost options and rapid service deployment.
Cloud segment to have significant growth during the forecast period
Cloud Digital Asset Management (DAM) democratizes enterprise-wide digital media management and delivery. Cloud DAM also promises to lower operational costs and boost productivity while providing a single source of truth to protect brand identity. Front-end experiences are also influenced by cloud DAM. Bynder announced an integration with Hootsuite Inc., a popular cloud-based social media management platform. Hootsuite dashboards are linked to digital assets sourced from Bynder, allowing social media marketers to easily access creative content without having to download, resize, and re-upload individual files.
Furthermore, the rapid increase in data generation is driving up storage demand. AI and machine learning capabilities allow data to be collected, processed, and analyzed more quickly, and business data and applications are migrated to multiple public-private clouds. Several companies, including Cognizant Technology Solutions, MediaBeacon, and Bynder, are involved in digital asset management and are assisting the market's rapid growth, as most end-users prefer cloud-based solutions.
Retail & eCommerce vertical to grow at a highest CAGR during the forecast period
Bringing a product to market and merchandising it online and offline necessitates the collaboration of many people and teams. A large number of digital files are being created, and they must be easily accessible throughout the process. A digital asset management solution for ecommerce is ideal for teams looking to centralize assets used across e-commerce and retail channels.
Without a DAM solution, e-commerce and retail businesses may struggle to deliver efficient and effective product launches, campaigns, and day-to-day product sales management. Implementing a file management solution can be a quick and simple process that brings all stakeholders in an e-commerce and retail business together. From product design and management to online sales and in-store merchandising, a digital asset management solution for e-commerce is an important piece of the puzzle. DAM solutions allow to store digital files together and organize them based on the needs of the team.
By storing them in the cloud, they can be accessed securely from the file management solution from anywhere in the world. Retail has become as much about the experience as it is about the product for those who sell offline. With more assets required to support the buying experience, a centralized cloud-based digital asset management solution can help the team get to market faster and stay on brand across channels.
Digital Asset Management market in North America to grow at the highest market size during the forecast period
Many start-ups and global corporations are based in North America. Global business groups from various industries have their global headquarters, as well as significant workforce and manufacturing units, in the United States. Some multinational corporations, such as Alphabet Inc, AT&T, Dell Technologies Inc, Cisco Systems Inc, Apple Inc, and others, have a sizable workforce in the United States. As a result, there is a high demand for effective human resource development software. Furthermore, the region's growing economic prosperity welcomes new companies and start-ups for long-term establishments, opening up a plethora of opportunities for HR management software. According to the Bureau of Labour Statistics, the quarterly number of businesses starts in the United States was around 356,000 in the third quarter of 2021.
A dense market's long-term trade benefits attract HR management software companies to offer their services on a larger scale, propelling growth even further. Several brand partnerships occur in the region to advance the operational capabilities of various operating units of organizations, thereby developing the overall ecosystem in the area. UKG Inc, for example, acquired SpotCues and its mobile communications platform, Groupe.io, in February 2022. SpotCues' mobile communication platform for the frontline workforce will be integrated with UKG solutions such as UKG Pro, UKG Dimensions, and UKG Ready, allowing for improved communication and employment experience.
Despite supply chain disruptions, inflation, and the emergence of COVID-19 variants raising economic uncertainties, 2021 proved to be a record year for healthcare private equity in North America. An ageing population and an increase in the prevalence of chronic disease are driving steady growth in healthcare demand.
More than a decade after the passage of the Affordable Care Act in the United States, maturing value-based payment models continue to create opportunities for companies that reimagine care delivery with a focus on patient experience, health outcomes, and costs. The pandemic has accelerated the use of digital tools that use big data and machine learning in every health sector, assisting in the efficiency of many operations and spurring innovation. Better health outcomes at a lower cost could result.
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
Increase in Organizational Focus on Digital Marketing
Focus on Enhancing Digital Experience of Customers Among Enterprises
High Upfront Costs Associated with Implementation and Integration
Emergence of AI to Automate Processes
Infusion of Advanced Encryption Technologies to Streamline Digital Trading
Fulfilling Metadata Requirements to Enable Quick Access to Digitally Stored Assets
No. of Pages
2023 - 2028
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2028
Compound Annual Growth Rate
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview and Industry Trends
6 Digital Asset Management Market, by Component
6.2.1 Increased Demand for Creating, Storing, Updating, and Maintaining Digital Assets
6.3.1 Growth of Pre-Sales Requirement Assessment to Post-Sales Product Deployment and Execution Services
6.3.3 Integration & Implementation
6.3.4 Training, Support, and Maintenance
7 Digital Asset Management Market, by Business Function
7.2 Human Resources
7.2.1 Higher Demand for Centralized Recruitment Media Storage and Management Hubs
7.3 Sales & Marketing
7.3.1 Managing Content Workflows and Distribution Through Brand Portals
7.4 Information Technology
7.4.1 Collaboration with Other Departments and File Tagging & Referencing Ensuring Non-Duplicity of Media Assets
7.5 Other Business Functions
8 Digital Asset Management Market, by Deployment Mode
8.2.1 Increase in Shift from On-Premise to Cloud Infrastructure
8.3.1 Investments in In-House Server and Storage Hardware, Software Licenses, and Other Infrastructure Requirements
9 Digital Asset Management Market, by Organization Size
9.2 Large Enterprises
9.2.1 New and Emerging Technologies Adopted by Large Enterprises
9.3 Small & Medium-Sized Enterprises
9.3.1 SMEs Investing in Automated Solutions due to Intense Market Competition
10 Digital Asset Management Market, by Vertical
10.2 Retail & Ecommerce
10.2.1 Large IT Budgets in Retail & Ecommerce Companies
10.3 Banking, Financial Services, and Insurance
10.3.1 Need to Enhance Customer Satisfaction and Timely Sharing of Interactive Digital Assets
10.4.1 Growth in Demand for Explaining New Product Features with Interactive Content
10.5 IT & Telecom
10.5.1 Demand for Mapping Images/Videos to Websites and Digital Tag Assets According to Associated Services/Products
10.6 Media & Entertainment
10.6.1 Customer Interaction Driven Through Management and Distribution of Proper Digital Content and Brand Materials
10.7 Government & Public Sector
10.7.1 Creative Online Projects Enabling Departments and Affiliates to Download Critical Marketing Material
10.8 Travel & Hospitality
10.8.1 Continual Updating, Management, and Distribution of Media Assets Associated with Niche Products and Services
10.9.1 Global Education and Data on New Drug Development, Pathogens, and Related Precautions Critical
10.10 Other Verticals
11 Digital Asset Management Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Adjacent Markets
For more information about this report visit https://www.researchandmarkets.com/r/hk0tgd
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