MarketsandMarkets forecasts the global Digital Asset Management Market size 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 13.0% during the forecast period. The creation and dissemination of digital content has significantly increased the push for digital engagement which drives the DAM market.
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The Digital Asset Management market is currently expanding, and vendors are adopting a strategic focus to attract customers. The emphasis is on providing a straightforward and elegant user experience. As more users turn to DAM to streamline their asset creation process, software providers must respond to the demand for simple, user-friendly solutions.
Human Resources segment to hold the largest market size during the forecast period
Employee onboarding is facilitated by a DAM system. One of the most significant effects of a DAM system on a company’s HR operations is that it streamlines file management. A DAM system gives the company a powerful system for managing its large number of files, including creative digital assets and resources. From the perspective of human resources departments, this capability simplifies the task of provisioning and monitoring employees’ compliance with the level of permissions and restrictions on access to servers and files. Because of the comprehensive scope and extent of the system’s applications and functionalities, systems such as a digital asset management platform and the like have a significant impact on human resources (HR) operations. There are numerous advantages to digital asset management, such as how a DAM system can help HR departments streamline their operations. Remote Work Collaboration is facilitated by a DAM system. Another significant benefit of implementing digital asset management solutions is that it simplifies arrangements for remote work coordination and collaboration. With the onset of the new normal, more businesses and organisations are said to have realised that there is no going back to the ways of doing things before the global pandemic. Both companies and their clients have recognised the importance of allowing at least some of their employees to work remotely indefinitely. Without a DAM system, HR would have to determine what types of permissions can be granted to a specific employee manually. The information technology (IT) department may need to ask them from time to time if a specific employee should be granted access to sensitive or confidential creative digital assets that are above their paygrade. With a DAM system, however, HR and IT would only need to agree on the levels of access permissions that can be granted to each corresponding role and function in the staffing pattern. IT can then automate the provisioning of access permissions based on what HR stated was permissible for the employees in question. In a centralised library, DAM software organises product photos and videos, packaging designs, campaign collections, and prototypes. Create user-based permissions for self-serve editing, sharing, and viewing content for subsidiary brands, contractors, or agencies. Leverage linked multiple libraries so that divisions and subsidiary brands could only access relevant media.
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The market players have adopted various growth strategies, such as partnerships, acquisitions, agreements, and collaborations, and new product enhancements to expand their presence in the DAM market. New product launches, product enhancements and collaborations have been the most adopted strategies by major players in past few years, which helped companies to innovate their offerings and broaden their customer base.
Adobe is a global software company with a diversified product portfolio. It operates in digital media, digital marketing, and print and publishing. It caters to several industry verticals, including BFSI, retail, government, travel and hospitality, healthcare, education, manufacturing, and telecommunication. Adobe licenses its technology to hardware manufacturers, software developers, and service providers for using its products and solutions. Its marketing cloud comprises marketing services, including web experience, analytics, social media optimization, testing and targeting, and campaign management. The company delivers products through Software as a Service (SaaS), managed services, term subscription, and pay-per-use models. It delivers six marketing cloud solutions: analytics, social, advertising, targeting, web and app experience management, and cross-channel campaign management. Adobe is one of the leading digital media and digital marketing solutions providers. The DAM market space provides its offerings via the Adobe Experience Cloud. Adobe’s DAM solution enables its clients to share, secure, and store digital assets challenges. These challenges include the inability to manage assets at scale, isolated asset storage, poor version control, digital rights, and permissions limitations. Adobe’s Experience Manager Assets platform allows the clients to deliver experiences with speed, agility, and consistency. Adobe also offers DAM features, such as DAM workflows, DRM, dynamic media delivery, search and metadata, native connections to creative cloud, and asset automation.
OpenText has grown to be a leader in providing Enterprise Information Management (EIM) solutions. The comprehensive OpenText EIM platform and suite of software products and services provide secure and scalable solutions for global companies and governments worldwide. It also offers a comprehensive line of products and services that aim to enable faster business growth, obtain lower operational costs, and lower information governance and security risks by improving business insights, impact, and processing speed. The company operates in four business segments: license, cloud services, and subscriptions, customer support and professional services, and others. OpenText creates next-generation EIM solutions and delivers them to the market by partners. The company’s expanded partnerships and product integrations with Google, SAP, and Mastercard provide greater content service options in the cloud for customers. In 2019, the company acquired Liaison Technologies and Catalyst Repository Systems. OpenText offers a robust set of products that enable customers to enhance their brand’s value by better managing rich media and videos in the DAM market space. OpenText’s solutions enable clients to find, share, and use digital media assets to deliver enhanced experiences. The company’s DAM software solutions also offer several benefits to the company’s clients, including increased ROI, reduced agency fees, maximum asset utilization, enhanced visibility and insights, and optimized brand consistency.
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