Digital Asset Management Market worth $8.7 billion by 2028, growing at a CAGR of 13.0%: Report by MarketsandMarkets™
Chicago, Aug. 31, 2023 (GLOBE NEWSWIRE) — 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, according to a new report by MarketsandMarkets™.
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Digital Asset Management Market Dynamics:
- 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.
List of Key Players in Digital Asset Management Market:
- Adobe (US)
- OpenText (Canada)
- Cognizant (US)
- Aprimo (US)
- Bynder (Netherlands)
- Sitecore (US)
- Widen (US)
- MediaBeacon (US)
- CELUM (Austria)
- Nuxeo (US)
A software system designed to centrally store and manage digital content is known as digital asset management (DAM). A centralised DAM solution, which is simple to use and quick to implement, gives internal and external stakeholders controlled access to all of their digital assets, including photographs, images, creative files, video, audio, presentation decks, documents, and much, much more. Most importantly, DAM systems enable increased campaign productivity and brand consistency. Finally, the best DAM systems organise digital assets in a way that maximises their brand value. Its features enable to automate workflows, set asset licencing expiration dates, and set varying levels of user access for files, folders, projects, and entire campaigns.
DAM software can also show how creative assets are performing using in-app analytics. Unfortunately, when files are stored across multiple devices and platforms, they frequently go to waste. A cloud-based DAM centrally stores all of a brand’s assets, allowing users to securely collaborate on content from anywhere. With digital assets, DAM software improves seven critical aspects of a brand’s operational efficiency: creation, organization, collaboration, distribution, storage, and performance measurement. A DAM provides agencies and brands with true digital asset storage for an unlimited number of files of any size in a single secure location.
This is especially important when storing large assets like high-resolution imagery, video, and audio files. Backups of files, user permissions, and rights management ensure that all assets are securely stored. Teams using DAM can scale projects by leveraging integrations with creative tools like Adobe Creative Suite, native video editors, and project management apps like Smartsheet, allowing them to create new assets without switching platforms. Brands are creating far more assets than ever before. DAM software serves as a single point of contact for organising and tracking digital content. Users can quickly retrieve files from asset libraries of any size by using tags, filters, and advanced search capabilities such as in-document search and image recognition.
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The solutions segment is expected to have the largest market share during the forecast period. By establishing a centralised management system for digital assets, a DAM solution streamlines asset management and optimises the production of rich media, particularly within sales and marketing organisations. It promotes brand consistency by automating asset updates and reinforcing brand guidelines, resulting in a single source of truth within organisations and a more consistent user experience for external audiences.
With its invaluable search features, modern digital content management teams and marketers rely on DAM to repurpose content, reducing unnecessary production costs and duplicate workstreams. Given the increased visibility of brand assets and marketing assets via digital channels such as social media, it is critical for brands to maintain consistency in imagery and messaging in order to build brand authority and generate business growth. As a result, it’s no surprise that digital asset management platforms are increasingly important components of digital transformation initiatives. There are many benefits of DAM solutions such as, reduced production costs and improved resource allocation. Asset centralization within a DAM enables organisations to find and reuse assets, lowering production costs and duplicating workstreams.
Reduced costs encourage resource allocation in other areas of the business. The resulting efficiency gains aid in bringing assets and solutions to market more quickly. More transparency within the organisation. Because a DAM solutions gives users a clear, comprehensive view of their digital assets, it has implications for content planning and execution. It can improve collaboration among stakeholders or introduce more impactful workstreams by eliminating redundant projects.
The geographic analysis of the DAM market is mainly segmented into 5 regions, namely, North America, Europe, Asia Pacific, Middle East & Africa and Latin America. North America is expected to be the leader in the adoption and implementation of DAM followed by Europe and Asia Pacific. The North American media and entertainment industry is the fastest growing, encompassing motion pictures, television programmes and commercials, streaming content, music and audio recordings, broadcast, radio, and book publishing, as well as the region’s evolving social media presence.
Integration of new OTT services across existing subscription-based streaming devices in US households is expected to drive the region’s media and entertainment sector. As an example, In September of this year, KAON, 3 Screen Solutions, and Green Streams announced the release of their new joint IPTV / OTT service platform product, which enables Tier 2 and medium-sized providers to quickly and affordably deliver super-aggregated video services based on Android TV, Google’s increasingly popular operating system, as well as all relevant Multiscreen platforms. Furthermore, according to the American media measurement and analytics company comScore, Netflix accounted for 74% of total OTT household penetration in the United States, followed by YouTube (54%), and Amazon (33%). Such widespread adoption of OTT services in the region is expected to fuel demand in the video and entertainment industries. This industry drives the DAM market in this region.
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The first and most well-known application of AI in Digital Asset Management is auto-tagging. The advantage of AI-auto-tagging in DAM is that users can apply metadata to millions of assets quickly and without human intervention. This is a significant advancement in DAM system management because it eliminates one of the major bottlenecks in asset ingest – the application of metadata. By removing the manual, human element, user’s DAM processes become infinitely more scalable, allowing users to automatically process millions of assets.More metadata can be applied instantly by AI than a human could. This additional metadata can increase the discoverability of digital assets, allowing for greater reuse.
Facial recognition is a component of auto-tagging. This is when the AI can recognise and tag known people who appear in digital assets, just as it sounds. Professionals typically use a combination of smartphones and computer software solutions to track all of their assets. Most asset management apps will require individuals to be in the same location as the asset. When businesses combine AR with asset management, they can evaluate the product from a different perspective. In the modern landscape, vendors are already experimenting with wearable devices for asset management. Smart glasses with cameras and screens can help businesses improve their logistical solutions. Users can process AR imagery through advanced lenses with these devices, allowing for more intuitive, hands-free operations.
Wearable technology is still a relatively new concept in the digital asset management landscape. However, there is a lot of potential in the future, especially as headsets become more widely available due to the rise of 5G. Companies, on the other hand, can take design to the next level with augmented reality. The right tools enable professionals to simulate and design in real-world conditions without physically being present in the area. This is extremely useful because much of the critical design revolves around the circumstances or “context” in which an asset is used. Some businesses have already demonstrated how augmented reality can alter asset design. Alstom Transport is currently using augmented reality to design trains. Mixed reality can also be used to train employees for a better customer experience.
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