Global Digital Asset Management (DAM) Industry

COVID-19 Will Lead the Growth of Corporate Digital Assets. DAM Market to Reach $15.4 Billion

The global market for Digital Asset Management (DAM) is projected to reach US$15.4 billion by the year 2027, trailing a post COVID-19 CAGR of 22.2% over the analysis period 2020 through 2027. The year 2020 is the inflection point for digital transformation for companies around the world. The COVID-19 pandemic has been disruptive for several industries creating a significant challenge for operating their businesses. The pandemic is reinforcing the need for digital transformation enterprises to modernize their information infrastructure to better respond to changing market conditions. Digital technologies play an important role in maintaining operations and facilitating organizations make data-driven investment decisions. Organizations face various challenges in form of significant change in customer consumption patterns and restrictions in terms of workers in house. With millions of employees being displaced and relocated to work from home environments, there is a significant growth in hardware and software relocations and deployments. The new normal in the work environments has made it evident that companies are required to make content and data more accessible to sustain and thrive in the challenging environment.

Higher intelligence and automation is taking precedence over outsourcing and cheap labor, making artificial intelligence & IoT vital capabilities to have. Companies are today forced to invest in real-time collaboration, digital workflow automation, remote operations, omni-channel self-service, cloud computing & virtualization. The shift to digital & migration from on-premises to cloud is expected to significantly increase digital assets of companies. To ensure effective management & monetization of these assets, Digital Asset Management (DAM) is one technology that every company will need to invest in. Demand for Digital Asset Management (DAM) is therefore expected to remain progressive, amid increased emphasis on ensuring transparency, resiliency, and security across the complete lifecycle of enterprise digital assets. In order to better deal with remote employees, supply chain activities, and product/service promotion programs, enterprises across industries are emphasizing better DAM strategies that encompass various digital assets including digital documents, motion pictures, and audible content, intended for circulation or for storing on digital devices such as computers and smartphones. With consumers relying on online transitions for their various needs, either for purchases, or banking, or communication, the need to ensure safety and availability of relevant digital assets for service providers has become more important than ever before. As enterprises focus on reinforcing their digital strategies to better cater to their growing base of online customers and leverage a safe, secure and reliable WFH environment, DAM vendors are experiencing robust demand for their DAM solutions.

Cloud-hosted workflows and process automation boost efficiency as well as improve asset traceability and quality control while simplifying control of digital content. In enterprises with huge burgeoning repositories, the absence of effective digital content management systems and workflows often leads to employees wasting substantial man-hours for locating and retrieving required files from the repositories, or producing poor quality output by making do with whatever resources are at hand due to the hassle of finding appropriate content from among the millions of stored files. Effective infrastructure, strategies, and mechanisms are therefore required for previewing, retrieving, transforming, distributing and sharing new and existing digital files in order to extract the maximum value from the existing inventory of digital assets. Digital asset management solutions benefit organizations by allowing them to place all their assets at a centralized digital location from where these assets can be easily accessed by anyone irrespective of their location. These solutions also enable seamless digital collaboration with external and internal stakeholders by allowing all authorized users, including team members and freelancers, to receive notifications, make annotations, and give feedbacks. Moreover, with a digital asset management solution, efficient workflows can be created and different authorization and supervision levels can be managed with ease. Workflows can be further enhanced by taking advantage of the digital asset management software’s full version control functionality. Digital asset management solutions also offer businesses the required effectiveness, speed, and security while managing their digital assets. DAM software enables timely creation, delivery and curation of content in a self-service web portal. The incorporation of AI technologies and machine learning in DAM solutions enable visual and voice activated search of content libraries. Real-time digital asset management facilitates on-demand content delivery across platforms, screens and devices.

Competitors identified in this market include, among others,

• ADAM Software NV
• Adobe Inc.
• Canto Inc.
• CELUM GmbH
• Cognizant Technology Solutions Corporation
• Extensis
• MediaBeacon Inc.
• North Plains Systems Corp.
• Nuxeo
• OpenText Corp.
• Oracle Corporation
• WebDAM
• Widen Enterprises, Inc.