The research study covers the present scenario and growth prospects of the global digital asset management (DAM) market for 2017-2021. The study considers revenue generated from the sales of software licenses and subscriptions costs, software implementation costs, and technical support and maintenance costs to determine the market size.
Region wise, the Americas occupy the largest market segment with a share of over 51% as one of the early adopters of enterprise DAM solutions. Currently, the adoption of cloud-based delivery of DAM services is contributing to the growth of the market. Government regulations have pushed for transparency and complete accountability, which has created the need for managing and maintaining company publications and having transparent marketing content.
“Adobe Systems, one of the key vendors in the global DAM market mainly focuses on digital marketing and digital media solutions. The company offers DAM system within its Adobe Experience Manager solution, where the customers have complete control over their digital assets, which is a major reason for their popularity,” says Ishmeet Kaur, one of the lead analysts at Technavio for enterprise application research.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global DAM market:
- Shift from on-premises to cloud-based solutions
- Increased use of DAM across retail, media, and entertainment industries
- Increased need for complex management of rich media content
Shift from on-premises to cloud-based solutions
DAM vendors are gradually shifting from providing on-premises solutions to cloud-based solutions, which offer drag-and-drop functionality, mobile accessibility, and a more intuitive service. Vendors are targeting companies of all sizes by offering affordable solutions and rapid deployment of the same for all business users and their digital asset needs. The key reason behind its popularity is the pay-per-use pricing model where clients pay only for what they use. These services are available in three deployment models: infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS).
Cloud-based storage services have customers from multiple industry verticals who opt for these services to meet their digital storage needs. These industries are choosing cloud-based storage services as most of the service providers manage not only digital files but also offer disaster recovery solutions, which is attractive to many companies. Therefore, cloud storage solutions allow organizations to use cloud storage services as per storage requirements, which is driving the market growth.
Increased use of DAM across retail, media, and entertainment industries
“Digital marketing is currently the most effective form of marketing, with most industries using this platform to meet their marketing targets. The almost complete ubiquity of the internet and widespread penetration of smartphones and laptops with continuously increasing online usage have encouraged companies to adopt DAM as an add-on to boost business development initiatives,” says Ishmeet.
In sectors like retail, media, and entertainment industries, where the product margins are low, there is a high pressure on companies to ensure profits with minimum investments made into marketing. This has encouraged organizations to consider digital marketing to create higher efficiencies in store operations through improved workforce management, product placement, and store layouts. These industries continue to leverage DAM solutions with technologies, such as next-generation interactive services, search engine optimization (SEO), and mobility to ensure sales, thereby boosting revenue to the DAM market.
Increased need for complex management of rich media content
Navigating through online digital content has become cumbersome with the volume of online content increasing exponentially. Using a normal search function to look within thousands of files for specific text on a network drive is extremely time consuming and complex.
|As of 2016, the total time spent consuming digital media from desktop devices grew 16% and the total amount of time spent with digital media increased by more than 40% from 2014. This is driven largely by the use of mobile devices such as laptops, smartphones, and tablets.|
Organizations are using DAM for organizing, storing, and locating a specific image or a video among thousands of digital assets spread across many folders. With these solutions, organizations can not only create an archive and develop an infrastructure to store and manage digital assets, but also facilitates a search functionality that allows end-users to identify, locate, and retrieve an asset quickly.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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