LONDON--(BUSINESS WIRE)--The media asset management (MAM) solutions market is expected to grow by USD 6.74 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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End-users in the market are increasingly opting for cloud-based MAM solutions over on-premises. This is because cloud-based solutions offer drag-and-drop functionality, mobile accessibility, and more intuitive services and are cost-effective and quicker in terms of deployment. Cloud-based solutions also offer the flexibility to either increase or decrease enterprise data and storage capacity as per the requirements of end-users. Many such advantages are driving the adoption of cloud-based MAM solutions among organizations, which is fueling the market growth.
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As per Technavio, the increased use of MAM solutions across retail, media, and entertainment industries will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Media Asset Management (MAM) Solutions Market: Increased Use of MAM Solutions Across Retail, Media, and Entertainment Industries
The rapid penetration of the internet and the increasing adoption of smartphones has encouraged many enterprises to rely on digital channels to market their products. This has increased the adoption of MAM solutions to gain operational intelligence and real-time insights on various aspects. For instance, organizations in the retail industry use advanced cloud-based software to monitor and identify theft and alert the staff. Similarly, in the media and entertainment industry, MAM solutions are used to manage massive amounts of digital content. Therefore, the increased adoption of MAM solutions across such industries is expected to drive the growth of the market during the forecast period.
“Increasing need to comply with asset management standards and the gradual shift from traditional IT systems to advanced IT solutions will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Media Asset Management (MAM) Solutions Market: Segmentation Analysis
This market research report segments the media asset management (MAM) solutions market by deployment (On-premise and Cloud) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the media asset management (MAM) solutions market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the increased adoption of advanced technologies, such as artificial intelligence (AI), in sectors such as healthcare in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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