The report by TMR projects the market for digital asset management (DAM) to attain a value of US$6.33 bn in 2025 from US$1.73 bn in 2016. The market will rake in the value by registering a solid CAGR of 15.6% between 2017 and 2025.
Depending upon the manner of deployment, the global market for digital asset management (DAM) can be divided into on-premise, enterprise, and cloud deployment models. Among the three, the enterprise deployment model accounted for a leading share in the market in 2016. In the foreseeable future, the segment will continue to hold a dominant position, albeit reducing its share owing to the surging popularity of cloud-based deployment.
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Geographically, Europe and North America are major contributors to the global market for digital asset management (DAM). Together, they held slightly over half the share in the market in 2016. North America, powered primarily by Canada and the U.S., has emerged as one of the market leaders because of the increasing automation and adoption of cloud storage in the region.
Organizations’ Need for Optimizing Data Management Generates Demand for DAM
Rising emphasis of enterprises to organize their digital assets for smoother operations is one of the main factors fuelling growth in the global digital asset (DAM) market. In addition, increasing knowledge of the usefulness of cloud-based solutions for improving functionality and reducing costs is also serving to stoke growth in the market. “Large organizations are at the forefront of uptake of digital asset management (DAM) services to manage their digital assets methodically,” observes the lead analyst of the TMR report.
Digitization of Processes by Companies Benefit DAM Market
Yet another factor stoking growth in the global market for digital asset management (DAM) is the swift pace of digitization of companies of various sizes and also various public sector departments. “The enterprise sector has begun to understand the importance of data and the need to store it methodically and securely. Further, the enormous increase in complex data sets and the limitations and difficulties in manually managing data has brought about an uptick in demand for digital asset management (DAM) solutions.
Proving a roadblock to the global digital asset management (DAM) market is the steep cost of implementing such solutions. However, with smaller players in the market focusing on tailor-made solutions for customers, new growth avenues will open up in the market which would enable overcoming of such minor hiccups.
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This review is based on the findings of a TMR report, titled, “Digital Asset Management Market (Solution – Asset and Metadata Archiving, Video Management, Web Content Management, Creative Tool Integration, and Lifecycle and Rights Management; Deployment Model – Enterprise, On-premise, and Cloud; Application – Marketing, Sales, Information Technology, and Photography and Graphic Designing) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”