Digital Asset Management Market with COVID-19 Impact Analysis, By Component (Solutions and Services), Business Function (HR, Sales & Marketing, and IT), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2027
The global Digital Asset Management (DAM) market size is projected to grow from USD 4.2 billion in 2022 to USD 8.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.6% during the forecast period. Major factors that are expected to drive the growth of the DAM market include increasing digitalization of content and the need for effective collaboration of corporate assets, the emergence of cloud-based delivery options, and the growing need for controlled access and better security of digital assets to avoid copyright issues. Furthermore, increasing infusion for achieving data integrity and the increasing trend of diffusing encryption technologies with digital solutions to streamline safe digital trading are expected to create ample opportunities for DAM vendors.
The COVID-19 pandemic adversely impacted the market in 2020, resulting in a sudden decline in year-over-year growth of the market. However, the companies in the market have adopted various strategies to improve the business. They are enhancing their existing products through collaborations and product developments. Further, the shift from on-premises to cloud-based solutions, a continuous digital transformation, and a surge in demand for secure digital asset management during the COVID-19 pandemic have provided ample opportunities for vendors of this market.
Solution segment to hold a larger market size in 2022
The solution segment is projected to contribute majorly to the market. This growth of solution segment is supported by the rising digital assets, increasing digitalization, and rising enterprise spending on digital solutions along with the growing need for creating curated digital assets, enabling its centralized storage, and optimizing inter-department and intra-department collaboration. Factors such as rising digital assets, increasing digitalization, and rising enterprise spending on digital solutions have also contributed to the high adoption of the DAM solution. The services segment is projected to witness a higher growth rate during the forecast period, owing to growing demand for hassle-free and proper deployment and integration of the DAM solutions along with need of organizations to understand changing business conditions, client insights, market trends, or service inconveniences.
By vertical, media and entertainment industry to register the largest market size during the forecast period
The media and entertainment vertical is expected to hold the largest market size in the DAM market. As media and entertainment companies deal with large number of media assets, such as movies and podcasts, movie clips, interactive images, posters, and e-content that are regularly needed to be stored and delivered to the customers and transferred within the departments for making edits and achieving approvals, the demand for DAM solutions in the industry is the highest.
Asia Pacific (APAC) to register the highest growth rate during the forecast period
Steady income growth, dynamic consumer demands, and significant consumer spending have compelled organizations across APAC to improve their business processes with high-technology diffusion. Owing to this, companies in the region are expected to increasingly adopt DAM solutions to manage their ever-increasing media and other digital assets and to gain holistic visibility into brand value.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the Chief Executive Officers (CEOs), Chief Marketing Officers (CMO), Vice Presidents (VPs), Managing Directors (MDs), technology and innovation directors, and related key executives from various key companies and organizations operating in the DAM market.
By Company Type: Tier 1 – 29%, Tier 2 – 45%, and Tier 3 – 26%
By Designation: C-level executives– 30%, Director Level – 25%, and Others – 45%
By Region: North America – 40%, Europe – 30%, APAC – 25%, Rest of World (RoW) – 5%
The report profiles the following key vendors:
1. Adobe (US)
2. OpenText (Canada)
3. Cognizant (US)
4. Aprimo (US)
5. Bynder (US)
6. Sitecore (US)
7. Widen (US)
8. MediaBeacon (US)
9. CELUM (Austria)
10. Nuxeo (US)
11. Canto (US)
12. Wedia (France)
13. Digizuite (Denmark)
14. censhare (Germany)
15. Cloudinary (US)
16. MediaValet (Canada)
17. Northplains (Canada)
18. BrandMaker (Germany)
19. Brandfolder (US)
20. Bright (UK)
21. MarcomCentral (US)
22. Extensis (US)
23. IntelligenceBank (Australia)
24. Filecamp (Switzerland)
25. Veeva (US)
26. WoodWing (Netherlands)
27. Pimcore (Austria)
28. PhotoShelter (US)
29. Image Relay (US)
30. Kontainer (Denmark).
The market study covers the DAM market size across segments. It aims at estimating the market size and the growth potential of the market across segments by component, business function, organization size, deployment type, vertical, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall DAM market and its subsegments. The report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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