CHICAGO, April 19, 2023 /PRNewswire/ — The global Digital Asset Management Market size is expected to grow from USD 4.7 billion in 2023 to USD 8.7 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 13.0% during the forecast period, according to a new report by MarketsandMarkets™.
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The Digital Asset Management Market is currently expanding, and vendors are adopting a strategic focus to attract customers. The emphasis is on providing a straightforward and elegant user experience. As more users turn to DAM to streamline their asset creation process, software providers must respond to the demand for simple, user-friendly solutions.
Human Resources segment to hold the largest market size during the forecast period.
Employee onboarding is facilitated by a DAM system. One of the most significant effects of a DAM system on a company’s HR operations is that it streamlines file management. A DAM system gives the company a powerful system for managing its large number of files, including creative digital assets and resources. From the perspective of human resources departments, this capability simplifies the task of provisioning and monitoring employees’ compliance with the level of permissions and restrictions on access to servers and files. Because of the comprehensive scope and extent of the system’s applications and functionalities, systems such as a digital asset management platform and the like have a significant impact on human resources (HR) operations. There are numerous advantages to digital asset management, such as how a DAM system can help HR departments streamline their operations. Remote Work Collaboration is facilitated by a DAM system. Another significant benefit of implementing digital asset management solutions is that it simplifies arrangements for remote work coordination and collaboration. With the onset of the new normal, more businesses and organisations are said to have realised that there is no going back to the ways of doing things before the global pandemic. Both companies and their clients have recognised the importance of allowing at least some of their employees to work remotely indefinitely. Without a DAM system, HR would have to determine what types of permissions can be granted to a specific employee manually. The information technology (IT) department may need to ask them from time to time if a specific employee should be granted access to sensitive or confidential creative digital assets that are above their paygrade. With a DAM system, however, HR and IT would only need to agree on the levels of access permissions that can be granted to each corresponding role and function in the staffing pattern. IT can then automate the provisioning of access permissions based on what HR stated was permissible for the employees in question. In a centralised library, DAM software organises product photos and videos, packaging designs, campaign collections, and prototypes. Create user-based permissions for self-serve editing, sharing, and viewing content for subsidiary brands, contractors, or agencies. Leverage linked multiple libraries so that divisions and subsidiary brands could only access relevant media.
Retail & eCommerce vertical to record the highest CAGR during the forecast period
For retailers to build brand trust and drive purchase-ready behavior, high-quality product images and engaging content are essential. However, as product lines and distribution channels expand, it can become difficult to effectively manage product-related content. Retailers can use digital asset management to better manage and distribute product and brand material across all customer touchpoints, such as eCommerce, social media, and store locations, reducing time-to-market and powering omni-channel strategies. DAM software allows users to find the media they need by using keywords, SKUs, and other unique identifiers in conjunction with advanced search. Save frequently used searches that can be filtered by name, color, approval status, star rating, date, file type, and other criteria. Preview and share asset collections of any size or file type (product images, HD videos, brand guides, etc.). It also enhances the assets with AI-generated object and text recognition, allowing users to search for images based on color, gender, and other criteria. DAM application software access to product shots, logos, and content from within Adobe Creative Suite programmes such as InDesign, you can quickly create on-brand content. It provides self-service downloads in the format, size, and resolutions required by offices, partners, and stores worldwide. It helps to get instant access to photoshoots, with simple uploading capabilities for photographers from all over the world. DAM is a system that assists businesses in storing, organizing, and tracking digital content. This can include images of products, videos, marketing collateral, and other materials. Retailers can use a DAM system to centrally manage their digital assets and ensure that they are being used effectively. Furthermore, DAM can assist retailers in tracking the success of their marketing campaigns and making data-driven decisions about future initiatives. Retailers who use DAM will be well-positioned to succeed in a highly competitive landscape. Here are some of the reasons why digital asset management is important in retail. The goal of DAM is to manage complexity. Retailers can use DAM to automate many of their administrative processes. Streamlining content creation is a big part of this. Retailers can free up their teams to focus on more important tasks by automating the creation of product images. This includes developing new content as well as marketing campaigns. A streamlined content creation process, like inventory management, can help alleviate retail workflow inefficiencies. Process automation also includes sales and marketing campaigns. With fewer people requiring attention, retailers can use DAM to improve the automation of their sales and marketing processes. This reduces the possibility of human errors affecting these processes.
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North America is projected to have the largest market size during the forecast period
North America is expected to have the largest market size in the Digital Asset Management Market, and the trend is expected to continue till 2028. The current trend of purchasing online is growing due to its ease of access for customers when compared to brick and mortar stores. The use of the internet and smartphones is also assisting the market’s growth. North America is a developed and technologically advanced region, creating a massive opportunity for the region’s E-Commerce market. E-commerce businesses have created customised mobile applications to showcase their products with all of the necessary specifications, allowing customers to easily place orders. The increased use of smartphones, as well as the implementation of the 5G network, make the process flexible and flawless. The region’s audiences are well-educated and technologically savvy. Because of the popularity of social media applications, marketing opportunities are abundant nowadays, which aids in propelling the region’s e-commerce market towards growth trajectories. Many mergers and acquisitions are taking place among regional companies in order to increase their capability in the E-commerce business. Descartes, a Canada-based software-as-a-service solutions provider, announced the USD 65 million acquisition of XPS Technologies, an e-commerce shipping solutions company. Because of lower communication and infrastructure costs, established organisations and large corporations are shifting their operations to the internet. The E-commerce channel enables the organisation to reach out to more clients, resulting in valuable exposure for the company. E-commerce is also being driven by the growing importance of online marketing tools such as Google ads and Facebook ads. Walmart, for example, has 4,700 locations in the United States, and 90% of the population lives within 10 miles of a Walmart store. Because of its potential, the company is now planning its massive store network to expand its e-commerce operation. This demonstrates the expansion of the E-Commerce market in North America. E-commerce platforms provide numerous opportunities for relatively small and emerging businesses to sell their products. To reach their clients in the region, one niche product company created a vertical E-commerce website. The American Baker Association has estimated the potential for bakers to expand their use of e-commerce. Bimbo Bakeries USA (BBU), for example, a subsidiary of Grupo Bimbo SAB de CV, a Mexican baking conglomerate, has developed a direct-to-consumer platform to deliver BBU brands to consumers’ doorsteps. These drives the market for DAM in this region.
Some prominent players across all service types profiled in the Digital Asset Management Market study include Adobe (US), OpenText (Canada), Cognizant (US), Aprimo (US), Bynder (Netherlands), Sitecore (US), Widen (US), MediaBeacon (US), CELUM (Austria), Nuxeo (US), WoodWing (Netherlands), Canto (US), Wedia (France), Digizuite (Denmark), censhare (Germany), Cloudinary (US), MediaValet (Canada), Ignitetech (US), BrandMaker (Germany), Brandfolder (US).
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