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Digital Asset Management (DAM) Market: Booming Online Marketing Industry & Substantial Media Content to Drive Growth
Press release from: TMR 12-27-2016 01:55 PM CET - IT, New Media & Software TMR findings suggest, the global digital asset management market was valued at US$1.44 bn in 2015. However, analysts indicate that the opportunity in this market will be worth US$7.48 bn by 2024, rising at a CAGR of 18.8% between 2016 and 2024.
Benefits of DAM Create New Opportunities
The benefits of DAM solutions over conventional alternatives are anticipated to provide this market with the much-needed impetus in the coming years. Several organizations are adopting these solutions as it offers them affordable solutions organizations to store, manage, retrieve, and share data.
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Currently, the SMEs are the biggest target audience of the DAM players, which is encouraging the operating companies to customize their solutions and meet the specific demands of the small players. The biggest restraint in the global DAM market is the initial high investment. The lack of knowledge about the right DAM solution is also acting a major deterrent to the overall market.
DAM Solutions form the Backbone of Media and Entertainment Industry
The biggest end user of DAM solutions is the media and entertainment industry. As of 2015, this end user segment accounted for 27.1% share in overall market due to multiple uses of these solutions and their numerous advantages being realized by the industry on the whole.
Today, the media and entertainment industry largely depends on the installation and smooth functioning of the DAM solutions as it eases out the process of saving, managing, and recollecting an immeasurable volume of video, audio, images, and other files. Management of these digital assets has become far easier with DAM solutions, thus making them an integral part of the industry.
Cloud-Based DAM Solutions Will Win Over Conventional Solutions
The majority of the end users in the DAM market are likely to opt for cloud-based services due to several reasons. The conventional alternatives such as on-premise solutions and hybrid will be phased out gradually despite better bandwidth due to their cost-intensive nature. The cloud-based software segment will dominate the global DAM market as it will bring out operation efficiency by reducing the cost of a dedicated IT department.
In terms of geography, North America is leading the global digital assets market as the evolution of social media has in the region has become ubiquitous. The generation of tremendous amounts of content due to social media has encouraged marketers to use DAM solutions in order to reach out to a mass audience in the shortest possible time. Furthermore, as analytics are gaining a huge demand in North America, vendors are focusing towards covering DAM solutions and analytics to provide customized tools to consumers. This trend has coaxed DAM vendors to provide topnotch analytics tools, thereby stiffening the competition in the regional market.
Key Players Vying for Higher Revenues in the DAM Market
Some of the important players operating in the global DAM market are North Plains Systems Corp., OpenText Corporation, ADAM Software NV, Widen, MediaBeacon, Inc., Celum, Hewlett-Packard Company, WebDAM, Bynder, Canto, Inc., and NetXposure, Inc. These players are looking at developing DAM solutions that will help marketers understand the market dynamics and trends better with customized analytics and observations.
About Us
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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