The global Digital Asset Management Market was valued at $1.45 billion in the year 2015 also expected to grow at considerable rate due to the increase in digital assets by leaps and bounds. Real time strategies driven by customers unlike the traditional strategies along with delivery models are reasons to drive the sales in the mentioned period.
The ever increasing demand for the content which is rich to promote products and brands is another driver expected to impact the market positively. Digital asset management suppliers comprise mainly of cloud-based organizations providing solutions with optimum expenses.
Industries have adopted digital asset management to save and store files for the purpose of completing the task on real time basis. The recent developments in the technologies like the DAM are reasons for organizations to adopt to these solutions for management, collaboration and asset tracking.
The solution segment has captured considerable share in 2015 and will be dominating the market over the period of forecast. DAM solutions are being adopted by marketing firms as they help in the data reach out using collective efforts that in turn increases the firm’s efficiency. Due to the increase adoption of the solutions the industry is expected to suffer a setback as it reaches the maturity stage in the next 9 years.
On-premise usage acquires as much as 50% of the total collection of the industry. But this method is quite expensive and also requires large storage capacities which calls for a need of sophisticated IT built-up that require larger expenditures. This is the only reason why the segment will witness as low growth in comparison to cloud deployment in the 9 years.
Deployment using cloud has accounted for significant share in 2015 and is forecasted to see increasing demand due to the change to Software-as-a-service. Firms like IBM, oracle, EMC have initiated their move towards cloud from premise that provide intelligent services and many other functions. Low cost requirements and faster deployment are adopted in numbers by end-users because of the collective cost cutting from operations.
The major segment to expect largest growth is marketing due to its importance in sales assisting and real time assets access. DAM is extensively being adopted in sales and marketing because it helps maintaining the product and brand image.
DAM is also being used by photography sector to secure the access files and store photos. The photography sector is also expected to grow over coming years.
20% of the market share was occupied by media and entertainment in 2015. The increase in demand for content and quality has increased the development of content in this sector which drives the growth.
Smooth functioning of the DAM is the pivotal factor of media and entertainment as it helps in recollecting, managing and storing large amount of videos, audios, images and other files. DAM has made it easier to manage these assets making it the part of industry.
25% of the total market is dominated by North America in 2015. This can be related to the continuous growth in social media in this region. DAM’s adoption has increased due to the generation of huge amount of content which also helps in reaching out to larger group in smaller times.
Demand for the analytics is forecasted to get a stable platform in North America. The emphasis on DAM solutions and analytics to provide customer with customized tools is the reason for this movement which actually stiffens market competition.
Along with North America, Asia Pacific is also expected to witness faster growth almost at the CAGR of 12%. Due to rise in adoption of cloud technology and digital technology the sector offers larger opportunities for growth among small and medium organizations.
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Adobe Systems, Oracle, ADAM, OpenText, EMC, IBM, Widen, North Plains and Cognizant are the major industry participants. OpenText is the major player in this market and has been adopting various strategies to satisfy demands related to DAM, including product developments and partnerships. The company launched a product for integrated solutions in September 2015 with SAP to provide single channel experience to the customers.
In January 2015, OpenText introduced the next level of DAM to help organizations with managing, storing and securing assets in improved way. Other companies are alliance based firms that are trying to gain a competitive advantage.