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The market factors influencing the digital asset management (DAM) software market are multifaceted and dynamic, reflecting the evolving needs of businesses in managing their digital assets efficiently. One primary factor driving this market is the exponential growth in digital content creation across various industries. With the proliferation of digital media, organizations are increasingly seeking robust solutions to organize, store, and retrieve their digital assets effectively. This surge in digital content creation spans industries such as marketing, advertising, media, entertainment, e-commerce, and more, creating a substantial demand for DAM software.
Furthermore, the rising importance of brand management and consistency amplifies the need for DAM solutions. Businesses recognize the significance of maintaining brand integrity across diverse channels and platforms. DAM software enables them to centralize control over brand assets, ensuring consistency in messaging, imagery, and other brand elements. This not only enhances brand visibility but also streamlines workflows and enhances collaboration among teams.
Another significant factor propelling the DAM software market is the increasing adoption of cloud-based solutions. Cloud-based DAM platforms offer scalability, flexibility, and accessibility, making them highly attractive to businesses of all sizes. The shift towards cloud-based solutions eliminates the need for extensive infrastructure investments and allows for seamless integration with other business systems. Additionally, cloud-based DAM solutions facilitate remote collaboration, enabling geographically dispersed teams to access and collaborate on digital assets from anywhere, at any time.
Moreover, the growing emphasis on regulatory compliance and data security drives the adoption of DAM software. With stringent regulations governing data privacy and intellectual property rights, organizations are compelled to implement robust DAM solutions to safeguard sensitive digital assets. DAM platforms offer features such as access controls, digital rights management, and audit trails, ensuring compliance with regulatory requirements and mitigating the risk of data breaches or unauthorized access.
Additionally, the proliferation of omnichannel marketing strategies fuels the demand for DAM software. Businesses are increasingly leveraging multiple digital channels, including websites, social media, mobile apps, and email marketing, to reach their target audience. DAM solutions enable them to efficiently manage and distribute digital assets across these diverse channels, ensuring consistent branding and messaging across all touchpoints. By centralizing digital asset management, organizations can streamline their marketing operations and deliver a cohesive brand experience to consumers.
Furthermore, technological advancements such as artificial intelligence (AI) and machine learning are reshaping the DAM landscape. AI-powered DAM solutions offer advanced capabilities such as automatic tagging, content recognition, and predictive analytics, enhancing the efficiency and effectiveness of digital asset management processes. These intelligent features enable organizations to automate mundane tasks, gain valuable insights into asset performance, and deliver personalized experiences to users.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 4.9 Billion |
| Market Size Value In 2023 | USD 5.5 Billion |
| Growth Rate | 13.41% (2023-2032) |
Digital Asset Management Software Market Highlights:
Digital Asset Management Software Market Overview
The Digital Asset Management Software Market is projected to grow from USD 6.23 billion in 2024 to USD 15.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.78% during the forecast period (2024 - 2032). Additionally, the market size for digital asset management software was valued at USD 5.5 billion in 2023.
Emphasis on improving the digital experience of customers and increasing the number of digital assets are the key market drivers enhancing market growth.
Figure 1: Digital Asset Management Software Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Digital Asset Management Software Market Trends
Growth in the number of digital assets is driving the market growth
Market CAGR for digital asset management software is being driven by the rising number of digital assets. There is a significant rise in digital content because of the rising automation and connected devices trend. Digital asset management software is being largely adopted by the food and beverage section. Hence the market is likely to grow with the growing implementation of digital asset management services and solutions. The advancement in technologies is also boosting market growth.
Digital assets like photos, files containing text, images, videos, or spreadsheets are growing significantly over the past few years due to the digitization of content. The authorized user can store, edit, review, retrieve, or share digital information over a centralized interface with digital asset management (DAM) solutions. This also collaborates with the workflow and automates and manages permissions via copyright functionality. Some of the famous DAM solutions include creative tool integration, asset analytics, video management, asset and metadata archiving, lifecycle & rights management, and web content management. The rise in the digitization of content is the main feature driving the market due to the increasing adoption of the collaborative digital workflow, mainly for marketing and sales activities, and the need for the security of digital assets that have minimized operational costs. Organizations are rapidly adopting cloud-based enterprise services and solutions.
The appearance of social media and visuals is foreseen to grow the demand for the high quality and best food goods. The main market players in the industry of food and beverages, in order to boost their brand building, must use intelligent technologies. Thus for these industries, a coherent system for all the consumers is created by the digital asset management solutions throughout the channels and agencies. The DAM helps organizations build more innovative and informed content decisions, as getting customer attention is critical in the food and beverage industry. Thus, driving the Digital Asset Management Software market revenue.
Digital Asset Management Software Market Segment Insights
Digital Asset Management Software Deployment Insights
The global Digital Asset Management Software market segmentation, based on deployment, includes on-premise and cloud (SaaS). The cloud (SaaS) segment dominates the market and accounts for the largest market revenue as the vendors are shifting rapidly away from on-premises systems, and the SaaS-based systems offer mobile availability and other intuitive features. The affordability of the model responds to comprehensive digital asset requirements by addressing organizations of all different sizes. The solution is a low-cost alternative and speedy service deployment.
Figure 2: Digital Asset Management Software Market, by Deployment, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Digital Asset Management Software End User Insights
The global Digital Asset Management Software market segmentation, based on end users, includes Media and Entertainment, BFSI, Government, Healthcare, Retail, Manufacturing, and Others. The media and entertainment segment dominates the market due to the increase in the utilization of digital and the expansion of the subscriber base of online content-based publishers. There are several risks involved in the production and distribution of entertainment products, which are further improved in the digital platform, which facilitates the reproduction of the original product and its fast global distribution. The inclusion of new OTT services throughout the existing subscription-based streaming devices is also foreseen to fuel the market throughout the different regions.
Digital Asset Management Software Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Digital Asset Management Software market dominates the market because of the growth in the Digital Asset Management (DAM) market in this region with the rise in investments in innovation activities, IoT devices growth, cloud adoption, and others. The rise in the digitization of different end-user industries of the region is boosting market growth.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: DIGITAL ASSET MANAGEMENT SOFTWARE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Digital Asset Management Software market accounts for the second-largest market share due to the low cost of bariatric surgery and the rise in the number of diabetes people. Further, the German Digital Asset Management Software market held the largest market revenue, and the UK Digital Asset Management Software market was the fastest-growing market in the European region.
The Asia-Pacific Digital Asset Management Software Market is expected to grow at the rapid CAGR from 2023 to 2032. This is due to expanding awareness of a healthy lifestyle and nutrition and rising per capita disposable income. Moreover, China’s Digital Asset Management Software market held the largest market share, and the Indian Digital Asset Management Software market was the fastest-growing market in the Asia-Pacific region.
Digital Asset Management Software Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to spread their product lines, which will help the Digital Asset Management Software market grow even more. Market participants are also undertaking a various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Digital Asset Management Software industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global Digital Asset Management Software industry to benefit clients and increase the market sector. In recent years, the Digital Asset Management Software industry has offered some of the most significant advantages to data management. Major players in the Digital Asset Management Software market, including Oracle Corporation, Canto Inc., Bynder, Hunter Technical Resources, Cognizant Technology Solutions Corporation, Adobe System Incorporated, Cloudinary Ltd, OpenText Corporation, Aprimo LLC, CELUM GmbH, and others, are attempting to increase market demand by investing in research and development operations.
Oracle Cloud Infrastructure offers a flexible data platform to build Big Data applications at a large scale by ingesting any type of data in a wide range of data formats along with native tools for Oracle database; the OCI Data Integration service or the Kafka Connector helps in OCI streaming. Oracle cloud infrastructure optimizes the user's cloud infrastructure capabilities with a multi-cloud configuration from OCI. In August 2022, the provider of the very popular data science platform, Anaconda Inc., announced a collaboration with Oracle Cloud Infrastructure (OCI) to offer secure open-source R tools and Python and packages by placing and enabling a repository of Anaconda throughout the OCI Artificial Intelligence and services of machine learning. The users can access Anaconda services straight from OCI without any need for a separate enterprise license.
Canto Inc is a leader in digital asset management software providing professional software services and solutions for over 20 years; founded in 1990. The company is driven by providing digital content more advanced way. Thus, this has made the company a leader in this community globally. The company provides scalable software and services that meet the demand of customers. In August 2022, this efficient provider of DAM software, Canto Inc., a new integration with the social media management platform Hootsuite and the work management platform Wrike was announced by the company to connect Canto libraries smoothly within the Martech stack as a single origin of truth for production of content.
Key Companies in the Digital Asset Management Software market include
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Oracle Corporation
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Canto Inc.
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Bynder
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Hunter Technical Resources
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Cognizant Technology Solutions Corporation
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Adobe System Incorporated
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Cloudinary Ltd
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OpenText Corporation
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Aprimo LLC
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CELUM GmbH
Digital Asset Management Software Industry Developments
March 2022: HPE partnered with Digital Realty to offer the cloud experience with colocation. The challenges of global coverage and capacity and attaining proximity to centers of data exchange and digital ecosystem are solved with colocation.
August 2021: Hunter Technical Resources was acquired by Cognizant, which was Hunter Technical Resource's digital engineering assets. The thie acquisition expanded Cognizant's access to the highly specialized expertise that the client requires to accelerate their digital transformation journey.
June 2020: We Adapt, a SaaS solution, was acquired by Bynder to assist brands in expanding their video content creation. This acquisition of We Adapt, renamed Video Brand Studio, helps Bynder to provide brands with a single platform to scale on-brand content capabilities across images, print, and video.
Digital Asset Management Software Market Segmentation
Digital Asset Management Software Deployment Outlook
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On-Premise
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Cloud (SaaS)
Digital Asset Management Software End User Outlook
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Media and Entertainment
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BFSI
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Government
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Healthcare
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Retail
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Manufacturing
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Others
Digital Asset Management Software Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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