The “Digital Asset Management Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The global digital asset management market was valued at USD 2,962.2 million in 2020, and it is expected to reach USD 8,158.6 million by 2026, registering a CAGR of 18.46% during the period of 2021-2026.
Owing to the growing push for digital engagement the creating and dissemination of digital content has increased significantly. According to a study of 1,600 marketing and creative professionals by Bynder in 2021, the digital transformation initiatives have gained traction during the pandemic, and owing to this, generating more digital content and creative output, implementing new digital experience technologies, and investing in customer data and analytics are the focal points of marketing departments. This is expected to have a positive impact on the market.
Industry Highlights
Among marketers and enterprises, the ability to manage and organize digital assets is among the biggest challenges, and about 55% of the respondents from a study conducted by Fotoware in October 2020 recognized the same thing. The study also found that without strong metadata governance many, assets are hard to find and remain unused, according to 48% of the respondents.
Many enterprises store their digital assets in several different locations and only few store in one system. According to the study of over 3,400 marketers and creators, by Demand Metric in 2020, 61% mentioned cloud storage platforms, 51% a server of their company, 34% Digital Asset Management, 32% local storage, and 21% mentioned a tool with a suite of solutions, including an asset storage component. With the use of Digital Asset Management (DAM), cross team and overall enterprise digital assets can be easily managed and accessed.
Moreover, DAM systems help improve security as the businesses have far greater control over access to files and identity management. According to a study of 130 organizations, by Veronis, 88% of companies do not limit access to their folders appropriately, thus, leaving room for anyone to access and download such files, which leads to data leaks, loss, and hacks.
A security breach may be detrimental to business and tend to lose customers over lack of security and trust. According to a study by Bynder, about 78% of the respondents mentioned that they would stop engaging with brand online if that brand had experienced breach. To avoid such scenarios, the use of DAMs is increasingly becoming vital.
DAM space is currently in a period of growth, and vendors in the market are adopting strategic focus to attract customers. The emphasis is on offering a simple and sleek user experience. As a greater number of users are turning to DAM to simplify their own asset-creation process, software providers need to answer the need for easy-to-use, intuitive solutions. For instance, in April 2021, Adobe launched a new, simplified DAM Adobe Experience Manager Assets Essentials, offering teams with an easier-to-use management experience in the Adobe Experience Cloud, than Adobe’s current enterprise-centric asset management tool can offer.
Moreover, high-end systems offer a high degree of customization and services so that the DAM solution can be wrapped around the customer’s existing processes and procedures in all sorts of ways not available “off-the-shelf.” Therefore, they are more complicated and higher priced.
Key Market Trends
- Cloud Deployment Expected to Drive the Digital Asset Management Market
- Asia-Pacific to Witness the Fastest Growth Rate Over the Forecast Period
Competitive Landscape
The major players in the digital asset management market are Cognizant Technology Solutions Corp, Oracle Corporation, CELUM GmbH, Adobe Systems Incorporated, Cloudinary Ltd, and IBM Corporation, among others. They have adopted different strategies such as expansions, agreements, new product launches, joint ventures, acquisitions, partnerships, and others to expand their footprints in this market.
- May 2021 – Frontify, a Swiss MarTech business, formed a strategic agreement with Celum, which includes a comprehensive integration of both systems. This integration will significantly increase the scope and performance of the Celum cloud platform, providing customers with more brand management features.
- April 2021 – Adobe launched Adobe Experience Manager Assets Essentials to facilitate cross-team collaboration. Assets Essentials is a lightweight version of Adobe Experience Manager Assets that simplifies digital asset storage, discovery, and distribution across marketing and creative professional teams. Assets Essentials will be the default asset management experience across all Experience Cloud apps.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Force Analysis
4.3 Impact of COVID-19 on the market
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increase in the Number of Digital Assets
5.2 Market Challenges
5.2.1 Lack of Awareness and Higher Costs of the Solutions
5.3 Key Product Features
5.3.1 Video Management
5.3.2 Creative Tool Integration
5.3.3 Asset Analytics
5.3.4 Web Content Integration
5.3.5 Brand Portals
5.3.6 Asset and Metadata Archiving
5.3.7 Lifecycle and Rights Management
6 MARKET SEGMENTATION
6.1 By Deployment
6.1.1 On-premise
6.1.2 Cloud (SaaS)
6.2 By Organization Size
6.2.1 SMEs (Small & Medium Enterprises)
6.2.2 Large Enterprises
6.3 By End-user
6.3.1 Media & Entertainment
6.3.2 BFSI
6.3.3 Government
6.3.4 Healthcare
6.3.5 Retail
6.3.6 Manufacturing
6.3.7 Other End-users
6.4 By Geography
6.4.1 North America
6.4.2 Europe
6.4.3 Asia-Pacific
6.4.4 Rest of the World
7 COMPETITIVE INTELLIGENCE
7.1 Company Profiles
7.1.1 Adobe Systems Incorporated (Adobe Experience Manager Assets)
7.1.2 Canto Inc. (Canto Digital Asset Management)
7.1.3 CELUM GmbH (CELUM Digital Asset Management)
7.1.4 Cognizant Technology Solutions Corp. (assetServ)
7.1.5 Oracle Corporation (Oracle WebCenter Content)
7.1.6 Cloudinary Ltd. (Digital Asset Management)
7.1.7 OpenText Corporation (Media Management, MediaBin)
7.1.8 Aprimo LLC (ADAM Software)
7.1.9 Bynder (Webdam Inc.)
7.1.10 MediaBeacon Inc. (R3volution)
7.1.11 IBM Corporation
7.1.12 Nuxeo (Nuxeo Platform)
7.1.13 Widen (Digital Asset Management)
7.1.14 Extensis (Celartem Inc.)
7.1.15 Digizuite A/S
8 INVESTMENT ANALYSIS
9 MARKET OUTLOOK
Check Out The New Martech Cube Podcast. For more such updates, follow us on Google News Martech News