The Digital Asset Management (DAM) market is expected to grow from $1.16 billion in 2014 to $4.12 billion in 2019, at a Compound Annual Growth Rate (CAGR) of 28.7% during the forecast period.
The escalating digitization of content and the emergence of novel models of distribution among organizations have enlarged the prospect across diverse industry verticals. From content generation to its distribution, providers across the digital asset ecology are gaining the advantages of DAM market progression.
The new video formats and data delivery approaches have generated prospects for vendors. However, this has also exposed the valuable and sensitive content of businesses to the perils of electronic theft.
The rising convergence of various devices such as smartphones and laptops, and the diversity of technology formats have permitted customers to access the data regardless of time and place through various devices.
Moreover, the growing need for extending the boundaries and augmenting the presence of their services to the customers, service vendors and content distributors turn sensitive content vulnerable to piracy and mismanaged content, forming the demand for solutions that deliver content management and protection. Currently, with the evolution of DAM software, companies are encouraged to access and store their vast digital content and assets within the centralized management.
The usage of DAM software helps companies to efficiently manage and access digital assets as they are allocated metadata for tracking thereby allowing more defined usage of assets along with their linkage with other assets in the repository.
With the evolution of cloud-based Digital Asset Management (DAM) Market solutions the businesses are empowered to augment their efficiency in a cost-effective manner as IT resource enlargement is required for its implementation. However, the practicability for adoption of cloud-based solution and its amalgamation within the present IT ecosystem along with the precise return on investments are the continuing apprehensions across the businesses.
This in turn has fortified DAM solution providers to offer these cloud-based solutions to expand their services and enter prospective markets. Furthermore, DAM solutions are increasingly becoming predominant as they help companies to access and store in a secured manner along with conserving digital content.
This further enhances the adoption of cloud-based DAM solutions across the globe.
The major driving force for the Digital Asset Management (DAM) Market is the augmented consumption and emphasis on the digital media. Today, companies are increasingly focusing on the digital medium for marketing endeavors due to the substantial adoption of mobile devices, growing internet consumption, along with the increasing overall online time spent by the users.
Thereby, this boosts businesses to consider DAM solutions that can supplement their business advancements and improve customer relations. Over the years, the media and entertainment vertical were increasingly adopting the solution as it is imperative for these companies to sustain in the fierce competition along with the assistance for management of vast digital content.
However, with the undisputable imperativeness of marketing endeavors and polices among businesses, the traction for DAM solution across other verticals such as retail and government has substantially grown. Moreover, the companies’ consideration for investing in DAM is increasing extensively as the benefits attached with it encourage its deployment, besides the growing demand to gain competitive advantage over others.
In the years to come, this trend is expected to continue leveraging DAM solution vendors to offer more advanced and superior solutions with search engine optimization, next-generation interactive services, along with mobility as a prime constituent for empowering contemporary asset management. However, the DAM solutions adoption is inhibited due to the lack of skillful workforce that can easily leverage the solution and other features such as web analytics for heightened business progressions.
Considering this, the report further helps to identify the latest patterns and trends intensifying the progression in the DAM market across all regions. There are various assumptions that have been taken into consideration for the market sizing and forecasting exercise.
A few of the global assumptions include political, economic, social, technological, and economic factors. The dollar fluctuations are expected to not seriously affect the forecasts in the emerging regions.
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