Digital asset management (DAM) solutions enable end users to organize, store, and access rich media content, that includes video, image, audios, and text content. Further, DAM solutions are used to manage the digital rights and permission access of digital assets of an organization.
Rise in need for collaborative digital workflow especially for marketing activities has encouraged organizations to use advanced digital asset management solutions. Further, growth in need to meet the government’s compliance is anticipated to accelerate the market growth. However, high initial investment and lack of skilled workforce are some of the factors that are anticipated to hinder the market growth.
The digital asset management market is segmented on the basis of type, application, and geography. Based on the type, it is bifurcated into solution and service. By application, the digital asset management market is divided into sales, marketing, IT, and others segment. The marketing segment is anticipated to expand at the highest CAGR of around 15%, owing to rise in popularity of digital asset management solutions and services in marketing department especially for managing their workflow.
By geography, the digital asset management market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is anticipated to grow at the highest CAGR of around 16% during the forecast period. Rise in awareness among end-user industries and increase in end user expenditure on enhanced digital asset management solutions and services, owing to increase in need for efficient management of digital content is expected to fuel the market growth in this region.
The prominent companies operating in the global digital asset management industry have adopted expansion, partnership, and acquisition as their major strategies for business growth and expansion. The key players identified in the digital asset management market include ADAM Software NV, Adobe Systems Incorporated, Cognizant Technology Solutions Corp, EMC Corporation, Hewlett-Packard (HP), IBM Corporation, Northplains Systems, Opentext Corporation, Oracle Corporation, and Widen Enterprises.
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