The digital asset management market is experiencing exponential growth due to increased investments and focus on digital marketing, the emergence of IoT technology improving DAM solution is another factor driving market growth
Jersey City, New JerseyAnd January 12 2022 /PRNewswire/ – Confirmed Market Research recently published a report, “digital asset management market“By application (Broadcast and Publishing, Enterprise), Vertical (Consumer and Retail Goods, Manufacturing, Healthcare and Life Sciences), by Component (Solution, Services), and Geography. According to verified market research, the global digital asset management market size has been assessed. in a 3.79 billion US dollars In 2020 is expected to reach 13.94 billion US dollars By 2028, at a compound annual growth rate of 17.67% from 2021 to 2028.
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Overview of the global digital asset management market
As marketing and promotional activities are essential to any business; The demand for digital asset management worldwide is mainly due to increased investments in marketing and a strong focus on digital marketing. Also, there are various factors such as the increasing digitization of content and corporate assets, the growing need for effective collaboration of corporate assets, the increasing demand for cloud-based management solutions, the growing need for controlled access, and the improvement of the security of digital assets. Due to the various advantages over on-premises development analytics tools, the demand for cloud-based tools is increasing. This cloud-based digital asset management solution allows organizations to use virtual technology hosted by a service provider off-site.
Cloud-based digital asset management tools provide enterprise access to applications anytime, anywhere. It is affordable as it does not require upfront costs. Furthermore, monthly payment packages include software licenses, maintenance and support services, updates, support, and daily backups. There is no need for on-premises servers and IT infrastructure as the solution is based on cloud and internet; Thus, it saves energy and other costs. It provides greater flexibility, potential scalability, and rapid online deployment. Service providers in data centers take care of information technology, server infrastructure, and data security. Thus, the increasing reliance of cloud-based digital asset management tools on premises is fueling the growth of the market. However, lack of awareness and inclination towards traditional methods are some of the factors limiting market growth.
in a June 2020OpenText has released updates for Media Management Cloud Edition. The new release, Media Management Cloud Edition (CE) 20.2, provides a new media management deployment option that enables customers to benefit from lower costs, greater flexibility, and easier upgrades.
in a June 2020Bynder acquired We Adapt, a video creation company and model platform provider, to help marketing teams scale the creation and distribution of image and video content using a unified platform. The acquisition is primarily focused on delivering enhanced DAM capabilities and creative automation to clients and maintaining a strong foothold in the digital asset management market. As part of the acquisition, Bynder launched a fully integrated video studio along with brand guidance and digital brand template modules on its platform.
The main players
The major players in the market are Adobe Systems Incorporated, OpenText Corporation, Celum, and MediaBeacon, Inc. , and Canto, Inc. , Widen, Bynder, Northplains, and Mediavalet, Inc. , and Cognizant, among others.
Verified market research has segmented the global Digital Asset Management market on the basis of application, vertical, component, and geography.
Digital Asset Management Market by Application
Digital Asset Management Market, Vertical
Digital Asset Management Market by Component
Digital Asset Management Market by Geography
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