Digital Asset Management Market size is set to gain significant momentum over 2021-2027. This is driven by the emergence of the cloud as the favorable storage destination for digital assets or content and the subsequent rise in popularity of cloud-based digital asset management tools. Likewise, the myriad usage benefits of cloud-based DAM software, including high security, cost-efficiency, accessibility, scalability, and ease of use, will further amplify the market share.
Digital asset management refers to a software or solution that provides a systematic approach to efficient storage, organization, management, retrieval, and distribution of digital assets of organizations. DAM software can be considered as both a form of information management technology and a business process, which helps several organizations in creating a centralized space to access media assets.
Digital acceleration, a part of growth strategies and operating models of many entities during the COVID-19 pandemic, is a prominent trend characterizing the digital asset management market outlook over 2021-2027. Following the disease outbreak, businesses are rapidly embracing digital technologies and focusing on customer service digitalization investment as a tailored approach to emerge from the crisis. Moreover, the use of innovative technologies such as AI, to help organizations seamlessly identify and use rich media assets, will enhance DAM operations and in turn, fuel the industry growth in the years ahead.
Based on deployment, the hybrid segment will hold an appreciable share in the digital asset management market by 2027. This is due to the strong focus of businesses on creating effective post-pandemic work environments, with hybrid working set to have a transformative and permanent impact on organizations. Growth from the segment can also be credited to the advantages of using digital asset management systems for hybrid working, such as the delivery of secure access to third parties.
Asia Pacific is expected to emerge as a prominent regional segment for the digital asset management industry by 2027. This is a result of the growing emphasis of Southeast Asian entrepreneurs on leveraging cutting-edge technologies to consistently connect with customers. High investment interest towards AI and other technologies by MSMEs, which account for above 90% of the establishments in the ASEAN region, to speed up digital transformation will also augment the need for DAM software in the region.
The competitive landscape of the global digital asset management market consists of companies such as Picturepark, OpenText, Nuxeo, North Plains Systems (Aclate, Inc.), MediaValet, Image Relay, Extensis, Aprimo, Adobe, Digizuite, Cloudinary, CELUM, Canto, and Bynder, among others. New product launches, mergers, business expansions, and acquisitions are among the strategies being employed by these market participants to expand their presence across the global market. For instance, in August 2019, Canto announced the launch of its new SaaS (Software-as-a-Service) solution for UK customers, with DS Smith and Pandrol being the early adopters. This new generation of DAM features was designed to manage fast-growing, high-volume files and help the regional creative, marketing, and commercial teams gain a competitive edge.
The implementation of lockdown measures in the wake of the coronavirus pandemic has severely impacted MSME owners, external stakeholders, and employers worldwide. The widespread business disruption was induced by lack of employees and issues with raw material procurement, availability, and supply. During the initial months of the pandemic, the sector witnessed challenges related to wages/salaries, debt repayments, and statuary dues, among others. This economic downturn may create a hindrance to the adoption of digital asset management tools by global MSMEs.
However, the rapid shift of businesses towards online operations has presented opportunities for the digital asset management market growth. Retailers, for example, can leverage DAM solutions to gain seamless access to lifestyle, marketing, and stock images, as well as organize and share product images, which is considered time-consuming through the manual process. Thus, the adoption of the DAM technology will assist retailers in increasing their speed-to-market and progress in the digital world and in turn, stimulate industry expansion.