The DAM software market size is expected to grow from USD 4.7 Billion in 2023 to USD 8.7 Billion by 2028, at a Compound Annual Growth Rate (CAGR) of 13.0% during the forecast period. Companies are gradually shifting away from on-premises solutions and towards SaaS-based solutions that provide mobile accessibility and other intuitive services. The model’s affordability addresses specific digital asset requirements by targeting businesses of all sizes. Furthermore, these solutions typically provide low-cost options and rapid service deployment.
Cloud segment to have significant growth during the forecast period
Cloud Digital Asset Management (DAM) democratizes enterprise-wide digital media management and delivery. Cloud DAM also promises to lower operational costs and boost productivity while providing a single source of truth to protect brand identity. Front-end experiences are also influenced by cloud DAM. Bynder announced an integration with Hootsuite Inc., a popular cloud-based social media management platform. Hootsuite dashboards are linked to digital assets sourced from Bynder, allowing social media marketers to easily access creative content without having to download, resize, and re-upload individual files. Furthermore, the rapid increase in data generation is driving up storage demand. AI and machine learning capabilities allow data to be collected, processed, and analyzed more quickly, and business data and applications are migrated to multiple public-private clouds. Several companies, including Cognizant Technology Solutions, MediaBeacon, and Bynder, are involved in digital asset management and are assisting the market’s rapid growth, as most end-users prefer cloud-based solutions.
Retail & eCommerce vertical to grow at a highest CAGR during the forecast period
Bringing a product to market and merchandising it online and offline necessitates the collaboration of many people and teams. A large number of digital files are being created, and they must be easily accessible throughout the process. A digital asset management solution for ecommerce is ideal for teams looking to centralize assets used across e-commerce and retail channels.
Without a DAM solution, e-commerce and retail businesses may struggle to deliver efficient and effective product launches, campaigns, and day-to-day product sales management. Implementing a file management solution can be a quick and simple process that brings all stakeholders in an e-commerce and retail business together. From product design and management to online sales and in-store merchandising, a digital asset management solution for e-commerce is an important piece of the puzzle. DAM solutions allow to store digital files together and organize them based on the needs of the team. By storing them in the cloud, they can be accessed securely from the file management solution from anywhere in the world. Retail has become as much about the experience as it is about the product for those who sell offline. With more assets required to support the buying experience, a centralized cloud-based digital asset management solution can help the team get to market faster and stay on brand across channels.
Digital Asset Management market in North America to grow at the highest market size during the forecast period
Many start-ups and global corporations are based in North America. Global business groups from various industries have their global headquarters, as well as significant workforce and manufacturing units, in the United States. Some multinational corporations, such as Alphabet Inc, AT&T, Dell Technologies Inc, Cisco Systems Inc, Apple Inc, and others, have a sizable workforce in the United States. As a result, there is a high demand for effective human resource development software. Furthermore, the region’s growing economic prosperity welcomes new companies and start-ups for long-term establishments, opening up a plethora of opportunities for HR management software. According to the Bureau of Labour Statistics, the quarterly number of businesses starts in the United States was around 356,000 in the third quarter of 2021. A dense market’s long-term trade benefits attract HR management software companies to offer their services on a larger scale, propelling growth even further. Several brand partnerships occur in the region to advance the operational capabilities of various operating units of organizations, thereby developing the overall ecosystem in the area. UKG Inc, for example, acquired SpotCues and its mobile communications platform, Groupe.io, in February 2022. SpotCues’ mobile communication platform for the frontline workforce will be integrated with UKG solutions such as UKG Pro, UKG Dimensions, and UKG Ready, allowing for improved communication and employment experience.
Despite supply chain disruptions, inflation, and the emergence of Covid-19 variants raising economic uncertainties, 2021 proved to be a record year for healthcare private equity in North America. An ageing population and an increase in the prevalence of chronic disease are driving steady growth in healthcare demand. More than a decade after the passage of the Affordable Care Act in the United States, maturing value-based payment models continue to create opportunities for companies that reimagine care delivery with a focus on patient experience, health outcomes, and costs. The pandemic has accelerated the use of digital tools that use big data and machine learning in every health sector, assisting in the efficiency of many operations and spurring innovation. Better health outcomes at a lower cost could result.
Further, in-depth interviews were conducted with the Chief Executive Officers (CEOs), Chief Marketing Officers (CMO), Chief Technology Officers (CTOs), Chief Operating Officers (COOs), Vice Presidents (VPs), Managing Directors (MDs), technology and innovation directors, and related key executives from various key companies and organizations operating in the DAM software market.
- By Company – Tier 1–30%, Tier 2–45%, and Tier 3–25%
- By Designation – C-Level–30%, Director Level–25%, and Others–45%
- By Region – North America–40%, Europe–30%, Asia Pacific–25%, RoW – 5%
DAM software vendors include Adobe (US), OpenText (Canada), Cognizant (US), Aprimo (US), Bynder (Netherlands), Sitecore (US), Widen (US), MediaBeacon (US), CELUM (Austria), Nuxeo (US), WoodWing (Netherlands), Canto (US), Wedia (France), Digizuite (Denmark), censhare (Germany), Cloudinary (US), MediaValet (Canada), Ignitetech (US), BrandMaker (Germany), Brandfolder (US). The study includes an in-depth competitive analysis of these key players in the DAM software market with their company profiles, recent developments, and key market strategies.
The research study covered inputs, insights, trends, happenings, from secondary sources, primary sources, stakeholders’ interviews and surveys. Secondary sources include information from databases and repositories such as D&B Hoovers, Bloomberg, Factiva, CoinDesk, among others. Primary data was fetched from supply side industry experts who hold the chair of Chief Executive Officer (CEO), Chief Technological Officer (CTO), Chief Operating Officer (COO), Vice-President (VP) of IT, Managing Director (MD), among others. Few of our key primary respondents are IBM, Microsoft, Oracle, among others. Few startups are also included during our primary interviews. Additionally, we have taken information and statistical and historical data from few government associations, public sources, webinar and seminar transcripts, journals, conferences and events.
Reasons To buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall DAM Software market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report incorporates a key section incorporating the company profiles in the market in which it has been exhaustively evaluated the vendors in terms of product portfolio offerings and business strategies followed. This will give a holistic view of the current standing of the key players in the market and the ongoing developments encompassing partnerships, agreements, and collaborations, mergers and acquisitions, joint venture, new product or service launch, and business expansions. This evaluation will help the buyers in understanding how the major vendors are achieving the service differentiation and buyers can understand the need gap analysis for the existing services and new services that are needed to cater these new developed solutions for this market.
The report can help the buyers to understand major services as well as driving factors which are becoming key growth drivers of development of buyers in these services
The report provides insights on the following pointers
- Analysis of key drivers (Increasing digitalization of content and need for effective collaboration of corporate assets, emergence of cloud-based delivery options, growing need for controlled access and better security of digital assets to avoid copyright issues, increasing organizational focus on digital marketing, the focus on enhancing digital experience of customers among enterprises), restraints (high upfront costs associated with implementation and integration), opportunities (emergence of AI to automate processes, infusion of advanced encryption technologies to streamline digital trading ), and challenges (fulfilling metadata requirements for enabling quick access to digitally stored assets )influencing the growth of the DAM Software market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the DAM Software market
- Market Development: Comprehensive information about lucrative markets – the report analyses the DAM Software market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the DAM Software market
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like include Adobe (US), OpenText (Canada), Cognizant (US), Aprimo (US), Bynder (Netherlands), Sitecore (US), Widen (US), MediaBeacon (US), CELUM (Austria), Nuxeo (US), WoodWing (Netherlands), Canto (US), Wedia (France), Digizuite (Denmark), censhare (Germany), Cloudinary (US), MediaValet (Canada), Ignitetech (US), BrandMaker (Germany), Brandfolder (US) among others in the DAM software market strategies. The report also helps stakeholders understand the competitive analysis by these market players.