Digital Asset Management Market Growth
Digital asset management (DAM) is a business process to distribute content-rich media across various platforms. It helps companies to advertise their own content in order to attract consumers. It plays a big role in improving the company’s brand. A DAM system is a centralized location to store all content-related files. It has several layers of encryption in order to secure its data. All such factors of DAM which can aid in sales may drive demand of the digital asset management market.
A DAM system saves times in searching and sending digital assets within the organization. This will allow the employees to focus on enriching tasks and boost work efficiency in the process. Software-as-a-Service (SaaS) and on-premise are two major DAM systems. Out of which, SaaS is a great option for small and medium enterprises to manage their resources effectively. Many business verticals are opting for SaaS due to its huge storage and disaster recovery solutions.
OpenText Corporation, a Canadian company, specializing in enterprise management solutions has released its latest update for its Enterprise Information Management (EIM) platform. The update allows users to operate on either Cloud or on-premise platforms. Its feature “OpenText Discovery Suite” allows its users to scan for advanced analytics and customer metrics to better strategize their marketing ploy. Even Westpac Banking, an Australian banking corporation uses data analytics provided by such a DAM system to analyze customer transactions. This would allow it to understand consumer behavior and deploy right tactics to retain it.
The worldwide digital asset management market is anticipated to gain over USD 5.6 billion in revenues by 2025, according to Grand View Research, Inc. It is driven by the use of DAM by companies to promote their own brand using rich media. Cloud vendors which provide cost-effective solutions in digital asset management will play a huge role in market demand.
Cloud segment can acquire significant market share from on-premise segment over the forecast period (2014-2025) on account of SaaS. Small and medium enterprises (SMEs) may grow at a CAGR above 10% from 2016 to 2024. Asia Pacific is expected to grow at a robust rate on account of high Cloud adoption by SMEs regionally. Some major market players are OpenText Corporation, Adobe Systems Incorporated, and Oracle Corporation.