(IT-NEWSWIRE.COM, September 19, 2022 ) According to a research report "Digital Asset Management Market with COVID-19 Impact Analysis, By Component (Solutions and Services), Business Function (HR, Sales & Marketing, and IT), Deployment Type, Organization Size, Vertical and Region - Global Forecast to 2027" published by MarketsandMarkets, the Digital Asset Management (DAM) market size is projected to grow from USD 4.2 billion in 2022 to USD 8.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 13.6% during the forecast period. Major factors that are expected to drive the growth of the DAM market include increasing digitalization of content and the need for effective collaboration of corporate assets, the emergence of cloud-based delivery options, and the growing need for controlled access and better security of digital assets to avoid copyright issues. Furthermore, increasing infusion for achieving data integrity and the increasing trend of diffusing encryption technologies with digital solutions to streamline safe digital trading are expected to create ample opportunities for DAM vendors.
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The solution segment to hold a larger market size during the forecast period
The solution segment is projected to contribute majorly to the market among the components, while the services segment is projected to witness a higher growth rate during the forecast period. This growth is supported by the need for creating curated digital assets, enabling its centralized storage, and optimizing inter-department and intra-department collaboration. Factors such as rising digital assets, increasing digitalization, and rising enterprise spending on digital solutions have also contributed to the high adoption of the DAM solution.
HR business function segment to hold the largest market size in 2022
The growth of HR segment is mainly attributed to increasing need among HR teams to streamline the management of employee-related documents and photos along with ensuring enrichment and distribution of recruitment-related media assets, such as forms, video, and audios. Moreover, the benefits of adherence to the data privacy regulations for avoiding data breach lawsuits by government agencies and former or current employees further add to the demand for DAM solution among HR for managing digital assets.
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North America to hold the largest market size during the forecast period
The North American DAM market is already mature for DAM solutions, owing to North America’s strong economic landscape, early adoption of advanced technologies, and high digital adoption at workplaces to improve business processes. Furthermore, the region constitutes developed economies, such as the US and Canada, which have fairly adopted advanced solutions, such as DAM and other Content Management Platforms (CMPs), besides incorporating advanced technologies. The region is also home to several small as well as well-established DAM solution providers, such as Adobe, OpenText, Aprimo, Bynder, Cognizant, and Widen, which are among the key driving factors for the growth of the DAM market in the region.
Key Market Players
Market players profiled in this report include Adobe (US), OpenText (Canada), Cognizant (US), Aprimo (US), Bynder (US), Sitecore (US), Widen (US), MediaBeacon (US), CELUM (Austria), Nuxeo (US), Canto (US), Wedia (France), Digizuite (Denmark), censhare (Germany), Cloudinary (US), MediaValet (Canada), Northplains (Canada), BrandMaker (Germany), Brandfolder (US), Bright (UK), MarcomCentral (US), Extensis (US), IntelligenceBank (Australia), Filecamp (Switzerland), Veeva (US), WoodWing (Netherlands), Pimcore (Austria), PhotoShelter (US), Image Relay (US), and Kontainer (Denmark). These players offer various DAM solutions to cater to the demands and needs of the market. Major growth strategies that are adopted by the players include new product launches/product enhancements and partnerships/acquisitions.
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