Digital Asset Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
- June 2021 •
- 169 pages •
- Report ID: 6101192 •
- Format: PDF
The digital asset management market was valued at USD 2,962.2 million in 2020, and it is expected to reach USD 8,158.6 million by 2026, registering a CAGR of 18.46% during the period of 2021-2026.
Owing to the growing push for digital engagement the creating and dissemination of digital content has increased significantly. According to a study of 1,600 marketing and creative professionals by Bynder in 2021, the digital transformation initiatives have gained traction during the pandemic, and owing to this, generating more digital content and creative output, implementing new digital experience technologies, and investing in customer data and analytics are the focal points of marketing departments. This is expected to have a positive impact on the market.
- Among marketers and enterprises, the ability to manage and organize digital assets is among the biggest challenges, and about 55% of the respondents from a study conducted by Fotoware in October 2020 recognized the same thing. The study also found that without strong metadata governance many, assets are hard to find and remain unused, according to 48% of the respondents.
- Many enterprises store their digital assets in several different locations and only few store in one system. According to the study of over 3,400 marketers and creators, by Demand Metric in 2020, 61% mentioned cloud storage platforms, 51% a server of their company, 34% Digital Asset Management, 32% local storage, and 21% mentioned a tool with a suite of solutions, including an asset storage component. With the use of Digital Asset Management (DAM), cross team and overall enterprise digital assets can be easily managed and accessed.
- Moreover, DAM systems help improve security as the businesses have far greater control over access to files and identity management. According to a study of 130 organizations, by Veronis, 88% of companies do not limit access to their folders appropriately, thus, leaving room for anyone to access and download such files, which leads to data leaks, loss, and hacks.
- A security breach may be detrimental to business and tend to lose customers over lack of security and trust. According to a study by Bynder, about 78% of the respondents mentioned that they would stop engaging with brand online if that brand had experienced breach. To avoid such scenarios, the use of DAMs is increasingly becoming vital.
- DAM space is currently in a period of growth, and vendors in the market are adopting strategic focus to attract customers. The emphasis is on offering a simple and sleek user experience. As a greater number of users are turning to DAM to simplify their own asset-creation process, software providers need to answer the need for easy-to-use, intuitive solutions. For instance, in April 2021, Adobe launched a new, simplified DAM Adobe Experience Manager Assets Essentials, offering teams with an easier-to-use management experience in the Adobe Experience Cloud, than Adobe’s current enterprise-centric asset management tool can offer.
- Moreover, high-end systems offer a high degree of customization and services so that the DAM solution can be wrapped around the customer’s existing processes and procedures in all sorts of ways not available “off-the-shelf.” Therefore, they are more complicated and higher priced.
Key Market Trends
Cloud Deployment is Expected to Drive the Digital Asset Management Market
- Cloud Digital Asset Management(DAM) democratizes digital media management and delivery across an enterprise. Cloud DAM also promises to reduce the cost of operations and increase productivity while providing a single source of truth to maintain brand identity.
- Cloud DAM affects front-end experiences, as well. For example, Bynder introduced its integration with Hootsuite Inc., a widely used social media management platform running in the cloud. The integration connects Hootsuite dashboards with digital assets sourced from Bynder, enabling social media marketers to easily access creative content without the need to download, resize, and reupload individual files.
- With the increasing adoption of various technologies like Artificial Intelligence and Big Data Analytics, cloud-based DAMs are widely used. DAM is making use of Artificial Intelligence(AI) technology to scan content and create metadata tags. The AI use cases for DAM include optical character recognition, speech recognition, and facial recognition.
- Additionally, Increasing demand for storage comes from the rapid increase in the amount of data generated. Artificial intelligence (AI) and machine learning capabilities enable data to be more quickly collected, processed, analyzed, and the migration of business data and applications to multiple public-private clouds.
- Various companies, such as Cognizant Technology Solutions, MediaBeacon, Bynder, are into cloud-based digital asset management and helping the market grow rapidly, as most end-users are looking for cloud-based solutions.
- Further, Companies are gradually moving from on-premises to SaaS-based solutions, which offer mobile accessibility and other intuitive services. By targeting companies of all sizes, the affordability of the model caters to exhaustive digital asset needs. Moreover, these solutions usually offer low-cost options and rapid deployment of services.
Asia-Pacific to Witness the Fastest Growth Rate Over the Forecast Period
- India is considered a very demanding country to manage for the entertainment and media providers due to complexities related to the content, language, and other regional requirements. Owing to this, digital asset management was widely adopted to cater to such complexities.
- DAM platforms in 2020 are still developing and even at a much early stage in China. Although DAM solutions were bare in the region in 2018, some content management services popped up in 2019. However, they mainly provided some content editing functions alone while also offering some creative marketing materials.
- In 2020, TEZIGN became the first local DAM company, delivering AI-assisted content management functions for digital assets. Compared to Baidu Netdisk, which offers cloud storage without finding and setting document accessibility freely, TEZIGN provides a centralized resource library and incorporated project workflow information assisted with AI searchability.
- Japan is the ideal country in this region for digital asset management solutions, as 99.7% of industries fall under the small and medium enterprise segment, as reported by the Small and Medium Enterprise Agency of Japan. Furthermore, due to their budgetary requirements and low IT infrastructure, SMEs have preferred low to medium-cost solutions, like digital access management software, over ERP solutions. For instance, In March 2021, NRI announced an investment in collaboration with Komainu Holdings Limited, a digital asset management service provider. The partnership enables NRI and Komainu to combine their technologies to expand their offerings into the digital asset market in the region.
- Further, The BFSI sector has witnessed increased adoption of DAM tech to store and manage wealth across countries. In May 2021, Asia Digital Bank Ltd (ADB), a wholly-owned subsidiary of Chinese state-owned Asia Pacific Investment Bank (APIB), announced plans to construct a self-financing servicing ecosystem through industrial alliances. Huobi Asset Management became the second fund manager to receive approval from the Securities and Futures Commission to issue 100% virtual asset funds.
- Asia-Pacific region is becoming one of the fastest-growing regions for the digital asset management industry. As global brands expand their reach into the Asia Pacific and increase their investments into visual content strategies, DAM is emerging as the solution to help them tackle common difficulties that arise when dealing with global teams, new expansion regions, and an influx in content.
The major players in the digital asset management market are Cognizant Technology Solutions Corp, Oracle Corporation, CELUM GmbH, Adobe Systems Incorporated, Cloudinary Ltd, and IBM Corporation, among others. They have adopted different strategies such as expansions, agreements, new product launches, joint ventures, acquisitions, partnerships, and others to expand their footprints in this market.
- May 2021 - Frontify, a Swiss MarTech business, formed a strategic agreement with Celum, which includes a comprehensive integration of both systems. This integration will significantly increase the scope and performance of the Celum cloud platform, providing customers with more brand management features.
- April 2021 - Adobe launched Adobe Experience Manager Assets Essentials to facilitate cross-team collaboration. Assets Essentials is a lightweight version of Adobe Experience Manager Assets that simplifies digital asset storage, discovery, and distribution across marketing and creative professional teams. Assets Essentials will be the default asset management experience across all Experience Cloud apps.
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