Overview and Scope
Digital asset management (DAM) software refers to a technological solution that helps organizations efficiently store, centralize, organize, and manage digital files and assets across teams. It helps organizations streamline their digital asset management processes, improve content organization and accessibility, and enhance collaboration among teams.
Sizing and Forecast
The digital asset management software market size has grown rapidly in recent years. It will grow from $4.91 billion in 2023 to $5.56 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to the growth in emphasis on improving the digital experience of customers, increased number of digital assets, increased adoption of the collaborative digital workflow, increased demand for video content, increased investments and focus on digital marketing.
The digital asset management software market size is expected to see rapid growth in the next few years. It will grow to $8.60 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to rise in digital content, rising automation and connected devices, increasing adoption of cloud-based DAM solutions, growth in e-commerce and digital marketing, increase in penetration of Internet services. Major trends in the forecast period include advancement in technologies, adoption of cloud-based enterprise services and solutions, use of artificial intelligence (Al) and machine learning capabilities, emergence of IoT technology.
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Segmentation & Regional Insights
The digital asset management (DAM) software market covered in this report is segmented –
1) By Deployment: On-Premise, Cloud (Software as a Service)
2) By Organization Size: Large Enterprises, Small And Medium-sized Enterprises (SMEs)
3) By End User: Media And Entertainment, Banking, Financial Services, And Insurance (BFSI), Government, Healthcare, Retail, Manufacturing, Other End Users
North America was the largest region in the digital asset management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the digital asset management (dam) software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in digital content is expected to propel the growth of the digital asset management software market going forward. Digital content refers to any type of media or data that is stored in a digital format, such as images, videos, audio files, documents, and other types of digital content. The rise in digital content is driven by the proliferation of digital devices and increased Internet accessibility for accessing information, entertainment, and communication channels. DAM software serves as a central repository for storing various sorts of digital assets, including photographs, videos, and more. It also simplifies the process of storing, categorizing, and retrieving digital information, increasing organizational efficiency and productivity. For instance, in January 2022, according to DataReportal, a Singapore-based online reference library, there were a total of 4.62 billion active social media users, reflecting a growth rate of 10.1% between 2021 and 2022 with 424 million new users starting their social media journey during 2021. Therefore, the rise in digital content is driving the growth of the digital asset management software market.
Key Industry Players
Major companies operating in the digital asset management (DAM) software market are Oracle Corporation, Cognizant, Adobe Inc., OpenText Corporation, Image Relay Inc., Acquia Inc., Bynder LLC, Cloudinary Ltd., Aprimo LLC, CELUM, IntelligenceBank, pCloud International AG, Filecamp AG, Oomnitza Inc., Canto Inc., WoodWing, Brandfolder Inc., Pimcore, MediaBeacon Inc., Censhare India Private Limited, Libris Systems Ltd., Bright Interactive Limited, Hyper CMS Content Management Solutions GmbH
The digital asset management (dam) software market report table of contents includes:
1. Executive Summary
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