Valued to be $12.9 Billion by 2026, Digital Asset Management (DAM) Slated for Robust Growth Worldwide
SAN FRANCISCO, March 22, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Digital Asset Management (DAM) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 2; Released: February 2022
Executive Pool: 68882
Companies: 252 - Players covered include Aprimo US LLC; Adobe Systems Incorporated; Bynder BV; Canto, Inc.; CELUM GmbH; Cognizant Technology Solutions Corporation; Extensis; International Business Machines Corp; MediaBeacon, Inc.; Mediavalet, Inc; North Plains Systems Corp.; Nuxeo; OpenText Corp.; Oracle Corporation; QBNK Company AB; Widen Enterprises, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Component (Solutions, Services); Deployment (On-Premise, Cloud); Vertical (Media & Entertainment, BFSI, Consumer Goods & Retail, Manufacturing, Healthcare & Life Sciences, Other Verticals)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Africa.
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ABSTRACT-
Global Digital Asset Management (DAM) Market to Reach US$12.9 Billion by the Year 2026
The dynamic nature of content in today's world necessitates the need for solutions that enable collaboration and automation of workflow for better management of content. DAM solutions provide the necessary transparency as well as automation of work for companies, thus enabling transparent, faster and secured content. Increasing digitization and cloud services across the world are among the major drivers of DAM solutions. As the data privacy regulations become increasingly stringent, DAM solutions that enable organizations to meet such requirements are expected to witness healthy growth in future. Digital asset management is anticipated to become a compelling technology for content personalization and distribution to support marketing initiatives. One major trend that is emerging in the digital asset management space is the rising focus among software providers to develop simple, intuitive, and easy-to-use solutions, keeping user experience in mind. Another key area of digital transformation would be the increased integration of data analytics in marketing software solutions. Digital asset management with in-built analytics can provide marketers with necessary tools for maximizing return on investment with existing building blocks. The use of AI with digital asset management systems assists users in controlling large content volumes by leveraging various technologies and approaches such as auto-tagging, computer vision and computer linguistics. Further advancements in digital asset management technology is also likely to result in the development of new innovative systems that would act as a centralized brand management platform where companies would be able to store their entire marketing assets and offer customers freedom with control.
Amid the COVID-19 crisis, the global market for Digital Asset Management (DAM) estimated at US$5.7 Billion in the year 2022, is projected to reach a revised size of US$12.9 Billion by 2026, growing at a CAGR of 22.2% over the period. Solutions, one of the segments analyzed in the report, is projected to grow at a 20% CAGR to reach US$8.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 25.1% CAGR for the next 7-year period. This segment currently accounts for a 40.4% share of the global Digital Asset Management (DAM) market.
The U.S. Market is Estimated at $1.8 Billion in 2022, While China is Forecast to Reach $1.3 Billion by 2026
The Digital Asset Management (DAM) market in the U.S. is estimated at US$1.8 Billion in the year 2022. The country currently accounts for a 31.51% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.3 Billion in the year 2026 trailing a CAGR of 26.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 19% and 21.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 20.8% CAGR while Rest of European market (as defined in the study) will reach US$565.5 Billion by the end of the analysis period. Developed regions including the US, Canada, Japan and Europe represent the primary revenue contributors for DAM software. Developed regions are typically characterized by well-established corporate enterprise sector, consisting of large enterprises and multi-national corporations (MNCs) and a large number of small- and mid-sized businesses (SMBs). All in all, uptake of digital assets by corporate enterprises in the developed regions remains significant, and to better manage and maintain their digital assets, these entities invest significantly on DAM platforms. Asia-Pacific has achieved significant expansion in manufacturing, corporate and commercial enterprise sectors over the past two decades to emerge as a prominent market for enterprise IT tools such as DAM software.
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