Key Market Players in the Digital Asset Management (DAM) Market and Its Opportunities for growth

Posted on 2019-10-18 by MarketsandMarkets in Technology // 0 Comments

The Digital Asset Management (DAM) Market size was USD 2.4 billion in 2017 and is projected to reach USD 5.7 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 18.3% during the forecast period as per a report by MarketsandMarkets.

DAM solution and services are witnessing a rising demand across the globe, due to the significant rise in digital assets across verticals and advent of the Internet of Things (IoT). Moreover, the increased spending on digital marketing by various verticals is also considered as a vital factor driving the growth of the market.

How demand for SaaS DAM solutions to open more opportunities in the market?

With the growing receptiveness toward technological developments and large-scale adoption of the Bring Your Own Device (BYOD) trend, the organizational data generation has grown manifold. Additionally, there has been a significant shift in the past 5 years, from customary physical data repositories to conventional digital content storage, as it integrates with other workflows and streamlines the digital content usage and repurposes. This increases the adoption of DAM solutions. However, companies having budget constraints for the expansion of IT resources and infrastructure demand solutions that are scalable and relatively inexpensive, thus creating expansive prospects for SaaS-based DAM solution providers.

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Key Market Players for Digital Asset Management (DAM) Market

Digital asset management includes managed business, network, security, data center, and mobility services. There are several renowned vendors in the digital asset management market, such as Adobe Systems Incorporated (U.S.), OpenText Corporation (Canada), Northplains (Canada), Mediavalet, Inc. (Canada), and Cognizant (U.S.). These players have adopted various strategies such as partnerships, collaborations, agreements, mergers and acquisitions, and new product developments to achieve growth in the digital asset management market.

OpenText Corporation, with great prominence in the DAM market space around the globe, is aspiring to become the top market provider of digital asset management focusing on media & production and content marketing. The company provides business process management, customer experience management, enterprise content management, discovery, and analytics & reporting.

Adobe Systems Incorporated is another top player catering the digital asset management market. The company provides the Adobe experience manager which supports creative cloud integration, search and metadata management, project workflow management, dynamic media management, smart tags and analytics, and self-service portal.

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