Digital Asset Management Market Growing at a CAGR 13.6% | Key Player Adobe, OpenText, Cognizant, Aprimo, Bynder
The global Digital Asset Management 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.
The major players in the DAM market are 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).
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The study includes an in-depth competitive analysis of key players in the DAM market with their company profiles, recent developments, and key market strategies. The players in this market have embraced different strategies to expand their global presence and increase their market shares. Product enhancements and partnerships have been the most dominating strategies adopted by the major players from 2019 to 2021, which helped them strengthen their offerings and broaden their customer base.
Adobe (US) is one of the prominent players in the DAM market that provides comprehensive digital experience platform featured with robust DAM capabilities. In the DAM market space, it provides its offerings via the Adobe Experience Cloud. Adobe’s DAM solution enables its clients to share, secure, and store digital assets challenges. Moreover, it emphasizes on product enhancements to gain market share. For instance, in November 2021, Adobe launched AEM Assets Part 2, which features DAM implementation best practices in use. Adobe’s professional services teams help customers architect, develop, and implement digital marketing solutions every day. It also insights into ways to get the most out of users investment in digital assets and protect the brand thereby.
OpenText (Canada) is another well-known company in the DAM market that focuses on Enterprise Information Management (EIM) solutions. The comprehensive OpenText EIM platform and suite of software products and services provide secure and scalable solutions for global companies and governments worldwide. It continually enhances its DAM offerings to strengthen its foothold in the DAM market. For instance, in April 2021, OpenText launched OpenText Experience Cloud CE 21.2. This brings exciting enhancements to empower organizations further to deliver personalized experiences, at scale, across all channels. More personalized customer communications across channels.
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