New York, July 01, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Digital Asset Management Market – Growth, Trends, COVID-19 Impact and Forecasts (2021 – 2026)” – https: / / www.reportlinker.com/p06101192/?utm_source=GNW
This should have a positive impact on the market.
– Among marketers and businesses, the ability to manage and organize digital assets is one of the biggest challenges, and around 55% of people surveyed in a study conducted by Fotoware in October 2020 acknowledged 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 those surveyed.
– Many companies store their digital assets in several different locations and only a few store them in a single system. According to a study of over 3,400 marketers and creators, conducted by Demand Metric in 2020, 61% mentioned cloud storage platforms, 51% a company server, 34% Digital Asset Management, 32% storage local and 21% mentioned a tool with a suite of solutions, including an asset storage component. Through the use of digital asset management (DAM), the company’s cross-team and global digital assets can be easily managed and accessed.
– In addition, DAM systems help improve security because companies have much greater control over file access and identity management. According to a study of 130 organizations by Veronis, 88% of companies do not restrict access to their files appropriately, leaving the ability for anyone to access and download such files, leading to data leaks. , losses and hacks.
– A security breach can be detrimental to the business and tends to lose customers for lack of security and trust. According to a Bynder study, around 78% of people said they would stop engaging with the brand online if that brand was violated. To avoid such scenarios, the use of DAM is becoming more and more vital.
– The DAM space is currently in a period of growth and the suppliers in the market are adopting a strategic orientation to attract customers. The emphasis is on providing a simple and elegant user experience. As more users turn to DAM to simplify their own asset creation process, software vendors must address the need for intuitive and easy-to-use solutions. For example, in April 2021, Adobe launched a new, simplified DAM Adobe Experience Manager Assets Essentials, giving teams an easier-to-use management experience in Adobe Experience Cloud, than the current enterprise-centric asset management tool. from Adobe.
– In addition, high-end systems offer a high degree of customization and service, so the DAM solution can be wrapped around the customer’s existing processes and procedures in all kinds of ways not available âoff the shelfâ. Therefore, they are more complicated and more expensive.
Key market trends
Cloud Deployment Expected To Boost Digital Asset Management Market
– Cloud Digital Asset Management (DAM) democratizes the management and distribution of digital media throughout the company. Cloud DAM also promises to lower the cost of operations and increase productivity while providing a single source of truth to maintain brand identity.
– Cloud DAM also affects front-end experiences. For example, Bynder showcased its integration with Hootsuite Inc., a widely used social media management platform running in the cloud. The integration links Hootsuite dashboards with digital assets sourced from Bynder, allowing social media marketers to easily access creative content without the need to download, resize, and reload individual files.
– With the increasing adoption of various technologies such as artificial intelligence and big data analytics, cloud-based DAMs are widely used. DAM uses artificial intelligence (AI) technology to analyze content and create metadata tags. AI use cases for DAM include optical character recognition, speech recognition, and facial recognition.
– In addition, the growing demand for storage comes from the rapid increase in the amount of data generated. Artificial intelligence (AI) and machine learning capabilities allow data to be collected, processed and analyzed faster and to migrate data and business applications to multiple public-private clouds.
– Various companies like Cognizant Technology Solutions, MediaBeacon, Bynder are dedicated to digital asset management in the cloud and help the market to grow rapidly as most end users are looking for cloud based solutions.
– In addition, companies are gradually moving from on-premise solutions to SaaS solutions, which offer mobile accessibility and other intuitive services. By targeting businesses of all sizes, the affordability of the model addresses comprehensive needs for digital assets. In addition, these solutions generally offer low cost options and rapid service deployment.
Asia-Pacific to experience fastest growth rate during forecast period
– India is seen as a very demanding country for entertainment and media providers to manage due to the complexities of content, language and other regional requirements. For this reason, digital asset management has been widely adopted to address such complexities.
– DAM platforms in 2020 are still in development and even at a very early stage in China. Although DAM solutions were bare in the region in 2018, some content management services appeared in 2019. However, they mainly provided some content editing functions while also providing creative marketing materials.
– In 2020, TEZIGN became the first local DAM company, providing AI-assisted content management functions for digital assets. Compared to Baidu Netdisk, which offers cloud storage without freely searching and setting document accessibility, TEZIGN provides a centralized resource library and integrated project workflow information assisted by AI search.
– Japan is the ideal country in this region for digital asset management solutions, as 99.7% of industries fall under the small and medium business segment, as reported by the Japan Small and Medium Business Agency. In addition, because of their budgetary requirements and their weak IT infrastructure, SMEs have preferred low- or medium-cost solutions, such as digital access management software, to ERP solutions. For example, in March 2021, NRI announced an investment in collaboration with Komainu Holdings Limited, a provider of digital asset management services. The partnership allows NRI and Komainu to combine their technologies to expand their offerings in the digital asset market in the region.
– In addition, the BFSI sector has seen increased adoption of DAM technology to store and manage wealth in all countries. In May 2021, Asia Digital Bank Ltd (ADB), a wholly-owned subsidiary of China’s state-owned Asia Pacific Investment Bank (APIB), announced its intention to build a self-funded service ecosystem through industry alliances. Huobi Asset Management has become the second fund manager to receive approval from the Securities and Futures Commission to issue 100% virtual asset funds.
– The Asia-Pacific region is emerging as one of the fastest growing regions for the digital asset management industry. As global brands expand their reach into the Asia-Pacific region and increase their investments in visual content strategies, DAM emerges as the solution to help them overcome common challenges that arise when dealing with global teams, new areas of expansion and an influx of 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 presence in this market.
– May 2021 – Frontify, a Swiss MarTech company, has entered into a strategic agreement with Celum, which includes full integration of the two systems. This integration will significantly increase the reach and performance of the Celum cloud platform, providing customers with more brand management capabilities.
– April 2021 – Adobe launched Adobe Experience Manager Assets Essentials to facilitate collaboration between teams. Assets Essentials is a lite version of Adobe Experience Manager Assets that simplifies the storage, discovery, and distribution of digital assets between marketing and creative teams. Assets Essentials will be the default asset management experience in all Experience Cloud apps.
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