Digital Asset Management Software streamlines the entire process of managing vital digital assets in an organization. DAM Software offers organizations with benefits, such as creating a centralized repository for all digital assets that can be searched, shared, managed, and accessed between different functions of an organization, and also with channel partners and technology partners in real-time.
Visionary leaders are the leading market players in terms of new developments such as product launches, innovative technologies, and the adoption of growth strategies. These players have a broad product offering under the Digital Asset Management Software category, that caters to most of the regions globally. Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and their well-established brand equity.
Dynamic Differentiators are established players with very strong business strategies. However, they have a weaker product portfolio compared to the visionary leaders. They generally focus only on a specific type of technology related to the product under Digital Asset Management Software.
Innovators in the competitive leadership mapping are vendors that have demonstrated substantial product innovations as compared to their competitors. The companies have focused on product portfolios under Digital Asset Management Software. However, they do not have very strong growth strategies for their overall business, when compared with the visionary leaders.
Emerging companies have niche product and service offerings. Their business strategies are not as strong as that of the established vendors. The emerging vendors include the new entrants in the market, emerging in terms of product portfolio and geographic reach, and require time to gain significant traction in the market.
The use of Digital Asset Management software and services has become important for organizations today. For marketing activities, such as advertising, marketing campaign, and product branding, organizations prefer digital marketing solutions that can help them improve their online marketing and sales programs, and store, retrieve, and market their offerings for ensuring customer retention. The global DAM market, by application, has been segmented into marketing, enterprise, and broadcast and publishing. In the enterprise application segment, Digital Asset Management Software is used for marketing, branding, and sales activities. As organizations are shifting their campaigns toward online marketing, sales, and branding, enterprise-level applications are expected to witness increased demand.
Enterprises use various solutions, such as customer loyalty management and customer experience management to capture user behavior, resulting in tremendous volumes of digital data. Enterprise data consists of collective data inputs from different departments. Digital Asset Management Software provides effective management of the global rich media to cater to varied customer requirements and helps enterprises securely store the data at a central location. This makes it easier to access the content when required. Marketing data consists of digital marketing, marketing operations, and sales content, and is shared among different departments, teams, and functional units. DAM marketing solution concentrates on functionalities, such as brand management, sales functions, and stakeholder collaborations, and may also contain the marketing resource management functionality. The broadcast and publishing application generates large volumes of high-quality media content, such as videos, images, and artworks, in different sizes and formats. DAM solutions facilitate the smooth management of broadcast and publishing data and focus on the video processing and storage needs of the users in this industry.
Frequently Asked Questions
What is the market outlook for DAM software and what are the drivers for growth?The Digital Asset Management market is projected to grow from USD 2.44 billion in 2017 to USD 5.66 billion by 2022, at an expected CAGR of 18.3%. The base year considered for this study is 2016 and the forecast period is 2017–2022. The rise in demand among enterprises to manage digital assets, proliferation of digital content, and increasing focus on digital marketing have further aided the adoption of DAM solution, globally.
Why is DAM software market gaining focus in different industry verticals?Increasing focus and spending on digital marketing is driving the DAM market. As more users are engaged on social media, digital marketing has evolved as a vital platform for enterprises to market their products and services to a large target audience in a short period of time. Furthermore, integration of analytical tools with social media platforms has facilitated enterprises to understand their customer behaviour patterns and offer better customer value proposition. Considering the marketing benefits of social media, enterprises are willing to invest heavily on digital marketing activities to promote their products and services, hence leading to a significant rise in digital content, such as high-definition videos, high-quality images, and audios. To manage this plethora of digital content, enterprises are expected to adopt the DAM solution, which would enable them to streamline digital assets, surface relevant metadata, secure assets, and also transform digital content into their latest forms.
What are the challenges faced by the enterprises while adopting DAM software?Lack of awareness and dependence on traditional approaches is the major challenge in adoption of DAM software. Large enterprises have been adopting various advanced solutions to manage their digital assets, considering the large pool of digital content available with them. However, many organizations stick to traditional and time-consuming methods, such as manually managing digital assets, majorly due to budget constraints to adopt advanced technologies and lack of awareness. Thus, many SMEs depend on manual and other traditional approaches to manage their digital assets. Furthermore, lack of training and capabilities to manage these advanced solutions is another major factor for their lower adoption. This degree of unawareness differs from region to region, and the adoption of advanced solutions in North America and Europe is faster as compared to other regions. Resistance to changes is another factor that restricts employees from adopting the DAM solution.
Which are the attractive opportunities that drive the enterprises to adopt DAM software?The digital asset management market is estimated to grow from USD 2.44 billion in 2017 to USD 5.66 billion by 2022, at a CAGR of 18.3% considering the tremendous growth in digital assets across different industry verticals. Artificial Intelligence (AI) is changing the way social media marketing approaches customers and the companies address workflow challenges. AI platforms in digital asset management makes it easier than ever before to manage huge volumes or content. AI offers the ability to automatically tag assets based on attributes such as faces, objects, colours, shapes, and more. And the constant developments in DAM technologies, such as integration of cloud and mobility, analytics, and the emergence of IoT have further leveraged DAM vendors to offer a superior solution to improve organizational productivity in a cost-efficient manner.
What are the applications of DAM software and how does it help the enterprises?Managing digital assets, extracting relevant insights from data, and using decision analytics based on patterns are critical aspects of an organization. DAM solution and services offer an efficient and effective way to manage these digital assets and are being increasingly adopted across various industry verticals globally. The DAM solution helps industries in effectual monitoring and tracking of their digital assets for media and production. They also facilitate managers with real-time access to critical information, such as priority digital media for marketing, protected documents, and fragmentation of digital assets.
Who are the key players or vendors in DAM software/solution market?The major solution and service providers in the Digital Asset Management Market include ADAM Software NV (Belgium), Adobe Systems Incorporated (U.S.), OpenText Corporation (Canada), Celum (Austria), MediaBeacon (U.S.), Canto, Inc. (U.S.), Widen (U.S.), WebDAM (U.S.), Bynder (Netherlands), NorthPlains (Canada), MediaValet, Inc. (Canada), and Cognizant (U.S.). These players have adopted various strategies, such as new product launches, to cater to the needs of the DAM users.
Censhare centralizes the fluidity and the storage system and connects them with each other. CenShare doesn’t limit the user with managing the assets only. It provides them with much more like creating a visualization, production, planning, and freedom for pushing the publication materials to approval for marketing purposes.
QBank is a DAM platform designed for serving in the form of a centralized media hub online. The software is popular for its unified integration for the publishing, communication channels, and production that come with long lists of plugins deploys the assets without interposing the workflow, and quick access to the stakeholders. QBank is the best platform for users looking for increased productivity through simple content located easily.
Nuxeo has helped in working on the content services for various companies. The software is also popular for the management of every kind of information of the enterprise with platforms like DAM and ECM. The software leverages even the advanced technologies including Cloud and AI, for transforming the process of using it. The software connects easily with the business systems and repositories that are existing and allows organizations to create solutions that are personalized.
WoodWing is among the best software in the global market widely used to simplify complex tasks like digital asset management and multi-channel publishing. The software helps marketers, brands, publishers, and creative agencies in increasing the quality, reduce the time to market, reduces costs, and help in developing new revenue streams for realizing the utmost potential of the content. WoodWing makes searching assets like various kinds of video and image files with ease.
BrandMuscle is one of the best local automation platforms for marketing, ad building solutions, and affiliation of the local market. The software has helped various users in coming to a different decision point with multipurpose usage along with media channels. BrandMuscle is a unique platform that carries out both marketing asset management and Digital asset management for creating a strong central location for the brands. This provides access to every marketing material with ease.
With an experience of over 15 years, Stylelabs serves the users with innovative platforms for marketing their programs. The platform is available for SMB clients as well as global enterprises. The software is widely used by global brands, media, consumer goods, agencies, and retail. Stylelabs is the software that blends and integrates proper boundaries among traditional marketing techniques. Apart from DAM, Stylelabs work well for Marketing Portal, MRM, DRM, and PIM.