Digital Asset Management Market Definition
IT companies offer data asset management software and solutions, as well as consultation and other professional services, to self-employed businesses and organizations operating in various industries such as media and entertainment, e-tail and e-commerce, BFSI, education, manufacturing, IT and telecom, and other verticals within the digital asset management market. The term “this system” is commonly employed to denote both a business process and a type of information management technology, specifically a digital asset management system. The Digital Asset Management (DAM) functionality provides numerous organizations with the capability to establish a centralized platform for convenient access to their media assets.
nForming Digital Asset Management Market Smart Book
The nForming Digital Asset Management Market Smart Books offer extensive data on historical revenue, user volume, prices, and other pertinent information for each segment covered. This data spans the past three years and includes projections up until 2030. The segmental information is provided at both regional and country levels, ensuring comprehensive coverage. The smart book also provides extensive information on the leading suppliers and their corresponding market shares. More, the smart book also includes a comprehensive analysis of qualitative factors, such as major growth drivers, opportunities, and challenges.
Rapid DAM System Adoption by Retailers
In the present day, retailers encounter the task of enticing customers to visit brick-and-mortar establishments or engage with the digital marketplace. Additionally, they must carefully evaluate potential new markets for expansion. In order to establish a robust brand reputation and foster customer loyalty, it is imperative to maintain consistent brand identity across various entities and platforms. However, the task of managing imagery and video from suppliers, as well as the brand’s own content, while also ensuring the ability to locate these files promptly in the future, can be quite challenging and burdensome. The inclusion of documents, presentations, and spreadsheets exacerbates the content challenge.
Retailers are addressing this issue by incorporating digital asset management (DAM) tools, instead of depending on internal shared servers or overloaded platforms like Dropbox, Google Drive, or SharePoint folders. The cloud-based software-as-a-service (SaaS) solution allows authorized individuals to securely access and collaborate on the necessary files and content. This particular factor is anticipated to enhance the adoption of digital asset management within the retail and food sectors.
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Digital Asset Management Market Trends
In the current era of digital advancements, businesses are swiftly transitioning towards cloud-based Software as a Service (SaaS) solutions to effectively handle their digital assets and securely store their content. Digital asset management (DAM) is increasingly recognized as a critical component of modern business operations, offering numerous opportunities and advantages. Presented below are the foremost four trends anticipated to emerge within the digital asset management market in the year 2023.
- Integration of platform and social media channels:
The increasing demand for integrations between e-commerce platforms and social media platforms has led to a corresponding need for digital asset management (DAM) as a fundamental technology. DAM’s capability to safeguard and deliver consistent brand messaging across various channels has become increasingly important in this context. Marketers are diligently examining the comprehensive macro-brand experience and its alignment with the customer journey. Consequently, businesses must ensure that their content strategies are harmoniously integrated with their customer strategies.
- Improve operational efficiency within the organization:
The concept of flexibility in the workplace has rapidly emerged as a core value for numerous individuals. The use of Digital Asset Management (DAM) systems can effectively enhance both efficiency in operations and individual autonomy within an organization. The cloud-based infrastructure is not limited by geographical boundaries, enabling convenient access for users across all levels of the organization. Additionally, it offers advanced collaboration tools throughout the entire content lifecycle.
- Integration with Generative artificial intelligence (AI)
The field of technology has undergone significant advancements, leading to a highly dynamic state of digitization. Cloud-based systems facilitate seamless integration between different systems, thereby enabling a wide range of applications for collected data, including the creation of specialized content.
According to a forecast by Forrester, it is anticipated that a minimum of 10% of enterprises will allocate funds towards the adoption of artificial intelligence (AI) in the realm of digital content creation by the year 2023. This strategic investment is driven by the imperative to meet the growing demand from consumers for personalized content experiences.
Anomaly detection, actionable insights, enhanced accuracy of data classification, improved voice recognition for contextual understanding and intent, and user-controlled alerting are among the additional benefits that Digital Asset Management (DAM) will offer organizations.
- Improving Network Security and Efficiency
The utilization of Digital Asset Management (DAM) is becoming increasingly significant in bolstering network security and optimizing operational efficiency. As organizations increasingly depend on digital assets to support their daily operations, the importance of effective management for these assets has grown crucial. Digital Asset Management (DAM) plays a crucial role in addressing the need for a comprehensive solution to store, organize, and retrieve digital assets. By doing so, it not only enhances network security and efficiency but also offers numerous benefits.
It is anticipated that these trends will have a favorable impact on the digital asset management market.
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Recent Market Developments in Digital Asset Management
- Qwikcilver Solutions, a subsidiary of the Pine Labs Group, entered into a partnership with Hawaiian Airlines (HA) in July 2023. This collaboration aims to facilitate the issuance of digital assets, specifically compensation vouchers, through the innovative Asset Manager solution that prioritizes digital accessibility.
- E-Gates, a startup specializing in software solutions for fintechs, successfully launched its universal platform in July 2023. The platform provides a comprehensive solution for effectively managing both Web2 and Web3 finance, encompassing streams for fiat and crypto assets.
- Thomson Reuters made an announcement in June 2023 regarding its acquisition of Imagen, a digital content asset management company. The purpose of this acquisition is to broaden Thomson Reuters’ agency business and cater to a wider range of customers, particularly within the news and information industry. The financial details of the transaction have not been disclosed.
- In June 2023, Tezos entered into a collaboration with Blockbank to facilitate digital asset management capabilities for users.
- Acquia, a digital experience company, recently unveiled updates to its digital asset management platform, Acquia DAM. These enhancements include the integration of a robust artificial intelligence (AI) chatbot designed to streamline creative workflows.
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Digital Asset Management Market’s Key Suppliers
- Adobe Inc.
- Cognizant Technology Solutions Corporation
- Dell EMC
- Hewlett Packard Enterprise (HPE)
- IBM Corporation
- Oracle Corporation
- Open Text Corporation
- North Plains Systems (Ignite Enterprise Software Solutions, Inc.)
- Widen Enterprises Inc.
- Aprimo
- Cloudinary Ltd.
- Open Text Corporation
- MediaValet Inc.
Digital Asset Management Market Segmentation:
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