Market Trends of Digital Asset Management Industry
Cloud Deployment to Hold Significant Market Share
- The emergence of cloud services, including IaaS, PaaS, and SaaS, has raised the demand for the development of Digital asset management (DAM) software designed to be implemented through the cloud-based SaaS model implementations in line with the growth of cloud environment in all the businesses worldwide, driving the cloud deployment of the DAM software in the market.
- Additionally, in cloud-based deployment, the digital assets of an organization can be stored in a centralized, online database that users can access anytime, anywhere, without the need for on-site servers or storage devices, which can streamline workflows and improve collaboration, precisely critical aspects in fields such as marketing and sales, product development, and customer service, supporting the organization to have better productivity and operational efficiencies, which would fuel the market growth.
- With the growing adoption of cloud-based solutions in companies, a significant amount of data is generated, and it may take much work to find a company’s most valuable digital assets since companies create many digital assets to stay relevant and connected to the audience.
- Identifying the most appropriate assets to strengthen digital asset management security is essential. Companies should identify brand assets to be kept and disposed of with the help of stakeholders and team members. Companies can make space for unique and relevant assets through the learning journey for brand assets. Therefore, the need for digital asset management solutions is expected to grow significantly.
- In addition, the cloud approach enables automatic backup and data transfer security between networks, improving data protection and disaster recovery capabilities. Therefore, cloud-based Digital Asset Management is an innovation tool that provides increased use, security, and efficiency for managing digital assets. It enables organizations to use technology to simplify their processes, foster collaboration, increase productivity, and ensure the security of assets, playing an essential role during the Digital Transformation process. Further, the growing collaborations in Digital Asset Management solutions are analyzed to bolster the market growth rate during the forecast period.
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North America to Hold the Largest Market Share
- The United States digital asset management market holds a major market share, characterized by the presence of major market vendors, integration of advanced technologies in DAM solutions, and rising demand from end-user industries to enhance customer digital experience.
- Furthermore, the growth in the digitization of various end-user industries in the United States also leads to large data generation. Additionally, the increased cloud adoption rate in the country due to the pandemic is expected to increase companies’ digital assets, ultimately leading to the adoption of digital asset management solutions.
- The integration of AI and machine learning capabilities in digital asset management solutions is one of the key trends in the United States DAM market, with market vendors integrating generative AI capabilities in their solutions.
- In December 2023, Cloudinary announced generative AI enhancements to its enterprise digital asset management (DAM) solution and programmable media API. Cloudinary’s generative artificial intelligence capabilities offer the most powerful and easiest way to edit images at scale, thus enabling non-technical and technical users to accelerate time to market for their assets while enhancing employee autonomy and productivity.
- The digital asset management market in Canada is experiencing growth, largely driven by the ever-growing volume of digital assets produced by businesses, the growing need among enterprises to centralize all their digital assets, and the ever-increasing digital transformation and cloud adoption in organizations.
- Additionally, the increasing number of digital assets in organizations nationwide further drives the demand for digital asset management solutions to efficiently access, store, share, and manage digital assets. Furthermore, the significant presence of homegrown market vendors such as MediaValet and CleanPix, coupled with global market vendors, intensifies and supports the market’s growth.
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