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(Hosting-NewsWire.com, June 08, 2020 ) According to a research report "Digital Asset Management (DAM) Market by Component (Solution and Services), Application (Enterprise, Marketing, and Broadcasting and Publishing), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets, the Digital Asset Management (DAM) market size is projected to grow from USD 2.4 billion in 2017 to USD 5.7 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 18.3% during the forecast period.
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DAM solution and services are witnessing a rising demand across the globe, due to the significant rise in digital assets across verticals and advent of the Internet of Things (IoT). Moreover, the increased spending on digital marketing by various verticals is also considered as a vital factor driving the growth of the market.
Browse 60 Market Data Tables and 33 Figures spread through 129 Pages and in-depth TOC on "Digital Asset Management (DAM) Market"
Major solution and service providers in the DAM market include OpenText (Canada), CELUM (Austria), MediaBeacon (US), Canto (US), Widen (US), Webdam (US), Bynder (Netherlands), NorthPlains (Canada), MediaValet (Canada), and Cognizant (US).
Cloud segment to grow at a higher CAGR during the forecast period
The cloud segment is projected to grow at a higher growth rate during the forecast period, due to the cost benefits and speed of deployment offered by cloud as compared to on-premises. Moreover, cloud deployment is gaining traction in Small and Medium-sized Enterprises (SMEs), as it does not require any hardware or software, installation, or maintenance. Cloud deployment was attaining momentum and expected to witness high demand in the coming years, due to enhanced agility and scalability offered by the cloud-based solutions. Large enterprises are also likely to adopt cloud deployment due to the option to control and manage digital assets remotely.
Media and entertainment vertical to account for the highest market share in 2017
The media and entertainment vertical is estimated to account for the highest market share in 2017. The growth can be attributed to several media and entertainment organizations dealing with a plethora of digital assets to drive their business growth. Managing digital assets is a major challenge and requires dedicated advanced solutions, such as DAM. This factor creates excellent opportunities for DAM solution and services in the vertical.
The media industry deals with ever-increasing digital data; however, searching for the correct content from the pool of stored data takes time and efforts, resulting in inefficiencies and brand inconsistencies. DAM solutions help overcome these glitches by enabling organizations to store, search, and share the digital media efficiently, irrespective of time, along with a user-friendly interface.
North America to account for the highest market share in 2017
North America is expected to hold the highest market share from 2017 to 2022, due to the presence of large numbers of DAM vendors in the region, creating a competitive landscape for the global DAM market. The region is adopting the DAM solution, due to the considerable application of machine learning, artificial intelligence, and IoT across organizations for constant connectivity. Moreover, the region has a high concentration of media and entertainment organizations that largely contribute to the adoption of DAM solution and services. The adoption of DAM for content management, storage, sharing, collaboration, and video management has considerably driven the North American DAM industry.
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