The market for digital asset management (DAM) is teeming with both small- and mid-sized players and their cash-rich counterparts. This not just makes the competitive landscape fragmented but also highly competitive. In order to surge ahead of their rivals in such a cutthroat environment, companies are devising various strategies. One such is the development of new solutions and products by upping spends on research and development. Another popular strategy with players in the market for digital assessment market (DAM) is forging of partnerships and alliances.
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A research study by Transparency Market Research observes that some of the key players in the global digital asset management market are domiciled in North America. They are Microsoft Corporation, IBM Corporation, Dell EMC, Hewlett Packard Enterprise, and Oracle Corporation.
The report by TMR projects the market for digital asset management (DAM) to attain a value of US$6.33 bn in 2025 from US$1.73 bn in 2016. The market will rake in the value by registering a solid CAGR of 15.6% between 2017 and 2025.
Depending upon the manner of deployment, the global market for digital asset management (DAM) can be divided into on-premise, enterprise, and cloud deployment models. Among the three, the enterprise deployment model accounted for a leading share in the market in 2016. In the foreseeable future, the segment will continue to hold a dominant position, albeit reducing its share owing to the surging popularity of cloud-based deployment.
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Rising emphasis of enterprises to organize their digital assets for smoother operations is one of the main factors fuelling growth in the global digital asset (DAM) market. In addition, increasing knowledge of the usefulness of cloud-based solutions for improving functionality and reducing costs is also serving to stoke growth in the market. “Large organizations are at the forefront of uptake of digital asset management (DAM) services to manage their digital assets methodically,” observes the lead analyst of the TMR report.
Yet another factor stoking growth in the global market for digital asset management (DAM) is the swift pace of digitization of companies of various sizes and also various public sector departments. “The enterprise sector has begun to understand the importance of data and the need to store it methodically and securely. Further, the enormous increase in complex data sets and the limitations and difficulties in manually managing data has brought about an uptick in demand for digital asset management (DAM) solutions.