Digital Asset Management Market Trends

Growth Drivers

• Increasing Adoption of the Internet – The growth of the global digital asset management market can majorly be attributed to the rise in the number of smartphone penetration worldwide, increasing adoption of the internet, and the surge in demand for on-demand video content. For instance, according to the statistics by the International Telecommunication Union (ITU), the number of people using the internet grew from 1.1 Billion in 2005 to 4 Billion in the year 2019. Further, it was noted that by the end of 2020, the number of internet users around the world was close to 4.5 Billion.
• Increasing Demand for Digital Content: With the rise of social media and digital marketing, businesses are increasingly creating and sharing digital content such as images, videos, and other multimedia files. This has led to a growing need for digital asset management solutions that can help organizations store, manage, and distribute their digital assets effectively. For instance, the search popularity of Facebook Live, the live streaming platform of the social network Facebook, increased by around 350% in a single year. Further, in the year 2021, the number of live broadcasts in the platform crossed 4 billion.
• Rise in Research Spending – Growth in the global market during the forecast period can be further attributed to increased investment in research and development activities to continuously find more viable solutions for digital asset management. Research reports show that global R&D spending has more than tripled in real terms since 2000, rising from about USD 680 billion to more than USD 2.5 trillion in 2019.
• Increasing Adoption of Cloud-Based DAM: Cloud-based DAM solutions are gaining popularity as they offer several benefits, such as scalability, cost-effectiveness, and accessibility from anywhere. The global cloud-based DAM industry revenue is expected to reach nearly USD 5 billion by the year 2025.
• Rising Demand for Personalized Customer Experiences: DAM solutions can help organizations create and deliver personalized customer experiences by enabling them to quickly access and distribute relevant digital content across all channels. According to a report, nearly 90% of consumers are more likely to shop with brands that provide personalized offers and recommendations.

Challenges

• Integration with legacy systems: One of the main challenges organizations face when implementing DAM solutions is integrating them with existing legacy systems. This can be a complex and time-consuming process, and may require significant resources to ensure seamless integration.
• Security and data privacy concerns
• Scalability of DAM solutions