Centralization of Intellectual Property to Drive Global Digital Asset Management Software Market

Global Digital Asset Management Software Market Growth Fueled by Digital Marketing

Digital asset management (DAM) software is a technology used in the centralized storage and organization of assets. It stores files such as videos, images, audio, and other files as well as intellectual property on the files. The global digital asset management software market report by Market Research Future (MRFR) looks at the digitization of data and emergence of brands for management of their data and drivers and challenges for the period of 2016 to 2022 (forecast period). The COVID-19 pandemic and its effect on the industry are noted in the report.

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Market Scope

The global digital asset management software market is predicted to accrue revenues at a stupendous growth rate over the forecast period. The use of DAM software for management of all the copyrighted data and intellectual property of a company can bode well for the market. The development of a central hub for all data for sales and marketing purposes will favor the market as large enterprises bank on the software. 

The large spending budget by firms and corporations on digital marketing is anticipated to influence the need for DAM software. Integration of analytical tools for gauging social media response to content and ability to understand customer behavior will bode well for the market. Enterprises can secure their assets and transform their content into the latest formats. The large piracy and plagiarism issues faced by media heads can fuel the global demand for digital asset management (DAM).

The COVID-19 pandemic and the rise of work from home (WFH) imparted on employees for working on collaborative projects can drive the market demand significantly. The installation of DAM on company servers for assisting employees in their endeavors will bode well for the market.

Segmentation

By deployment, it is divided into on premise and cloud.

By application areas, it is segmented into manufacturing industry, entertainment industry, BFSI, education, and others.

By end users, it is segmented into small organizations, medium organization, and large organizations.

Regional Analysis

North America, Europe, Asia Pacific, and Rest of the World (ROW) are major regions discussed in the global digital asset management software market.

North America is likely to lead the global digital asset management software market due to shift towards paperless environment and adoption of cloud for storage. The need of the software by small enterprises for managing their data and solving complexities to lower costs can drive the regional DAM market growth. The cost benefit of cloud DAM can encourage small and medium enterprises in procuring the software.

APAC is expected to be lucrative to the global DAM software market owing to opportunities in China, South Korea, India, and Japan. Adoption of new technologies in developing economies can push the market demand significantly. The need for the software for maintaining media files can bode well for the industry.

Competitive Outlook

Adobe Systems, HP, Cognizant Technology Solutions, IBM Corporation, Oracle Corporation, Widen, Celartem Inc., MediaBeacon Inc., EMC Corporation, and CELUM are prime players of the global digital asset management software market. Launch of new features for attracting clients and subscription based business model followed by players can lead to heavy competition. Recently, IntelligenceBank announced the new feature of facial recognition in its software for identifying people and names as per similar facial features. 

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