Press release
Convenience of Cloud-Based Solutions Paves the Way for Adoption of Digital Asset Solutions
The research report studies the market dynamics such possibility of increasing investments, strategic mergers and acquisitions amongst Tier 1 and Tier 2 companies in this market to offer improved solutions and overcome the drawbacks of competition. The Tier 2 companies operating in this global DAM market are North Plains Systems Corp. and Widen.
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Online Market Becomes the Backbone of DAM Solution
A TMR analyst says, “The DAM market is being driven by burgeoning online marketing mediums that are aimed towards reaching out to a maximum audience.” Characterized by podcasts, videos, books, audio files, and whitepapers amongst others, the online media that is rich in its content and thus needs effective DAM solutions for achieving purposeful organization. As marketers continue to use Internet services to launch and brand their products, they will create large amounts of digital content, thereby creating a massive demand for DAM solutions.
Europe Leads Overall Market with Adoption of Cloud-Based Solutions
“The groundbreaking trend of employing cloud-based solutions is expected to benefit the global digital asset management market in many ways,” says TMR analyst. Growing awareness amongst large, small and medium-sized enterprises about the benefits of using cloud solutions such as reduction in operating costs is likely to boost this segment in the overall market. For instance, using cloud-based solutions eliminates the need of an in-house IT team, thereby reducing the burden of their salaries.
Currently, Europe is leading the cloud-based deployment of DAM solutions as several organizations are opting for these services over other alternatives of hybrid and on-premise. Cloud-based solution providers will have to overcome the security challenge of storing vital data to tap the potential that hesitant entrepreneurs have to offer. Furthermore, enhancing the bandwidth and bringing it at par with other modes of deployment will also serve in favor of cloud-based services being used for deploying DAM solutions in the near future.
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The global digital asset management market was worth US$1.44 bn in 2015. By the end of 2024, the opportunity of the market will be US$7.48 bn by 2024, as it climbs up the success ladder at a 18.8% CAGR between 2016 and 2024. This market will be led by North America as the region’s DAM market will surge at a remarkable CAGR of 17.9% between 2016 and 2024. The forecast period will reach an end, the North America DAM market will reach a valuation of US$3,380.1 mn.
Meanwhile, the DAM software was increasingly used via cloud-based solutions in 2015, pegging at a market value of US$120.3 in mn. This segment is anticipated to reach US$536.0mn by the end 2024 as several business enterprises are looking at adopting cloud-based DAM solutions.
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