Press release
Digital Asset Management (DAM) Software Market: Demand Dynamics and Growth Insights
Digital Asset Management (DAM) Software Global Market Report 2024
According to The Business Research Company's, The digital asset management software market size has grown rapidly in recent years. It will grow from $4.91 billion in 2023 to $5.56 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to the growth in emphasis on improving the digital experience of customers, increased number of digital assets, increased adoption of the collaborative digital workflow, increased demand for video content, increased investments and focus on digital marketing.
The digital asset management software market size is expected to see rapid growth in the next few years. It will grow to $8.60 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to rise in digital content, rising automation and connected devices, increasing adoption of cloud-based DAM solutions, growth in e-commerce and digital marketing, increase in penetration of Internet services. Major trends in the forecast period include advancement in technologies, adoption of cloud-based enterprise services and solutions, use of artificial intelligence (Al) and machine learning capabilities, emergence of IoT technology.
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Market Drivers and Trends:
The rise in digital content is expected to propel the growth of the digital asset management software market going forward. Digital content refers to any type of media or data that is stored in a digital format, such as images, videos, audio files, documents, and other types of digital content. The rise in digital content is driven by the proliferation of digital devices and increased Internet accessibility for accessing information, entertainment, and communication channels. DAM software serves as a central repository for storing various sorts of digital assets, including photographs, videos, and more. It also simplifies the process of storing, categorizing, and retrieving digital information, increasing organizational efficiency and productivity. For instance, in January 2022, according to DataReportal, a Singapore-based online reference library, there were a total of 4.62 billion active social media users, reflecting a growth rate of 10.1% between 2021 and 2022 with 424 million new users starting their social media journey during 2021. Therefore, the rise in digital content is driving the growth of the digital asset management software market.
Major companies operating in the digital asset management (DAM) software market are focusing on leveraging artificial intelligence (AI) digital asset management solutions to enhance product intelligence and automation capabilities. An AI-powered digital asset management (DAM) solution is a software system that uses artificial intelligence to automate and enhance the management of an organization's digital assets. For instance, in September 2023, Cloudinary Ltd., a US-based SaaS technology company specializing in digital asset management (DAM) solutions, launched Cloudinary Nexus, a suite of digital asset management (DAM) products and solutions designed for small and medium-sized businesses (SMBs). It is an AI-enabled solution that incorporates advanced features such as studio, generative AI, collections, auto-tagging, and smart search. These features help users prepare, collaborate, and organize business assets by automating critical tasks such as metadata tagging and file optimization. Cloudinary Nexus is designed to enhance the overall management and accessibility of digital assets for SMBs.
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Major Key Players of the Market:
Oracle Corporation, Cognizant, Adobe Inc., OpenText Corporation, Image Relay Inc., Acquia Inc., Bynder LLC, Cloudinary Ltd., Aprimo LLC, CELUM, IntelligenceBank, pCloud International AG, Filecamp AG, Oomnitza Inc., Canto Inc., WoodWing, Brandfolder Inc., Pimcore, MediaBeacon Inc., Censhare India Private Limited, Libris Systems Ltd., Bright Interactive Limited, Hyper CMS Content Management Solutions GmbH
Digital Asset Management (DAM) Software Market 2024 Key Insights:
• The digital asset management software market size is expected to grow to $8.60 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%.
• Rising Digital Content Fuels Growth In The Asset Management Software Market
• Empowering SMBs With Cloudinary's AI-Driven DAM Solution
• North America was the largest region in the digital asset management software market in 2023
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