Digital Asset Management Market - Online Market Becomes the Backbone
The booming online marketing sector and the substantial media content are the primary driving forces behind the stupendous growth of the global digital asset management (DAM).The affordable cloud-based solutions are expected to push this market further in the coming years. TMR findings suggest, the global digital asset management market was valued at US$1.44 bn in 2015.
However, analysts indicate that the opportunity in this market will be worth US$7.48 bn by 2024, rising at a CAGR of 18.8% between 2016 and 2024.
Benefits of DAM Create New Opportunities
The benefits of DAM solutions over conventional alternatives are anticipated to provide this market with the much-needed impetus in the coming years. Several organizations are adopting these solutions as it offers them affordable solutions organizations to store, manage, retrieve, and share data.
Currently, the SMEs are the biggest target audience of the DAM players, which is encouraging the operating companies to customize their solutions and meet the specific demands of the small players.
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The biggest restraint in the global DAM market is the initial high investment. The lack of knowledge about the right DAM solution is also acting a major deterrent to the overall market.
DAM Solutions form the Backbone of Media and Entertainment Industry
The biggest end user of DAM solutions is the media and entertainment industry. As of 2015, this end user segment accounted for 27.1% share in overall market due to multiple uses of these solutions and their numerous advantages being realized by the industry on the whole.
Today, the media and entertainment industry largely depends on the installation and smooth functioning of the DAM solutions as it eases out the process of saving, managing, and recollecting an immeasurable volume of video, audio, images, and other files. Management of these digital assets has become far easier with DAM solutions, thus making them an integral part of the industry.
About TMR
TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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