Digital Asset Management Market - Growth, Trends and Forecast 2024

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. 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.

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Cloud-Based DAM Solutions Will Win Over Conventional Solutions

The majority of the end users in the DAM market are likely to opt for cloud-based services due to several reasons. The conventional alternatives such as on-premise solutions and hybrid will be phased out gradually despite better bandwidth due to their cost-intensive nature. The cloud-based software segment will dominate the global DAM market as it will bring out operation efficiency by reducing the cost of a dedicated IT department.

In terms of geography, North America is leading the global digital assets market as the evolution of social media has in the region has become ubiquitous. The generation of tremendous amounts of content due to social media has encouraged marketers to use DAM solutions in order to reach out to a mass audience in the shortest possible time. Furthermore, as analytics are gaining a huge demand in North America, vendors are focusing towards covering DAM solutions and analytics to provide customized tools to consumers. This trend has coaxed DAM vendors to provide topnotch analytics tools, thereby stiffening the competition in the regional market.

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Hadoop is a Java-based open source programming framework sponsored by Apache Software Foundation, which enables the processing of large data sets in a distributed computing environment. Hadoop has two main subprojects, namely – MapReduce and Hadoop Distributed File System (HDFS). MapReduce is a framework that assigns work to the clusters in a node, whereas HDFS is a file system used for data storage in a Hadoop cluster. Since its inception in 2009, the global market for Hadoop is growing at a healthy rate as it has emerged as one of the best tools to manage big data. Growing unstructured as well as structured data volume across different end use sectors such as retail, BFSI, healthcare, media and entertainment, and telecommunication among others is augmenting the demand for Hadoop solutions.

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