Digital Asset Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Digital Asset Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Digital Asset Management Market is expected to register a CAGR of 18.58% during the forecast period. The growing push for digital engagement has increased significantly due to the creation and dissemination of digital content. According to a study of 1,600 marketing and creative professionals by Bynder in 2021, the digital transformation initiatives have gained traction during the pandemic, and owing to this, generating more digital content and creative output, implementing new digital experience technologies, and investing in customer data and analytics are the focal points of marketing departments. This is expected to have a positive impact on the market.

Key Highlights

• As a result of the increasing automation and linked devices scenario, digital content has grown significantly in recent years. According to a study conducted by Adobe in February 2021 of 13,000 companies and agency experts for selling, advertising, e-commerce, innovative, and IT professionals worldwide, a company with a high consumer experience is better positioned to adapt to changing customer behavior and markets and is more likely to achieve long-term growth than its competitors.
• The focus on enhancing the digital experience of customers among the enterprises is increasing at an accelerated pace, owing to which the requirement to deliver content more efficiently is increasing through partnerships. Aditya Birla Fashion and Retail Limited, one of India's significant fashion companies, announced a partnership with Adobe for customer experience program design in July 2022 to deliver high-quality digital experiences. Iconic brands such as Louise Philip, van Heusen, Allen Solly, Peter England, and pantaloons will use the Adobe experience cloud to power their websites and mobile applications as part of ABFRL's digital transformation strategy. AEC will enable these brands to provide unified and personalized content experiences across multiple platforms.
• Moreover, Oracle renewed a strategic agreement with AT&T in August 2022, which will help provide new capacity and capabilities for the company's database and application workloads running in Oracle Cloud. The new five-year agreement will expand on AT&T's use of Oracle Fusion Cloud Enterprise Resource Planning (ERP), Oracle Fusion Cloud Customer Experience (CX), Oracle Cloud Infrastructure, and other Oracle Cloud services.
• DAM space is currently in a period of growth, and vendors in the market are adopting a strategic focus to attract customers. The emphasis is on offering a simple and sleek user experience. As more users are turning to DAM to simplify their asset-creation process, software providers need to answer the need for easy-to-use, intuitive solutions. For instance, in April 2021, Adobe launched a new, simplified DAM Adobe Experience Manager Assets Essentials, offering teams an easier-to-use management experience in the Adobe Experience Cloud than Adobe's current enterprise-centric asset management tool can offer.
• Moreover, high-end systems offer a high degree of customization and services so that the DAM solution can be wrapped around the customer's existing processes and procedures in all sorts of ways, not "off-the-shelf." Therefore, they are more complicated and higher priced.
• The growth of cloud-based solutions is strengthening further due to high penetration rates of the Bring-your-own-device (BYOD) policy in the United States and other service-driven economies. Cloud-deployed solutions help marketers ensure that the assets follow required QA cycles and all processes to keep assets compliant with legal and brand requirements.
• The growing push for digital engagement has increased significantly due to the creation and dissemination of digital content. According to a study of 1,600 marketing and creative professionals by Bynder in 2021, the digital transformation initiatives have gained traction during the pandemic and owing to this, generating more digital content and creative output, implementing new digital experience technologies, and investing in customer data and analytics are the focal points of marketing departments. This is expected to have a positive impact on the market.

Key Market TrendsCloud Deployment is Expected to Drive the Digital Asset Management Market

• Adobe announced in April 2022 that it would bring Frame. Io's industry-significant video collaboration platform to its millions of creative cloud customers and updates to After Effects and Premiere Pro, including native M1 support for After Effects. Video editors and key project stakeholders such as producers, agencies, and clients can now collaborate in the cloud thanks to the introduction of Frame. This is the first integrated post-production review and approval workflow, allowing editors to get to final approval faster and easier than ever before. In a digital economy where more content is being created than ever, and remote teamwork is becoming the new normal, demand for video collaboration solutions is increasing.
• Canto provider of digital asset management (DAM) software, released Media Delivery Cloud in July 2022, a new solution that allows customers to directly connect images from their Canto library to their website, e-commerce platform, and other content distribution platform. Companies can deliver prints in real-time on a global scale using Media Delivery Cloud, reducing duplicate work between creative and web teams, eliminating the need to create and store identical assets, and optimizing web load times.
• Cloud Digital Asset Management(DAM) democratizes digital media management and delivery across an enterprise. Cloud DAM also promises to reduce the cost of operations and increase productivity while providing a single source of truth to maintain brand identity. Cloud DAM affects front-end experiences, as well. Bynder introduced its integration with Hootsuite Inc., a widely used social media management platform running in the cloud. The integration connects Hootsuite dashboards with digital assets sourced from Bynder, enabling social media marketers to easily access creative content without the need to download, resize, and re-upload individual files.
• With the increasing adoption of various technologies like Artificial Intelligence and Big Data Analytics, cloud-based DAMs are widely used. DAM uses Artificial Intelligence(AI) technology to scan content and create metadata tags. The AI use cases for DAM include optical character recognition, speech recognition, and facial recognition.
• Additionally, Increasing demand for storage comes from the rapid increase in data generated. Artificial intelligence (AI) and machine learning capabilities enable data to be more quickly collected, processed, and analyzed, and business data and applications are migrated to multiple public-private clouds. Various companies, such as Cognizant Technology Solutions, MediaBeacon, and Bynder, are into digital asset management and helping the market grow rapidly, as most end-users are looking for cloud-based solutions.
• Further, Companies are gradually moving from on-premises to SaaS-based solutions, which offer mobile accessibility and other intuitive services. The model's affordability caters to specific digital asset needs by targeting companies of all sizes. Moreover, these solutions usually offer low-cost options and rapid deployment of services.

Asia Pacific to Witness the Fastest Growth Rate Over the Forecast Period

• India is considered a very demanding country to manage for the entertainment and media providers due to complexities related to the content, language, and other regional requirements. Therefore, digital asset management was widely adopted to cater to such complexities.
• In China, there is a clear trend toward the digital transformation of businesses.In October 2021, a Harvard University-educated designer created a unicorn with his content marketing platform, aided by investors who see enterprise software as the next big opportunity in China's tech industry. Tezign, which connects designers with businesses, announced the completion of the first tranche of its Series D round led by Temasek Holdings, raising its valuation to more than USD1 billion. The Singaporean state investment firm and other backers contributed approximately USD 40 million.
• Japan is the ideal country for digital asset management solutions in this region, as 99.7% of industries fall under the small and medium enterprise segment, as reported by the Small and Medium Enterprise Agency of Japan. Furthermore, due to their budgetary requirements and inadequate IT infrastructure, SMEs have preferred low to medium-cost solutions, like digital access management software, over ERP solutions. In March 2021, NRI announced an investment in collaboration with Komainu Holdings Limited, a digital asset management service provider. The partnership enables NRI and Komainu to combine their technologies to expand their offerings into the digital asset market in the region.
• Further, The BFSI sector has witnessed increased adoption of DAM tech to store and manage wealth across countries. In May 2021, Asia Digital Bank Ltd (ADB), a wholly-owned subsidiary of Chinese state-owned Asia Pacific Investment Bank (APIB), announced plans to construct a self-financing servicing ecosystem through industrial alliances. Huobi Asset Management became the second fund manager to receive approval from the Securities and Futures Commission to issue 100% virtual asset funds.
• The Asia-Pacific region is becoming one of the fastest-growing regions in the digital asset management industry. As global brands expand their reach into the Asia Pacific and increase their investments in visual content strategies, DAM is emerging as the solution to help them tackle common difficulties that arise when dealing with global teams, new expansion regions, and an influx in content.

Competitive Landscape

The major digital asset management players are Cognizant Technology Solutions Corp, Oracle Corporation, CELUM GmbH, Adobe Systems Incorporated, Cloudinary Ltd, and IBM Corporation, among others. They have adopted strategies such as expansions, agreements, new product launches, joint ventures, acquisitions, partnerships, and others to expand their footprints in this market.

• May 2021 - Frontify, a Swiss MarTech business, formed a strategic agreement with Celum, which includes a comprehensive integration of both systems. This integration will significantly increase the scope and performance of the Celum cloud platform, providing customers with more brand management features.
• April 2021 - Adobe launched Adobe Experience Manager Assets Essentials to facilitate cross-team collaboration. Assets Essentials is a lightweight version of Adobe Experience Manager Assets that simplifies digital asset storage, discovery, and distribution across marketing and creative professional teams. Assets Essentials will be the default asset management experience across all Experience Cloud apps.
• March 2021 - Cloudinary Ltd launched the Cloudinary Media Optimizer. This new product automates images and video optimization and delivers in the format and quality suited for each end-user device, browser, and connection speed.
• January 2021 - Cognizant acquired Magenic Technologies, strengthening its digital engineering capabilities. Magnetic Technologies is a privately held custom software development services company. This acquisition will broaden Cognizant's global software product engineering network, adding hundreds of engineers in the United States and the Philippines.

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• The market estimate (ME) sheet in Excel format
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