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The digital asset management market is growing with a considerable rate due to rising demand for collaborative digital workflows, escalating the need for compliance with regulatory standards and mounting concerns about misplaced data and loss. Growing demand for integrated solutions pertaining to marketing initiatives and mounting requirements for software as a service (SaaS) based solutions are some of the factors providing opportunities for the digital asset management market to grow with a significant rate in the coming years.
Adoption of mobile devices has raised the propagation of content generation and increasing internet usage globally. The extensive production of data comprising web based and native data has amplified the demand for streamlining the secured data access and its management across distinct organizations, as the organizational content needs efficient handling and storage for future reference. Furthermore, businesses are generating YouTube clips, diverse corporate podcasts and videos, brand identity graphics, e-Learning modules, and training material. In addition, companies get a return on investments in the digital asset management system since they are enabled to remove the redundant generation activities with the retrieval of particular assets.
Organizations can centrally organize and quickly locate their digital assets such as documents, presentations, videos, images, and other files with the help of digital management systems. Some benefits of digital asset management systems are easy distribution, simple workflow improvements and assured protection of large amounts of digital assets.
The companies can enhance their productivity in a cost-effective manner with the use of cloud based asset management solutions because information technology (IT) resource expansion is not involved in it. However, the practicability for cloud solution adoption and its integration with the existing IT ecology are still the ongoing concerns across the organizations. This results in encouraging digital asset management software vendors to offer the cloud based solutions to expand their services. In addition, digital asset management solutions are increasingly becoming common, since they allow the companies to steadily store and access the assets along with preserving digital content. This further increases the acceptance of cloud based digital asset management solutions globally.
On the basis of solutions, the digital asset management market can be categorized as web content management, asset and metadata archiving, video management, lifecycle and rights management, asset analytics, creative tool integration and brand portal. The digital asset management market can be categorized on the basis of services provided as training and support market, implementation market and consulting market. On the basis of deployment type, the digital asset management market can be categorized as on-premises and cloud.
The digital asset management market can be categorized on the basis of user type as small and medium businesses (SMB) and enterprises. On the basis of industries served, the digital asset management market can be categorized as consumer goods, travel and hospitality, agency and marketing services, telecom, media and entertainment, e-commerce, banking financial services and insurance (BFSI), high tech, healthcare, retail, and government.
Lack of interest in digital asset management among top management, prevalence of expensive digital asset management solution, and perplexing management of continually changing digital assets are some of the factors restraining the growth of the digital asset management market to some extent.
Some of the competitors in the digital asset management market are Oracle Corporation, Cognizant Technology Solutions Corp., Hewlett-Packard Development Company, L.P., Adobe Corporation, Widen Enterprises, Inc., EMC Corporation, ADAM Software NV, North Plains Systems Corp., and MediaBeacon among others.