How does Big Data Analytics help in constant innovation?
Network Science February 08, 2023
What are DAM Solutions?
DAM solutions are platforms that help organizations manage, store, and distribute their digital assets such as images, videos, audio files, and documents. These solutions typically include features such as metadata management, search and discovery, access control, and analytics.
What is the Market Size for DAM?
The DAM solution market size is expected to grow significantly in the coming years. According to a market research report by MarketsandMarkets, the global Digital Asset Management market size was valued at $3.4 billion in 2020 and is expected to reach $7.4 billion by 2025, growing at a compound annual growth rate (CAGR) of 17.8% during the forecast period.
The increasing adoption of digital technologies, growing need for efficient management of digital assets, and rising demand for cloud-based solutions are some of the key factors driving the growth of the DAM market. Additionally, the increasing need for compliance and security, as well as the growing adoption of artificial intelligence (AI) and machine learning (ML) in DAM solutions, are also expected to boost the market growth.
The market is segmented into solutions, services, deployment models, organization size, verticals and regions. The solutions segment is further divided into solutions such as digital asset management, video management, and digital rights management. Services segment is divided into professional services and managed services. Deployment models are segmented into on-premises and cloud.
North America is expected to hold the largest market share, while Asia Pacific is expected to grow at the highest CAGR during the forecast period.
In India, the market for Digital Asset Management (DAM) solutions is growing as more organizations recognize the need for efficient management of their digital assets. Industries such as media and entertainment, advertising, and manufacturing are some of the major adopters of DAM solutions in India. DAM is a very relevant tool for the Pharmaceutical & CPG industry where digital asset creation and management is an extensive requirement. The market is also driven by the increasing use of digital channels for marketing and the growing demand for content creation and distribution in India.
There are a number of companies that offer DAM solutions in India, including global players such as Tenovos, Adobe, Widen, and Bynder, as well as Indian companies such as InData Labs, PixelVault, and Webkul. These companies offer both on-premise and cloud-based solutions, catering to organizations of different sizes and industries.
However, the market for DAM solutions in India is still relatively small compared to more developed markets such as North America and Europe. This is likely to change in the future as more organizations in India adopt digital technologies and recognize the need for efficient management of their digital assets.
With the awareness about DAM still being relatively lower in India, adopting it can give a unique First-Mover advantage to a lot of organisations in this competitive market.
- Competitive Analysis:
According to a study by Forrester conducted in early 2022, Aprimo, Adobe, Widen, Bynder emerge as the long-established market leaders for DAM globally. However, the above solutions are not very cost effective and aren’t the first choice in the Indian market.
There is a classification of other “Strong Performers” which are newer, intuitive solutions driven by AI and ML. These include the likes of Tenovos, OpenText and Sitecore, which have a decent market share and are also easier on the pockets for clients. These are solutions which have proven more acceptable in the Indian Market.
- Competitive Analysis:
Why Use DAM?
Digital Asset Management (DAM) solutions can provide a variety of benefits in terms of return on investment (ROI), including:
- Increased efficiency: DAM solutions can help organizations streamline their workflow, reducing the time and effort required to find, retrieve, and use digital assets.
- Improved collaboration: DAM solutions can make it easier for teams to share and collaborate on digital assets, resulting in more productive work and faster time-to-market.
- Better asset utilization:DAM solutions can help organizations more effectively use their digital assets, leading to increased revenue and reduced costs.
- Enhanced security: DAM solutions can provide robust security features that help organizations protect their digital assets from unauthorized access or use.
- Improved brand consistency: DAM solutions can help organizations maintain consistent branding across all their digital assets, resulting in a more professional and cohesive image.
- Better tracking and reporting: DAM solutions can provide detailed analytics and reporting on asset usage and performance, which can help organizations make more informed decisions about their digital assets.
Overall, a well-implemented Digital Asset Management (DAM) solution can lead to increased productivity, improved collaboration, reduced costs, and enhanced security, all of which can contribute to a strong ROI.
In our bid of “Changing the World with DeepTech Innovation”, Network Science, is proud to add another solution in our portfolio. Digital Asset Management (DAM) opens up avenues to collaborate with previously unexplored Industry Verticals: Advertising, Media and Entertainment.
This blog has been contributed by Swapnil Bang, Deep Tech Consultant at Network Science. You can write to Swapnil at firstname.lastname@example.org for any queries regarding this blog.