According to a new market report published by Transparency Market Research entitled “Digital Asset Management Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024,” the DAM market is expected to reach US$7.48 bn in revenue by 2024, rising from US$1.44 bn in 2015. The market is estimated to expand at a CAGR of 18.8% during the forecast period from 2016 to 2024.
Growing preference for rich media content by organizations to promote products and brands is one of the major factors driving the growth of DAM market. Moreover, the growth of the DAM market is also expected to be driven by the cost-effective solutions being offered by cloud-based DAM vendors. Growth in awareness about the benefits of DAM solutions over conventional content management solutions among organizations is expected to increase the rate of adoption of DAM solutions among SMEs in the coming years.
Increasing adoption of portable devices in enterprises have increased security requirements. In 2015, North America held the major market share globally in terms of revenue generated by DAM software and services, followed by Europe. However, Latin America and Asia Pacific are forecast to grow faster rate than these mature markets.
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For DAM software, cloud-based deployment held the largest market share of approximately 48% in 2015 due to growing preference for subscription-based payment models offered by SaaS DAM solution vendors. In recent years, organizations have been migrating to cloud-based deployment considering an increase in storage requirements for on-premise deployments which increases the cost. Cloud-based DAM solutions eliminate the need of a dedicated IT team to manage DAM solutions. Cloud-based DAM solutions are anticipated to dominate the DAM software market over the forecast period. Operations and maintenance is also anticipated to hold a major share among the segments of DAM services during the forecast period. Operations and maintenance is expected to contribute to ensuring the smooth functioning of DAM solutions installed by organizations, and therefore to the market for DAM services.
Media and entertainment was the largest end-use segment of the DAM market in 2015 and it would continue to hold its top position in terms of revenue share over the forecast period. Improvement in video quality and demand for visual content have increased the creation of digital content in media and entertainment sector.