Digital Asset Management

Part
01
of five
Part
01

Digital Asset Management Market Size

Global digital asset management (DAM) market size in 2019 is $3.12 billion. This value is the average global DAM market size for 2019 from the following market research firms: Transparency Market Research (TMR) — $2.67 billion, Research and Markets (RM) — $3.19 billion, Markets and Markets — $3.41 billion, Allied Markets Research (AMR) — $2.83 billion and Zion Market Research (ZMR) — $3.5 billion. We have provided our findings below.

Transparency Market Research (TMR)

According to Transparency Market Research (TMR), the global digital asset management (DAM) market was estimated to be worth $1.73 billion in 2016 and would grow with a CAGR of 15.6% (between 2017-2025) reaching $6.33 billion by 2025. To find the global market value for each year between 2017-2019, we used this online calculator. We entered the following inputs: Starting value (1.73bn), CAGR (15.6%) and number of periods (3 years — 2017-2019). Once these entries were filled the calculator provided the global DAM market size values below.

Research and Markets (RM)

According to findings from Research and Markets (RM), the global DAM market was worth $1.7 billion in 2016 and was projected to grow with a CAGR of 23.28% (between 2017-2024) reaching $9.14 billion by 2024. To calculate the projected market size from 2017 to 2019, the team utilized this online CAGR calculator. The following inputs were provided: Starting value ($1.7 billion), CAGR (23.28%) and number of periods (3 years — 2017 to 2019). The online calculator provided the global DAM market size values below.

Markets and Markets

Markets and Markets estimated that the global DAM market amounted to $2.44 billion in 2017 and was anticipated to grow with a CAGR of 18.3% (from 2018 to 2022) reaching $5.66 billion by 2022. To establish the current global DAM market size, we employed this online CAGR calculator. The following entries were made in the online calculator: Starting value ($2.44 billion), CAGR (18.3%) and number of periods (2 years — 2018 to 2019). The calculator provided the global DAM market size as seen below.

Allied Market Research (AMR)

Statistics from Allied Market Research (AMR) suggest that the global DAM market was valued at $1.928 billion in 2016 and was projected to rise at a CAGR of 13.7% (from 2017 to 2023) reaching $5.287 billion by 2023. In order to compute the current global DAM market size the team used this online calculator. The following entries were made: Starting value ($1.928 billion), CAGR (13.7%) and number of periods (3 years, that is, 2017 to 2019). Having fed the online calculator with the stated inputs, it provided the global DAM values as shown below.

Zion Market Research

A report by market research firm Zion Market Research shows that the global DAM market was worth $2.5 billion in 2017 and was forecast to grow at a CAGR of 18.4% (from 2018 to 2024) to reach $8.1 billion in 2024. We sorted the data to determine the current global DAM market size by using this online calculator. To compute the yearly market valuation, we provided the following inputs: Starting value ($2.5 billion), CAGR (18.4%) and number of periods (2 years — 2018-2019). The results from the online calculator are displayed below.

Additional Findings

  • The global DAM market is led by the North American region. However, the Asian Pacific region is projected to be the fastest growing market driven by the rapid rise of digitization in this region.
  • The global DAM market is driven by the adoption of DAM technologies in online marketing activities.
Part
02
of five
Part
02

Digital Asset Management Trends

Three trends currently disrupting the digital asset management (DAM) industry include artificial intelligence, convergence and consolidation in the industry, and blockchain technology. Artificial intelligence continues to improve upon how digital assets are cataloged and retrieved. Furthermore, new capabilities are coming to light, including facial and speech recognition, as well as the ability to classify assets based on business-specific tags. Blockchain is facilitating flexible confidentiality models that enable companies to document and track asset rights. Lastly, external pressures and customer needs are causing convergence of technology and consolidation of both similar and complementary businesses. Below is a deep dive on these trends, including the key drivers and companies at the forefront.

To provide the list of trends disrupting the DAM industry, we have leveraged industry reports such as Forrester's "The Forrester Wave™: Digital Asset Management For Customer Experience, Q2 2018," articles by industry experts and Chief Technology Officer of a DAM company, as well as digital and marketing magazines. We selected trends that have been corroborated by more than one source.

Artificial Intelligence

Digital assets can be voluminous to manage and for effective management and usage, content such as images need to be tagged in order to add context to such content based on their unique attributes. These tasks were done manually, which took a large amount of time and effort. Artificial intelligence changed that, facilitating the automatically tag assets based on attributes such as faces, objects, colors, shapes and more. Asides this, artificial intelligence capabilities combined with quality metadata is making it easier and faster to find assets. While the use of auto-tagging is relatively standard now among enterprise DAM tools, there are new uses that are disrupting the industry, thanks to artificial intelligence technology.

While most companies stop short at just tagging, Adobe is training AI so that content is classified based on business-specific tags, rather than assigning generic automated tags. So, instead of tagging an image with tags such as "car" or "vehicle," Adobe is doing it such that its DAM tool recognizes the model and applies a model-specific tag instead. Another company using artificial intelligence to disrupt the DAM industry is OpenText. The DAM tool already offers facial and speech recognition in addition to "the ability to route content based on tagging; giving a level of automation that enables a DAM to become your digital media supply chain."

Additionally, while the primary intention of auto-tagging was geared towards photography and imagery, other use cases have begun to emerge. One of such is video transcription, which makes an entire video searchable, "so that finding a particular point in that video and then potentially doing some AI-driven composition of new videos is possible." The possible disruptions possible with artificial intelligence are endless as the application of the technology continues to grow. Some future disruptions include translation, sentiment analysis, facial recognition, scene detection, and many more.

The disruptions in the DAM industry by artificial intelligence is driven by the need for DAM software vendors to gain a competitive advantage in the industry, especially with enterprise clients. This is because vendors like Dropbox who do not necessarily have proper DAM tools but offer some of its features on their platforms have taken the major share of the "low-end DAM market." Already, vendors like Bynder and Widen both ditched their DAM Lite products in lieu of the aforementioned issue. As this author puts it, "even a very slight advantage one vendor has over another can be sufficient to see them gain the upper hand over their peers for a given client requirement."

Convergence and Consolidation

According to Forrester, the DAM industry and by extension DAM vendors are facing "pressure" from close but adjacent technologies such as content marketing platforms and product information management tools. DAM vendors have equally responded to these external pressure in different ways. For example, Bynder acquired Webdam "to build its customer base," Aprimo acquired ADAM Software "to augment its marketing portfolio," while OpenText streamlined its portfolio to a single DAM product. These series of acquisition and actions means more integration between complementary but different technologies.

The fact that three out of five companies that take on a large DAM solution use multiple suppliers put into perspective the need for consolidation and convergence in the DAM industry. This is because each DAM tool has its value proposition and competitive advantage and may not work well for all situations. Another way DAM suppliers are dealing with these challenge asides acquiring complementary companies is by "opening up an API and letting the customer choose what they want to use."

The option to integrate and re-configure DAM solutions without the need for new custom solutions to meet the needs of an enterprise is disrupting the industry and "will become the key battleground for vendors." Some firms already offer marketplace-like portals where third-party solutions can offer tools to augment their solutions, akin to a commercialized form of open source. Another major challenge driving the need for consolidation and convergence is keeping up with new technology with new marketing tools being created regularly.

Blockchain

Digital assets are valuable and go beyond "ingesting, cataloging, securing, storing, transforming, sharing and retrieving media assets." However, at every stage in the asset cycle, ownership and attribution may change from time to time. For example, a company commissions a photoshoot with an agreement for ten images only. However, as required, the photographer sends more than ten images to the company, so that they can select the ten they need. Up until the company selects the ten images they need, all the images belonged to the photographer. Now once the company selects the ten images it paid for, they will take ownership of the files and as well as receive the contracted rights on the images. When working with multiple creatives, it possible for things to get lost in transition. That is where a solution like blockchain is disrupting the industry. Blockchain with regard to SmartContracts can facilitate the proper documentation of asset transfer.

One of the key companies at the forefront of using blockchain for DAM is MediaValet. MediaValet already anchors its blockchain strategy on Ethereum. The company notes, "Using SmartContracts and cryptlets on an Azure-based, enterprise-class, blockchain consortium network, we will allow tenants within the MediaValet digital asset management platform to participate." The driver for this trend includes the need for "more performant throughput, more flexible confidentiality models, and more distributed governance."
Part
03
of five
Part
03

Digital Asset Management and Digital Transformation

Digital transformation depends on different companies and their particular needs. However, DAM software tools are essential to lead any company into a successful digital transformation, with the main component being content management.

We identified the following DAM industry experts: Mike Carley, the Product Marketing Manager for Adobe Experience Manager Assets (AEM Assets); Douglas Eldridge, the marketing manager at Contentserv; Digizuite, a company that provides DAM solutions to organizations; IT Pro, a website that provides reliable tech information to UK users; Brandworkz, a company that specializes in providing DAM solutions to different organizations; as well as Bynder.

Adobe blog (Mike Carley)

Mike Carley from the Adobe Blog says that an "enterprise digital asset management (DAM) system is one of the core solutions" necessary for a successful digital transformation in an organization because it "supports faster time to market; trims unnecessary costs; increases conversions; drives ROI; delivers insights; future proofs investment; leverages critical and emerging technologies; mitigates risks of copyright non-compliance and security issues; keeps the organization current and competitive; and eases collaboration."

Digizuite blog (Elma Razic)

Elma Razic form the Digizuite blog says that "digital transformation in global brands is led by the use of DAM", which enables brands to "share relevant content to the right people at the right time, achieving a faster time-to-market." In addition, “a DAM system enables and supports an integrated approach to the entire content life cycle, including storage, management, development, conversion, distribution and reuse of all images, graphics, documents, video content and brand elements on multiple channels.”

It pro (Esther Kezia Thorpe)

Esther Kezia Thorpe from IT Pro says that "the flexibility and ability of DAM systems to integrate easily makes them attractive to C-level executives as part of a digital transformation strategy." They are "a way of making incremental steps rather than committing to a massive change." DAM contributes to digital transformation efforts in a company by "streamlining the content creation and discovery process, and providing a quick way to prove the value of digital systems to the business."

Brandworkz (Neil Monahan)

Neil Monahan from Brandworkz talks about the different digital transformation management challenges that a DAM platform can solve. These include: "proving the value of digital; putting the customer at the core of the business; streamlining the process of content development through workflows, connecting marketing teams with creative agencies; and delivering the right brand experience via the right media in the right channels."

Bynder

According to Bynder, “DAM is the foundation of any modern digital transformation strategy.” Digital transformation strategies "depend on the current working practices in an organization, the expertise in workplace technology and how this technology can be applied to relevant processes." One purpose of DAM software is to "keep huge amounts of content organized and to help transform content management processes in order to achieve a successful digital transformation."

Business.com (Douglas Eldridge)

Douglas Elridge from Business.com says that "content is the driving force behind most companies in the actual digital era, and it must be correctly managed. To achieve a successful digital transformation, it is important to get a DAM software." While a digital transformation does not come together overnight, it can never come together without a starting point. "Focusing on the universal business of content publishing" allows a company to start their transformation with software that will assure they remain competitive.

Part
04
of five
Part
04

Digital Asset Management: Competitors

Although we were unable to find enough data to determine the top five competitors in the digital asset management (DAM) industry globally by market share or revenue, our research indicates that the top five players are OpenText Corp., Adobe Systems, Cognizant, IBM, and Oracle. Below, you will find more details on how we arrived at the above conclusion.

METHODOLOGY

To find the top five competitors in the digital asset management industry globally, we started by searching market research reports on the top five companies by market share or revenue. We searched databases such as Grandview Research, Allied Market Research, Transparency Market Research, Research and Market, Technavio, Techsci Research, among others. We also searched market report aggregators such as Global Newswire and PR Newswire. However, after an extensive search, we were only able to find various market research from various companies that listed key players globally, but data on market share and/or revenue was behind paywalls in the various reports above.

Next, we tried to conduct general media search to see if there was any report about the key players in the industry or that would mention any key player in the industry along with its market share or revenue from digital asset management. We searched media databases such as Forbes, Business Insider, Wall Street Journal, Financial Times, among others. However, we only found general information about companies in the industry or recent innovations in the industry when we searched those sources.

We also looked at statistics databases such as Statista and Statistics Brain that sometimes have data on key players in an industry. But we only saw data on the revenue generated by the global industry and revenue forecast.

We decided to attempt to triangulate the data. We first extracted five key players by selecting companies that appeared the most in the different market research report we came across from Grandview Research, Allied Market Research, Techsci Research, Zion Market Research, and Transparency Market Research. Our assumption here is that the companies that appear the most in different independent market research are likely to be the leading players. The five companies that appeared in at least three of those market research reports are OpenText Corp., Adobe Systems, Cognizant, IBM, and Oracle.

OpenText and Adobe System appeared in four of the global DAM market research reports above as key players in the global DAM industry, while Cognizant, IBM, and Oracle appeared in three out of five of the reports as key players. We then tried to find the revenue each company generated by offering DAM services and solutions. We searched the annual report of each company. However, all the top five companies do offer other services and solutions. So although we found the revenue each company generated, there was no break down by business segment nor was there data on the percentage of the revenue that was due to digital asset management alone. Without data on just revenue due to DAM services alone, we were unable to triangulate a reasonable estimate of their market share, nor truly rank the top five companies based on revenue or market share.

TOP FIVE COMPETITORS IN Digital Asset Management

1) OPENTEXT

  • Why it is top: Open Text is regarded as a top player in four of the five Global DAM market research reports we analyzed. The company generated a revenue of $2.82 billion in 2018, however, the company also offers other services, not just DAM solutions.
  • Description: Open Text is a Canadian company that offers DAM services, business process management (BPM), analytics software, and customer experience management (CEM) solutions.

2) Adobe Systems

  • website
  • Why it is top: Adobe System is regarded as a top player in four of the five global DAM market research reports we analyzed. The company generated a revenue of $8.75 billion in 2018 from all the services and solutions they offer, including DAM solutions.
  • Description: Adobe Systems is an American multinational software company that helps companies create, deliver, monetize, and optimize content and applications.

3) Cognizant

  • Why it is top: Cognizant is regarded as a top player in three of the five global DAM market research report we analyzed. Cognizant generated a revenue of $16.13 billion in 2018 from all the services and solutions they offer, including DAM solutions.
  • Description: Cognizant is an American multinational that provides IT and digital services and solutions to enterprises. The company's solutions include process automation, interactive and artificial intelligence analytics, digital engineering, as well as help modernize, simplify, and secure IT infrastructure, among others.

4) IBM

  • Why it is top: IBM is regarded as a top player in three of the five global DAM market research report we analyzed. IBM generated total revenue of $79.6 billion in 2018 from all the products and services it offers, including DAM solutions.
  • Description: IBM is an American Multinational that offers extensive technology products and services as well as digital and connected solutions to companies around the world.

5) Oracle

  • Why it is top: Oracle is regarded as a top player in three of the five global DAM market research report we analyzed. Oracle generated a revenue of $39.8 billion in 2018 from all the services and solutions it offers, including DAM solutions.
  • Description: Oracle is an American multinational software company that provides autonomous database solutions, data management solutions, cloud services, and a host of business software solutions to companies around the globe.



Part
05
of five
Part
05

Digital Asset Management: Other Competitors

Six other competitors working in the digital asset management industry globally includes Widen Enterprise, Canto Inc., North Plains System, Aprimo, EMC Corporation, and Celum. Below, you will find more details about these companies.

METHODOLOGY

To find six other competitors working in the digital asset management industry globally, we first analyzed the previous research. Since the top five competitors identified in the previous report are some of the key players globally, we analyzed five different independent research on the global digital asset management (DAM) industry that provided lists of key players in the industry globally. The five global DAM market research reports we analyzed include Grandview Research, Allied Market Research, Techsci Research, Zion Market Research, and Transparency Market Research. From these market reports, we then selected companies from the various reports that were listed as key players globally in at least two of the five market reports which were not identified in the previous request.

We then further analyzed the selected companies to identify those that target mid-market companies with over 1,000 customers. We then selected the six companies below where we found evidence that they target mid-market companies with over 1,000 companies.

Competitors in the digital asset management industry

1) Widen Enterprise

  • Description: Widen Enterprise is a global company that provides digital asset management solutions and services to companies around the globe.

2) Canto INC

  • Description: Canto is a German company that provides digital asset management solutions globally.

3) North Plains Systems Corp

  • Description: North Plains is a Canadian digital asset management (DAM) solutions company that provides solutions and services for the management, distribution, production and archiving of rich media and content.

4) Aprimo (ADAM Software)

  • Description: Aprimo (ADAM Software provider) is an American company that provides digital asset management (DAM) solutions and marketing automation software solution.

5) EMC Corporation (DELL EMC)

  • Description: EMC Corporation is an American multinational that provides computer data storage solutions, DAM solutions, cloud computing solutions, visualization, analytics, and information security services.

6) Celum

  • Description: Celum is an Austrian company that provides content management solutions, cloud computing solutions, and DAM solutions worldwide.


Sources
Sources

From Part 01
Quotes
  • "As per the TMR, the global digital asset management market is estimated to attain a valuation of US$6.33 bn by the end of 2025 progressing from US$1.73 bn in 2016. The market is expected to rise at a healthy 15.6% CAGR during the forecast period 2017 to 2025."
Quotes
  • "The cloud deployment segment is projected to grow at the highest growth rate during the forecast period, due to the cost benefits and speed of deployment offered by cloud as compared to on-premises. However, the on-premises deployment segment is expected to account for the largest share of the market in 2017, as large enterprises prefer to store and manage their vital digital assets in their own infrastructure."
  • "The major solution and service providers in the DAM market include ADAM Software NV (Belgium), Adobe Systems Incorporated (U.S.), OpenText Corporation (Canada), Celum (Austria), MediaBeacon (U.S.), Canto, Inc. (U.S.), Widen (U.S.), WebDAM (U.S.), Bynder (Netherlands), NorthPlains (Canada), MediaValet, Inc. (Canada), and Cognizant (U.S.)."
From Part 02
Quotes
  • "And rather than changing how a business works, DAM suppliers are beginning to understand that they are better off opening up an API and letting the customer choose what they want to use."
From Part 04
From Part 05