The global digital asset management (DAM) market was valued at more than $2 billion in 2016 and is expected to surpass $5 billion by 2025, according to Technavio Research.
The firm’s research report on the technology said the key vendors in the market include Adobe, Cognizant Technology Solutions, Dell EMC, HP and IBM.
Growing demand for open-sourced DAM software “will revolutionize the global market during the forecast period,” said Ishmeet Kaur, a lead analyst for enterprise application research at Technavio.
“Open-source DAM is gaining popularity among enterprises in the developing economies such as India and China, which will result in the growth of the market,” Kaur said. The new open-source software solutions are designed to improve efficiency and can be downloaded and run across all platforms in the market, he said.
Cloud-based DAM products offer drag-and-drop functionality, mobile accessibility and more intuitive services, Technavio said. They offer low-cost options and rapid deployment of services, which are available in deployment models including infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS) and software-as-a-service (SaaS).
Enterprises in industries such as retail, media and entertainment are adopting DAM products, which help organizations improve business development initiatives. For example, in retail the software enables companies to create higher efficiencies in store operations through improved workforce management, product placement, and store layouts.
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