New York, Sept. 20, 2021 (GLOBE NEWSWIRE) — announces the release of the report “Digital Asset Management Global Market Report 2021: COVID-19 Implications And Growth” –

The global digital asset management market is expected to grow from $3.60 billion in 2020 to $4.30 billion in 2021 at a compound annual growth rate (CAGR) of 19.4%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $7.96 billion in 2025 at a CAGR of 16.6%

The digital asset management (DAM) market consists of sales of digital asset management (DAM) solutions by entities (organizations, sole traders, and partnerships) that improve productivity and efficiency by removing the need to request assets each time.Digital asset management (DAM) is a software-based solution that allows organizations to store, retrieve, and use digital assets quickly.

Digital assets are files like videos, music, photos, documents, and other media containing the rights to use them. DAM is an organization’s content sharing and storage solution.

The main types of digital asset management are solutions and services.The solutions allow users to develop, manage, distribute, monitor and locate digital assets while still managing the creative process.

The various deployment modes include on-premises and cloud and are employed in different enterprise sizes such as large enterprises and small and medium-sized enterprises (SMEs). It is used in sales, marketing, IT, photography, graphics and designing, others and is implemented in various verticals such as media and entertainment, BFSI, retail, healthcare, automotive and manufacturing, others.

North America was the largest region in the digital asset management market in 2020.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Technological advancement is a key trend shaping the digital asset management (DAM) market.Major companies operating in the digital asset management (DAM) sector are focused on developing technologically advanced solutions for digital asset management (DAM).

For instance, in July 2020, Sitecore, a US-based software company launched version 3.4 of its Sitecore Content Hub solution, which includes new and improved workflow and third-party integration capabilities. Sitecore Content Hub version 3.4 adds artificial intelligence (AI) and video technologies to its Digital Asset Management (DAM) platform, allowing for the automated production of metadata and transcripts for video, as well as time and range-based annotation, cropping, and subtitles.

In April 2021, Hyland Software, a US-based software company acquired Nuxeo for an undisclosed amount.Through this acquisition, Nuxeo reinforces Hyland’s commitment to cloud-native platforms and open-source communities while expanding its global footprint with additional team members, customers, and partners.

Nuxeo is a US-based company that offers digital asset management solutions.

The increasing prevalence of cloud-based digital asset management (DAM) solutions is projected to propel the growth of the digital asset management (DAM) market.Cloud-based digital asset management (DAM) is a platform that enables businesses to handle, store, and organize their resources in a cloud-based environment.

Any organization that uses resources for packaging, marketing, advertisement, or any other business-related activity would benefit from a cloud DAM.For instance, according to the report by IO integration, the use of digital asset management (DAM) software has increased, about 62% of companies are using digital asset management (DAM) software in 2019.

Therefore, the increasing prevalence of cloud-based digital asset management (DAM) solutions drives the growth of the digital asset management (DAM) market.

The countries covered in the digital asset management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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