The Future of Digital Asset Management

DAM Finding Adoption amongst Marketing Enthusiasts

Digital marketing has been a topmost trend this year with increasing number of companies investing more than ever in digital marketing campaigns, brand management, PR, social media and advertising, where animations, images and videos are key to a winning strategy. As per industry reports, nearly 60% of the companies plan to adopt Digital and Media asset management or are already in the process of implementing the same. Media asset management has been playing a significant role in brand management and is emerging as the most sought-after solution to manage, store and retrieve digital proprietary files for any organization. Nearly 70% of the decision makers in companies claim to have customer experience as the top most goal for digital transformation this year.

Artificial Intelligence & DAM — the Best of Both Worlds

The market space for digital media management is also witnessing a trend in terms of companies merging artificial intelligence (AI) capabilities with various digital and media management platforms. There lies a huge untapped potential for digital assets in sales and marketing arena, with only 30% of the companies across the globe leveraging AI in their sales processes. Artificial Intelligence bolsters digital and media asset management solutions with features such as facial recognition, better content marketing and auto-tagging. Pandora Media — a music streaming portal, for instance, uses a combination of machine learning algorithms to recommend new and most relevant songs to its users. More comprehensive DAM systems integrate with AI for auto-tagging, image recognition and better keyword search results. For example, AI now can accurately tag images in APIs including Google Cloud Vision.

Cloud Deployment Rules the Market

Cloud based services, once a novel thing of the past, are now pretty much mainstream and standard. Cloud based solutions have been widely accepted for various business needs, including communication, project management and collaboration. This is similar to the very essence of digital and media asset services — management and distribution of digital assets, and hence Cloud Services have been augmenting the market scope for digital media management services. Unlike a folder system, which becomes cumbersome and obsolete with evolving business needs, digital and media asset management offers its users a more streamlined, quicker and result oriented solution. A Cloud based digital asset management is more convenient to use and implement and is also more cost friendly compared to the on-premise model which incur much higher capital. Cloud based digital and media asset management is gaining traction among business as it offers higher scalability, can be accessed from anywhere via internet and enables better collaboration among peers through a seamless resource sharing experience.

Innovations and Strategic Developments Define the Market

· In early 2020, Adobe migrated its Experience Manager Services to the Cloud, in an attempt to offer secure and scalable content management across organizations. And with addition of Adobe Sensei, an AI tool that integrates with Adobe Experience Cloud, auto tagging evolves into smart tagging, thereby enabling users create enhanced marketing experiences.

Developing Nations — the Growth Boosters

Region wise, Asia Pacific is poised to lead the race owing to rapid digitization and rising adoption of Cloud technology. Japan in particular exhibits the fastest growth potential in the global DAM market. The country is witnessing rapid adoption of broadband internet, with over 95% of the population already being a consumer. Both private and government sectors promise a substantial scope of DAM adoption in the country, with multiple Japanese organizations planning to launch digital asset management solutions in the banking sector. In 2018, Fujitsu, a major IT equipment and services company, announced its plans to launch country’s first digital banking solution namely, Fujitsu

The Road Ahead…

Although the market space for media asset management is bright and promising, certain factors such as lack of awareness, budget constraints and lack of capability and training to manage DAM, is forcing small scale organizations to stick to traditional and labor- intensive methods of data management. The adoption of DAM and MAM solutions is seen higher in North American and European regions, while Asia Pacific and Middle East although with their share of hiccups are emerging as fastest growing regions for DAM systems.

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