Market Overview
DAM Finding Place in Enterprises with Increasing Need for Efficient and Cost-effective Management of Digitized Content
The increasing loss incurred due to lost or misplaced work has become a major cause of concern for corporations hence enterprises are increasingly beginning to understand the value offered through the digitization of their media assets. As digital asset management (DAM), a value chain of software products enables the archiving and management of digitized content, there is great demand for such efficient processes to manage assets across verticals. These applications, mostly of client/server configuration enable the indexing, searching, retrieval, ingesting, browsing, annotating, repurposing, collaborating, displaying, and transporting of digital media.
More organizations have hosted applications that help them reduce some of their IT burden. The rapid acceptance of DAM as software-as-a-service (SaaS) is also essentially driving the market. “The market has an immense amount of growth potential, which is largely driven by the explosion in the use and creation of digital media and the associated value proposition of increased efficiency, cycle time acceleration, reduction in the cost of lost or misplaced work, repurposing of assets, and resources, among others,” notes the analyst of this research service. As the digital age is transforming day-to-day life, increasingly digital media applications are being found in every vertical market segment generating a huge amount of content, thereby creating the need and demand to manage these digital assets.
Leveraging Core Competencies and Technologies Is the Key to Success
Despite the persistence of some amount of economic sluggishness and tighter capital markets, the asset management market has proven its viability in today’s business environment. Companies that can leverage their technologies with strategic partnerships with others in the DAM space and with vendors in complementary markets in an effort to consolidate their core competencies to gain market share by targeting multiple verticals instead of using a niche strategy, are the ones that are likely to succeed.
“The ability to integrate with third party systems using a Web services architecture and modularity to provide customers with the flexibility to choose from the most relevant modules for their business processes are crucial aspects that participants need to consider to maintain a competitive edge,” notes the analyst. “Other key competitive factors include enhanced metadata models for more refined indexing and search capabilities, especially for video, highly scalable solutions, conditional access, and DRM integration to provide enhanced security, and an increased number of file types/formats that can be handled by the system.”