DAM software enables users to upload, store, organize, manage, share and track all digital assets from one source. Usually, it gives users access to it on any device, anywhere. Make regular backups and synchronizations to keep all the files safe and protected. In addition, administrator users can grant or deny access to specific files through specific roles with access control. DAM software is also used to archive past digital assets and automate and streamline current content and creative workflows.
Based on the product type, the digital asset management (DAM) software is primarily split into brand asset management systems, library asset management systems, production asset management systems and digital supply chain services. Brand asset management software is specifically designed to make it easy to manage the lifecycle of branded content of users. At its most basic level, Brand Asset management software provides a central place to both store and manage creative content such as images, audio files and other documents. Library asset management systems focuses more on the storage and retrieval of large sums of infrequently changing media assets. Production asset management systems focused on the storage, organization and revision control of media that is frequently changing. A production asset management software system is in other words a DAM software system intended specifically for production use, making it easier and more efficient in organizing, storing, controlling, finding and revising digital media assets increasing the efficiency of production environments automating workflows of users. In 2019, the market shares of these four different products were 33.63%, 21.93%, 26.41% and 18.02%.
People are more actively involved in their own health and wellness than ever before. From inspiring videos to comprehensive online help desks, healthcare providers need to consistently develop on-brand content that provides value to their patients. This increase in content creation has made a digital asset management system (DAM) a must-have in the healthcare sector. And with ever-increasing integrations with commerce, social media and creative platforms (such as Adobe suite), DAM is truly becoming the one-stop-shop for content creation and distribution. DAM can lead to reduced wait times, more efficient staff and ultimately, increased sales for retail industry. Media and entertainment companies depend on digital assets to drive revenue. Implementing DAM Software in manufacturing can be seen as an essential part of this asset-heavy industry. In 2019, the market shares of these four applications were 8.77%, 16.70%, 21.97% and 13.07% respectively.
COVID-19 can affect the global economy in three main ways: by directly affecting operation and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. In the short term, the digital asset management industry is not a manufacturing or labor-intensive industry, so it is less directly affected by the lack of raw materials or large-scale restrictions on travel activities. During the epidemic, the resumption of work, operations, revenue targets, and industry development of the digital asset management (DAM) software industry were all challenges. With social distancing in place businesses across sectors are working remotely, and people are completely dependent on online services for their essential and non-essential needs. To make this virtual world as real, efficient, and impactful as possible, the demand for robust cloud infrastructure is booming. While everyone stays at home, digital services have made world more seamless than ever. For the digital asset management (DAM) software industry, although the impact of the epidemic is not as big as the tourism industry, film industry, fast-moving consumer goods store and other industries, the Digital Asset Management (DAM) Software industry will also be affected by the overall environment and economic downturn, especially the downstream industry of Digital Asset Management (DAM) Software. The industry is greatly affected by the epidemic, which in turn has affected the sales and consumption of Digital Asset Management (DAM) Software. It is estimated that the market value of the global asset management software industry in 2020 will be 1430.49 M USD, a year-on-year increase of 6.71%, which is less than half of the market value growth rate in 2019. It can be seen that due to the particular nature of the industry, global asset management software is relatively less affected by the epidemic.
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Navigating through online digital content has become cumbersome with the volume of online content increasing exponentially. Using a normal search function to look within thousands of files for specific text on a network drive is extremely time consuming and complex. As of 2016, the total time spent consuming digital media from desktop devices grew 16% and the total amount of time spent with digital media increased by more than 40% from 2014. This is driven largely by the use of mobile devices such as laptops, smartphones, and tablets. Organizations are using DAM software for organizing, storing, and locating a specific image or a video among thousands of digital assets spread across many folders. With DAM software, organizations can not only create an archive and develop an infrastructure to store and manage digital assets, but also facilitates a search functionality that allows end-users to identify, locate, and retrieve an asset quickly. The increase in demand has brought opportunities to the development of the industry and has a positive impact on the development of the industry. It is estimated that by 2026, the global digital asset management software market value will reach 3724.02 M USD, with a compound annual growth rate of 17.29%.
However, digital asset management software is too complicated. DAM software may add complexity to the business processes. In addition, configurations must be made in a DAM software, and adjustments will be required over time to fine-tune the system to keep pace with evolution of users and organizations. Moreover, DAM software, which also lack the capacity to quickly and thoroughly identify and repair security gaps. The shortcomings of the DAM software itself dissuade some consumers and hinder the rise of consumption, which is not conducive to the development of the industry. DAM Software may not be so necessary for some people. Virtually any organization could function without digital asset management software. Organizations that don not see DAM as a necessity have usually developed a manual approach to file management that is based on some combination of agreed-upon rules, operating system search functions and communication via email or some other means. The most important factor is that cloud DAMs raise significant security concerns. Their open access to the internet, combined with their centralized management, can result in data breach scenarios, given that an attacker only needs to compromise one account. What is one of the most sought-after features is also a source of risk. Users share the files straight from the platform without using cumbersome email attachments or FTPs. However, this means malicious insiders can get hold of protected assets, delivering it to attackers. Potential risks and side effects may discourage consumers from asset management software, leading to a decline in demand.
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