2022 Digital Transformation and Technological Advancement Outlook

CIO Review Europe | Thursday, March 03, 2022

The deployment of digital asset management is helping companies to develop solutions wherein they can retrieve their digital assets faster and lay a foundation for targeted access across the teams and channels

FREMONT CA: The digital asset management (DAM) market is being shaped by technological advancements. Major players in the digital asset management industry are concentrating their efforts on building technologically advanced DAM systems. For example, Sitecore, a software firm based in the United States, released version 3.4 of its Sitecore Content Hub solution in July 2020. It contains new and better workflow and third-party integration capabilities. Sitecore Content Hub version 3.4 enhances its Digital Asset Management platform with artificial intelligence (AI) and video technologies, enabling the automated creation of video metadata and transcripts, as well as time and range-based annotation, cropping, and subtitles.

Hyland Software, a software business based in the United States, purchased Nuxeo in April 2021 for an undisclosed sum. Nuxeo is a digital asset management company established in the United States. Nuxeo's purchase strengthens Hyland's commitment to cloud-native platforms and open-source communities while also increasing the company's worldwide footprint by adding more team members, customers, and partners. The global digital asset management market is predicted to increase at a compound annual growth rate (CAGR) of 18.4 percent, from $4.30 billion in 2021 to $5.09 billion in 2022. The change in the market growth pattern, according to TBRC's digital asset management industry overview, is primarily due to enterprises normalizing their output after responding to demand that surged tremendously during the COVID-19 pandemic in 2021. At a CAGR of 16.6 percent, the market is estimated to reach $9.42 billion in 2026.

The digital asset management industry will develop as cloud-based digital asset management (DAM) solutions become more common. Cloud-based digital asset management is a platform that allows companies to manage, store, and organize their assets on the cloud. The increasing popularity of cloud-based DAM solutions, according to this digital asset management industry report, is driving the market's growth. The global digital asset management market report by TBRC is segmented by type into solution and services, by deployment type into on-premises, cloud, by enterprise size into large enterprises, small and medium-sized enterprises (SMEs), by application into sales, marketing, it, photography, graphics and design, others, and by end-user into media and entertainment, BFSI, retail, healthcare, automotive and manufacturing, and others.

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