The business world has become competitive with internet leveling the field for startups and major corporations alike. Branded content is a buzzword that has garnered attention of companies interested in expanding their online presence. Since the internet is a vast repository of free content, a system is needed to protect company data. Such a system that protects the content as well as distributes it efficiently is referred to as Digital Asset Management (DAM) system.
This system engages the audience by providing content in the form of articles and videos. It also allows the easy transfer of files within an organization. It improves workflow and boosts employee productivity in the process. DAM can make it possible for companies to obtain an omnichannel presence across all platforms. This kind of experience will include collaborations with third parties and associated brand promotions.
OpenText Corporation, a Canadian provider of enterprise management solutions, recently updated its Enterprise Information Management (EIM) platform. The recent update allows regular consumers to manage their workflow within the company with ease. It also allows the company to host their data on Cloud or within their office premises.
The program within this platform, “OpenText Experience Suite”, has a host of applications such as “OpenText™ Media Management” and “OpenText™ Experience Analytics”. These programs provide deep insight into customer behavior and latest market trends. The company has even collaborated with SAP to create an omnichannel experience for its consumers.
The worldwide digital asset management market is expected to grow on account of DAM being used by organizations to improve their branding, according to Grand View Research, Inc. It is expected to reach USD 5.6 billion by 2025. DAM is expected to pave new growth avenues for organizations in order to expand their customer reach.
Cloud deployment is expected to gain more market shares than on-premise deployment from 2014 to 2025 (forecast period). Even major corporations like Oracle have adopted Cloud due to its drag-and-drop functionality to transfer files easily. Media & entertainment was the biggest market end-user, accounting over 20% market shares in 2015. Some prominent industry players are Oracle Corporation, OpenText Corporation, and Adam Software NV.
In-depth report on digital asset management market by Grand View Research: