The global digital asset management software in the retail market is anticipated to grow significantly over the forecast period. Retail Industry today has a lot of moving parts and coordinating the activities such as advertising, discounting, inventory management, fliers, sell-offs, promotions, merchandising, and store design (physical as well as online) among others is a challenge. In addition, all the above-mentioned activities are to be done for different channels, regions, customer segments, changing competitive circumstances, and evolving consumer trends. Therefore, the retailers need to be fast and be able to turn on a dime and grab newly identified opportunities. Integrated Digital Asset Management (DAM) solutions provide a content supply chain that assists in feeding core retail processes and remarkably improves time to market for all retail operations. DAM ensures that the retail brand is represented at its best through the centralization of all digital assets, managing collaborations, production, and distribution of photos, videos, and graphics effectively.
Digital Asset Management (DAM) is an application software that helps facilitate quick storage, retrieval, and re-utilization of digital assets significant to an enterprise. These digital assets comprise processed data files, engineering blueprints, web pages, white papers, text documents, videos, images, audio files, etc. Key DAM enabling technologies include content infrastructure, processing complex media assets, and edge network delivery.
Numerous Large and mid-size Retail enterprises make use of DAM solutions to enhance their bottom line. DAM helps cut operational cost and helps communicate with the target market more effectively. It is a centralized system that enables staff, partners and creative agencies to easily and quickly access assets they need. DAM offers various benefits for retailers such as reduce cost, improve revenues, foster collaboration, and maintain quality. It helps retailers gain a competitive advantage through cross channel marketing.
Increased government regulation demanding transparency of operations, managing big data, reducing cost, improving digitization content, and collaboration are few drivers to the DAM market in the retail sector. Technology and digital media proliferation, increased use of mobile phones, and emergence of cloud computing will serve as key market drivers. In addition, DAM helps retail enterprises to focus more on their core competencies, which is expected to drive the market growth. However, increased file size and content, lack of approval and routing process, etc can pose a challenge for market growth.
DAM has evolved tremendously over the last few decades and is expected to grow in the coming years. The key market players in this industry include North Plains, Extensis, Open Text, Canto Software Inc, Adam Software, MediaBeacon, etc.
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In order to ensure business continuity amidst the COVID-19 crisis, business organizations, especially in highly affected countries are allowing their employees to work from home. The increase in people working from home has led to a surge in demand for online video viewing, downloading, and communication through video conferencing, all of which are leading to increased network traffic and data usage. COVID-19 shall accelerate the demand for agile and flexible work styles and further push the adoption of communication services that tend to improve work-life balance. On the flip side, telecom regulators worldwide have postponed their plans of 5G spectrum auction amidst the global pandemic. This is expected to have an impact on the commercialization of commercial 5G standalone deployments and revenue generated through 5G services. The ongoing pandemic has forced telecom operators worldwide to test their network resiliency and revisit their planned investments, especially in 5G technology. The report will account for Covid19 as a key market contributor.
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