Small business digital asset management (DAM) solutions are systems for organizing, storing and sharing the rich media resources of a company. Creative assets such as videos, images, podcasts and media in other formats need to be effectively and efficiently stored and shared by different teams, channels, and departments to accomplish the goals of an organization.
In today’s challenging economic environment, small businesses need to focus on cost-effective DAM solutions with the highest return on investment (ROI) to remain profitable. Innovations in technology enable companies to benefit from cloud-based communications and digital asset management systems for greater reliability, functionality, and productivity.
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Growth of digital assets
The global DAM market is expected to see significant growth by 2024. According to the Digital Asset Management Market – Growth, Trends, and Forecast (2019 – 2024) report, the DAM market in 2018 was valued at $1,240.7 million and by 2024 is projected to grow to $6,901.6 billion. The projected rapid and exponential growth of digital asset management is due to:
- Concerns about misplaced or lost data
- The need for better collaborative tools and processes due to increased globalization
- More focus on customer engagement and the need for consistent messaging across all devices
- The increased use of cloud solutions and big data analytics
- The emergence of artificial intelligence, including facial, optical character and speech recognition
The future of DAM systems will see companies looking for cost-effective ways to organize, store, find, retrieve and distribute digital assets with a high level of security. The top five projected trends for digital asset management are:
- Artificial Intelligence
- Cloud-Based DAM
- Metadata Management
How can small businesses benefit from digital asset management?