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“by major players in the apparel and retail industries that need a DAM system that offers responsiveness, rich media, multi-channel and personalization support.”
For the report, Research In Action surveyed 1,500 business and IT decision-makers globally on their DAM deployments and learned that 51% plan to consolidate their DAM systems. What’s more, the research found that the objectives driving most DAM buying decisions are better system performance and responsiveness (35%), improved brand management capabilities (32%), delivering a better customer experience (29%), the need to employ a mobile-first strategy (27%), and gaining cloud capabilities (21%).
DAM Market Trends
DAMs store and manage digital media files like images and videos needed for digital content production and optimal customer experiences. As these digital assets have been increasingly central to businesses success, DAM systems have become crucial for many users across an organization, from IT and web to marketing, creative, sales and service.
According to Research in Action, there are more than 200 software and SaaS vendors offering DAM solutions, in a global market that is projected to nearly double from $3.4 billion in 2020 to $6 billion by 2025, a Compound Annual Growth Rate (CAGR) of 12.0%.
According to the report, growth is driven by several factors: the increasing digitalization of content and the need for effective collaboration of corporate assets; the emergence of cloud-based delivery options; and the growing need for controlled access and better security of digital assets to avoid copyright issues. Research in Action expects DAMs to expand to become universal content hubs used across many departments as the overall trend to digital drives interest in using DAM systems outside of IT and Marketing.
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Cloudinary: The new kid on the block continues to redefine DAM
Founded in 2012 as a provider of image management solutions, Cloudinary released its DAM solution in June 2018 and now has nearly 7,500 customers and more than 900,000 users across a variety of sectors, including media, entertainment and travel. The company has seen especially strong growth in eCommerce and retail, including more than 50 brands named in the Internet Retailer 100 list.
Research in Action acknowledges Cloudinary’s strategy as “Dynamic Asset Management”, the ability to manage and dynamically generate asset variations at scale, powered by Artificial Intelligence (AI). The report further states that Cloudinary has been adopted “by major players in the apparel and retail industries that need a DAM system that offers responsiveness, rich media, multi-channel and personalization support.”
Regarding Cloudinary’s execution, Research in Action highlights its robust partner ecosystem with more than 100 partners, including strategic partnerships with Adobe/Magento, Amazon Web Services (AWS), Salesforce and WordPress.
“Cloudinary was born in the cloud and best suited for businesses that use rich media to drive customer engagement and conversions,” said Peter O’Neill, Research Director at Research in Action GmbH. “Companies that understand how essential visuals are when connecting and engaging audiences will continue to take advantage of Cloudinary’s offering in order to more easily create and deliver visual-rich experiences.”
“We are very pleased to be named a top DAM player in the Vendor Selection Matrix,” said Russ Barr, Managing DIrector of DAM at Cloudinary. “Managing digital assets is a challenge for many organizations and it is not surprising that many companies seek to consolidate their DAMs with more future proof solutions. For this reason, we will continue to deliver the latest innovations like our game-changing AI capabilities to ensure companies can automate the tasks needed to more efficiently manage visual assets at the volume and pace required to succeed in today’s visual-first economy.”
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