As the Digital Asset Management Market Thrives, Choosing SaaS DAM Platform Gets Complicated

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The global digital asset management market is estimated to reach $8.159 billion by 2030 from $3.497 billion in 2021 at a CAGR of 18% during the forecast period (2022-2030). The study released by research and consulting firm, Straits Research, cited several factors contributing to the growth, such as cloud adoption, innovation activities, technological advancements, and IoT devices.

Among the regions studied, North America is the largest market for vendors for the DAM market and will retain this status throughout the forecast period. The North American DAM market was worth  $1.332 billion in 2021, and is expected to reach $5. 472 billion by 2030 at a CAGR of 17% during the forecast period. Two key drivers of this growth are the digitization of various end-user industries and the adoption of DAM software to leverage Artificial Intelligence and Machine Learning.

On the other hand, the Asia-Pacific market is projected to be the fastest-growing region. The APAC market was valued at $677 million in 2021 and is expected to reach $3.764 billion by 2030 at a CAGR of 21%. Tech-savvy professionals and businesses are pushing the demand for DAM platforms in the region.

Though growing in popularity, the DAM market faces some market restraints. There are still many organizations using older methods to manage digital assets such as content management platforms with some DAM-like capabilities. The lack of knowledge about the technology and awareness of purpose-built DAM platforms could hamper the growth of the market. Additionally, the cost of various DAM solutions is seen as a factor that could turn away small and mid-size businesses.

SaaS DAM vs. On-Premise Solutions

At the enterprise level, a DAM platform usually belongs to a marketing department’s tech stack. Before the onset of cloud computing, organizations maintained their own on-premise DAM. But as the report cited, SaaS-based DAM now accounts for the largest market share and is expected to continue its dominance. It was worth $2.238 billion in 2021 and is projected to reach $11.290 billion by 2030 at a CAGR of 20% during the forecast period.

On-premise DAM still has its uses in the modern cloud era. Companies that require non-standard customizations or that need to adhere to strict legal compliance standards might still opt for on-premise DAM. But for many, SaaS DAM is the go-to option. Not only because you don’t need a robust IT team to manage the system—unlike its on-premise counterpart—but also because it’s a flexible and accessible solution (think remote workers) that doesn’t require a huge chunk of IT investment.

One thing to remember is that SaaS DAM platforms—though less expensive than on-premise—could still be pricey for some businesses just like what we learned in the report. That’s because digital asset management software products include a plethora of features and may target specific organization sizes. So, the key is to determine what features your organization or team needs before searching for a SaaS DAM solution.

For example, mid-range SaaS DAM may include capabilities such as browsing assets from Adobe Photoshop but may have limitations in managing video assets, customizations, templating, and enhanced permissions. Meanwhile, high-end SaaS DAM platforms may offer state-of-the-art video editing tools, identity management via SAML and SSO, and AI capabilities.

Also, true to the SaaS business model, SaaS DAM vendors have different pricing plans to make their offers aligned with what a business needs. High-tier plans usually include more sophisticated features and tools than low-tiered ones. There are quote-based plans as well that cater to businesses looking for solutions not found in the set offers of the vendor.