By David MacLaren
At MediaValet, we know we have one of those rare opportunities to forge a new path – to lead an entirely new industry – and to create something truly memorable. In 2010, we were the first to build digital asset management (DAM) system entirely in the cloud on Microsoft Azure, and as we recently announced, with the launch of MediaValet 3.0, we’ve raised the user experience bar even higher in the burgeoning cloud-based DAMS industry.
We’ve always known we play in a very large sandbox (a $1 billion industry is nothing to snuff at) with some very large players (OpenText, ADAM, NorthPlains), but even this new statistic made us sit up. It speaks to the momentum the traditional DAM market has made as well as the rapid rise of the cloud-based Global DAM market.
According to a new market research report published by MarketsandMarkets, the Digital Asset Management (DAM) Market will grow from $1.16 Billion in 2014 to $4.12 Billion in 2019, at a Compound Annual Growth Rate (CAGR) of 28.7% during the forecast period. Take note, a CAGR of 28.7%! That’s unheard of in most (if any) industries.
In today's press release, MarketsandMarkets noted:
“The expansion of DAM solutions on the cloud has encouraged solution providers to provide cloud-based product offerings to enhance their market reach among diverse industry verticals. Moreover, DAM solution and services have started being used exponentially by various industry verticals such as media and entertainment, retail, government, healthcare, and consumer goods to name a few.”
A little toned down in language, we couldn’t agree more. This report validates our own experience in speaking with prospects and working with customers. We’re truly seeing a huge shift in the forty-year-old DAM industry.
Customers from around the world – across a wide variety of industries - contact us every day looking for a solution to their digital asset management challenges. When they call, they’re already expecting a solution that is user-friendly, accessible, scalable and secure. Thanks to the momentum of SaaS and the Cloud, those looking for a DAM solution already know they don’t need to buy expensive hardware and software, or hire specialized IT or DAM personnel. Today, thanks to teams like ours, DAMS users should expect a simple, efficient and user-friendly experience when managing their digital assets.
The software-as-a-Service (SaaS) model and the Cloud have provided the access, flexibility and freedom of choice for departments other than IT (such as marketing, communications, HR, training, etc.) to find their own solutions to meet the operational challenges they face.
SaaS and Cloud vendors that get this right are the ones that will tip the scale – and you can count on MediaValet to be leading that charge.
Can you tell we are pumped?