7 Digital Asset Management Market Trends 2020

ingThe Digital Asset Management market has been on the rise for several years, and is becoming increasingly shaped by emerging technologies. Here are 7 Digital Asset Management market trends in 2020 that you would be wise to keep an eye out for.

Feature photo: Jacek Dylag, Unsplash

1. The Buyer Journey is Changing

Only 5 to 6 years ago, if we are unhappy with a product we'd go out and talk to someone in person. Whereas in the digital world that we live in now, a customer's feedback travels much faster than ever before. Here are a few points that we need to pay attention to:

• 80% of the buyer journey is expected to occur without any direct human to human interaction in 2020. 
• 90% of B2B buyers say they will find you when they are ready.
• 85% of customer interactions will be automated by 2020.

(source: Cloud predictions, Oracle, 2019)

Customers are surrounded by information, meaning that the customer's journey is no longer a one-way street. Along with the change, speed is of the essence to sales. You need to deliver the right content quickly, and be available to answer questions when asked. The customers' interaction will happen on many different levels, which means that we need to start thinking that marketing automation is the easiest choice to put this together.

Photo by rawpixel, Unsplash

2. The Technology Landscape is Changing

Today, we face having to choose between 5000 different technologies, with several tools amongst them that are highly dependent on visual files.

This leaves the user with numerous coordinations between tools. It is vital to remember for companies to ensure that different technologies talk to each. This would reduce manual work or having to do things twice because there is not live sync. For example, does your team need to download photos and upload them to the CMS behind the blog with every new post they make? A simple plugin can save the time of manual upload and download, as well as, ensure reporting and track record of your photos.

3. Security: From Zero Trust to Digital Trust

In 2010, a new paradigm called Zero Trust was introduced, which is a security concept cantered on the belief that organizations should not trust anything outside it, and must verify everything trying to connect to its systems before granting access.

However, this is all changing now as security is all about trust. Security and risk are still the most persistent inhibitors to cloud adoption, and security as a service will be valued at $14.55 Billion by 2023. Trust is the most important factor that we build on for each and every interaction that we have with a customer. 

4. It's about Prioritizing the Cloud

Industry leaders are spearheading innovation in the cloud, which is showing no sign of slowing down. An Oracle survey shows that 85% of all enterprise workloads will move to the cloud, and that those organizations involved are most likely involving their media files in the movement. In addition, 80% of organizations will have migrated away from on-premise data centers towards the cloud by 2025. Does your company have a cloud strategy? Digital Asset Management tools, like FotoWare, can run your way - on-premise, hybrid, Bring-Your-Own-License to any cloud or FotoWare as a Service. 

Image by FotoWare

5. Not Just on a Computer 

In our day-to-day lives, we are surrounded by connected things. Gartner states that 95% of new products in 2020 will contain Internet of Things. The IoT will include billions of devices, and our media files will no longer be found just on a computer – they can be on any smart device, such as smartphones, tablets & wearables, that are connected with environments like our home, workplace, car, and more.   

One way to IoT integration is APIs (in addition to the well used network or bluethoot connections), which are the points of interaction between a device and the network. It’s inevitable for organizations in the technology industry to be able to offer powerful API integration capabilities.

6. Beyond Auto-tagging

Artificial Intelligence is becoming prevalent in the Digital Asset Management industry; auto-tagging with image recognition is already available today. Some other examples of where a DAM system can benefit from AI are: transcribing speech, recognizing emotions in images of face or speech, detecting a range of conditions from images, verifying identity, flagging errors in legal documents and lip-reading. 

Photo by Jenna Day, Unsplash

7. Usability over Everything

97% of business customers mention ‘ease of use’ as the most important quality for apps. Usability is a vital part of customer service. If your product is difficult to use, it means that you are providing poor customer service and people won't hang around. However, it's not just about ease of use of your product or service; usability should also be taken into account during the whole customer journey - from the moment people search for your product, to reaching out to you again after using the product for getting support. The whole experience should be done as easily and smoothly and possible. 

Want to learn more about Digital Asset Management? 

Our eBook on 7 DAM myths and the reality behind them, is free to download for anyone who had an interest in Digital Asset Management. Click the link below and download your copy today: 

UNDERSTANDING DIGITAL ASSET MANAGEMENT
DAM Myths vs. Reality

Uncover the truth behind the most common DAM myths.