• BAM allows you to create new materials or update existing ones directly from your texture folder. It supports subfolders, custom suffixes, color spaces, presets, OpenGL/DirectX normals, and even channel selection for plug-in textures.
• The tool optimizes material creation by avoiding endless duplicates of the same texture data-blocks, utilizing existing ones instead. 
• Materials are identified by the presence of a BaseColor texture

Check Documentation and FAQ about Blender Freezes. (If you need to create or update hundreds of materials, do it in Cycles mode.)

Create Unique Presets: Customize your own packaged texture maps, such as ARM, by selecting a color channel for each texture.

• _Suffix - Image RGB Channel - ColorSpace
• Multi Suffix support , example: _basecolor, _albedo
• Automatic upper and lower case recognition. 
  

• Color Space Settings: Set the color space of each texture relative to its suffix for correct display.
• Apply color space settings to all texture files in your scene.
  

• Selective Material Creation/Update: Create or update only the materials you need.
• BAM will prompt you to create new materials that are not already in the scene and label materials that are already present.
• Additional buttons to interact with the filter: Check ALL, Uncheck All, and Invert will give you more comfort.

BAM MaterialManager Description:

All of this along with the easy-to-use and simple Material Manager.

Create, delete, replace, assign, select and analyze.

In addition to the basic options you will be able to:

• Assign Material
• Select all objects in a scene(or by selection) by material.
• Select all Faces in the scene (or by selection) by material.
• Replace one material with another, taking into account objects and faces.

Optimization options: 

• Mass Cleanup of unused Material Slots, for all non-hidden objects in the scene.
• Mass Cleanup unused Materials, for all unhidden objects in the scene.
• Fix duplicate materials with further reassignment to objects.

Indication options:

• Now when you select an object or a group of objects, you will always know what materials are present on them.
• Also when selecting Faces you will see additional indications of selected materials

Texture Update Options:

• Update the material textures of the selected object or objects.
• Also you can enable texture synchronization to automatically update textures from the moment of its activation, like Maya.
  

MaterialManager Show Selected:

Manage your materials without taking a break from the process. The additional List "Materials on Selected" helps you make your work much more convenient.

As well as more options available in the first day update and in future updates ;)