Chicago, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The Global Content Services Platform Market is projected to grow from USD 48.9 billion in 2022 to USD 101.6 billion by 2027, at a CAGR of 15.8% during the forecast period, according to a new report by MarketsandMarkets™. Growing demands for better customer experience, as well as rising utilization of SMAC technology solutions among the users, demand for delivering contextualized user experience, and a rise in digital content across enterprises, are among the major factors boosting the growth of the Content Services Platform Market.
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334 - Tables
59 - Figures
307 - Pages
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Scope of the Report
| Report Metrics | Details |
| Market size available for years | 2017–2027 |
| Base year considered | 2022 |
| Forecast period | 2022–2027 |
| Forecast units | Billion (USD) |
| Segments covered | Component, Enterprise Size, Deployment Type, Business Functions, Verticals and Regions |
| Geographies covered | North America, Europe, APAC, MEA, and Latin America |
| Companies covered | Microsoft (US), IBM (US), Open Text (Canada), Hyland (US), Box (US), Laserfiche (US), Adobe (US), Oracle (US), M-Files (US), Newgen Software (India), Fabasoft(Austria), Micro Focus (UK), Docuware(Germany), Objective (Australia), GRM Information Management (US), SER Group (Germany), Kyocera Corp (Japan), iManage (US), Intalio (France), DocStar (US), D.velop (Germany), Square 9 Softworks (US), Templafy (Denmark), AoDocs (US), File Cloud (US), DMACQ Software (India), Ripcord (US), Shelf (US), Paper Alternative Solutions (US), Zinger Stick Software (Qatar), Nanonets (US), and Ephesoft (US). |
The COVID-19 has enhanced the global digital revolution. That has shown a growth in the number of employees working from home or remote locations. Companies adopted teamwork tools, such as Slack, Microsoft Teams, Google Meet, and Zoom. Companies have massive data to manage, share, store, retrieve, and reconcile. The risk of cybersecurity threats and the need for secure remote access of the data have transformed these companies to invest in technology. The demand for a digital workplace has grown during the pandemic.
The major priority for companies is enhancing and maintaining IT infrastructure security. When dealing with a hybrid work environment, there are increasing dangers to businesses, increasing their investments in hybrid cloud storage for disaster recovery. COVID-19 has led to digital transformation across multiple industries, including BFSI, government & public sector, healthcare & life sciences, telecommunications, IT & ITeS, manufacturing, energy & utilities, retail & consumer goods, and media & entertainment. As enterprises’ data is massive and unstructured, they are adopting content services platform solutions and services to reduce the issues, such as storing and managing data.
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The Content Services Platform Market by vertical is segmented into BFSI, government & public sector, healthcare & life sciences, telecommunications, IT & ITeS, manufacturing, energy & utilities, retail & consumer goods, media & entertainment, and other verticals (hospitality, education, and transportation & logistics). The digital revolution in organizations of all sizes across different verticals forces them to focus on various approaches to manage a plethora of content. Abundant digital content is generated and managing such a huge amount of content from various sources increases the need for the adoption of content services platforms among organizations across different verticals.
In 2022, BFSI vertical has captured the highest market share, and the trend is expected to continue during the forecast period. Content services platform solutions for banking and financial services companies provide comprehensive platforms to capture, manage, and analyze content for financial services. Content services platform solutions pertaining to the BFSI sector offer benefits, such as expanding customer service offerings and self-service capabilities to increase the client interaction value chain and enhanced customer service levels.
The Content Services Platform Market by business functions, is segmented into Human Resource (HR), sales & marketing, accounting & legal, and procurement & supply chain management. The growth in the Content Services Platform Market is due to the growing requirements to improve the operations by evaluating internal processes in HR operations. In accounting and legal business functions, the needs to manage fraud and risks by determining creditworthiness and market volatility is another factor fuelling the growth. Further, cloud-based solutions create new growth opportunities in the Content Services Platform Market.
The Content Services Platform Market is segmented into five regions, including North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In 2022, The Asia Pacific is estimated to hold the highest Compound Annual Growth Rate (CAGR) of 21.1% in the Content Services Platform Market. Followed by the Asia Pacific, the Middle East & Africa is expected to be the fastest-growing region in the Content Services Platform Market; it is expected to grow at a CAGR of 19.0% during the forecast period. Emerging economies, such as Brazil, Russia, India, China, and South Africa (BRICS), are also expected to witness growth in implementing content services platform solutions. To tap such growth opportunities, vendors have adopted different growth strategies, such as new product launches and enhancements, partnerships and collaborations, and mergers and acquisitions, to strengthen their presence in the Content Services Platform Market.
Major vendors in the global Content Services Platform Market are Microsoft (US), IBM (US), Open Text (Canada), Hyland (US), Box (US), Laserfiche (US), Adobe (US), Oracle (US), M-Files (US), SER Group (Germany), GRM Information Management (US), Intalio (France), Micro Focus (UK), Newgen (India), Kyochera (Japan), DocuWare (Germany), DocStar (US), Objective (Australia), and D.velop (Germany).
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