According to a research report "Content Services Platforms Market demand growing tremendously due to Content Services Platforms Market. Content Services Platforms Market by identifying its various subsegments includes drivers, restraints, opportunities, and industry-specific challenges, regions - Global Forecast to 2023" published by MarketsandMarkets. The global content services platforms market size is expected to grow from USD 22.6 billion in 2018 to USD 60.3 billion by 2023 at a Compound Annual Growth Rate (CAGR) of 21.7% during the forecast period.
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The on-premises is expected to be a larger
contributor to the market growth during the forecast period
On-premises deployment of CSP
solutions requires initial high investment by organizations, though it does not
require incremental costs throughout the ownership, as in the case of cloud
deployment type. Nowadays, corporate data can be easily accessed from mobile
devices; this has increased the volume of data transfer between business
parties and has raised the risks of cyber-attacks and data losses. Therefore,
security concern associated with private data of customers is a major reason
for the adoption of on-premises deployment over the cloud. These types of
deployments are popular across large-sized enterprises.
Banking, Financial Services, and Insurance
vertical accounts for the largest market size during the forecast period.
CSP solutions for banking and
financial services companies provide comprehensive platforms to capture,
manage, and analyze content for financial services. the solutions pertaining to
the BFSI sector offer benefits, such as the expansion of customer service
offerings and self-service capabilities to increase the client interaction value
chain, and enhanced customer service levels. The 2007 financial crisis has put
the limelight on banks that have been under fire for providing risky loans.
These risky loans along with weak regulations and poor documentation were the
perpetrators of the financial crisis. The deployment of CSP solutions in the
BFSI sector can ensure better accountability, risk management, operational
management, document and records management, end-to-end content governance,
management among different functional departments, and content reporting and
analytics.
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Asia
Pacific to grow at the highest CAGR during the forecast period
Asia
Pacific (APAC) is expected to provide significant growth opportunities during
the forecast period. The increasing availability of skilled labor and keen
focus provided by SMEs and large enterprises to enter and grow in this region
are a few factors driving the adoption of CSP in this region. Especially,
public cloud services have gained huge traction in APAC, as enterprises seek to
enhance their digital initiatives. With the pressure to achieve greater
business agility and satisfy their customers, CSP has become the core of how
businesses operate nowadays. Organizations are working on optimizing both
application performance and ensuring good customer experience.
Key
Market Players for Content Services Platforms Market
Major
vendors in the market include Microsoft (US), Hyland (US), OpenText (Canada),
Box (US), Laserfiche (US), Adobe (US), IBM (US), M-Files (Finland), Nuxeo (US),
Objective (US), Fabasoft (Austria), Micro Focus (UK), GRM Information
Management (US), Everteam (France), DocuWare (Germany), Alfresco (US), Newgen
(India), SER Group (Germany), and Oracle (US).
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