According to a research report "Content Services Platforms Market with COVID-19 Impact Analysis by Component, Enterprise Size, Deployment Mode, Business Function (Accounting & Legal, Sales & Marketing, and Procurement & Supply Chain) Vertical and Region - Global Forecast to 2027" published by MarketsandMarkets, the global content services platform market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 15.8% during the forecast period, to reach USD 101.6 billion by 2027 from USD 48.9 billion in 2022. 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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Driver: Growing adoption of SMAC technologies
Organizations have been
adopting innovative technologies to streamline their business process, provide
better customer satisfaction, and gain deeper insights. Recent years have seen
an increase in the adoption of Social, Mobile, Analytics, and Cloud (SMAC)
technologies by various organizations. They affect every facet of an organization
and hence are expected to be the major driver in the content services platform
market. Content services platform offers the ability to integrate various
software solutions with other applications and platforms for enterprises to
accomplish their objectives. Moreover, IT applications are undergoing digital
transformation with SMAC technologies. Nowadays, social media platforms have
become an unavoidable necessity. The social presence of an organization helps
share information/content easily and communicate with customers to get
real-time feedback. The mobile applications enhance customer engagement, as
they help customers operate the applications from remote locations.
Organizations can now manage the entire life cycle of content through their
smartphones, which enable content managers to make business decisions in
real-time. Advanced analytics helps enterprises extract meaningful and
contextual insights to make smarter business decisions. Furthermore, the impact
of cloud computing has led the software vendors to provide their solution or
Platform-as-a-Service (PaaS) over the cloud due to features, such as
portability, security, reliability, and scalability. Therefore, SMAC
technologies provide the right platform for every enterprise.
Opportunity: Increasing adoption of
end-to-end cross-platform solutions
Enterprises need solutions that fit
their current systems, without interrupting with technologies already in place
and working well. A truly comprehensive solution offers a suite of integration
capabilities that enable enterprises to collaborate data to help staff make
informed decisions. Nevertheless, the demand for single-source and
cross-platform content services platform solutions is on the rise due to the
advent of the digital wave and the ever-expanding market for eCommerce. An
end-to-end ECM solution removes the hassles and delays present in delivering
solutions to the end users. Evidently, the content services platform market has
been expanding continuously with the growing popularity of content digitalization
globally. Cross-platform integrations can ensure sharing and managing of
content across different platforms and would be instrumental in streamlining
the business operations. Content services platform offers big data integration,
which is increasingly used for business intelligence, as most enterprises use
big data analytics for business intelligence purposes, such as gaining
real-time information and making business decisions. Major cloud content
services platform vendors are trying to enter the lucrative market by providing
end-to-end content management systems. Niche players might also look to expand
their suites with larger vendors. These vendors depend on niche players to
provide supporting applications for their traditional content management tools.
Thus, there is an opportunity for both small and large vendors to expand their
competencies.
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As per
regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast
period
As per regions, the Asia Pacific is estimated to hold the
highest Compound Annual Growth Rate (CAGR) of 21.1% in the content services
platform market. The high growth rate in the Asia Pacific can be attributed to
the proliferation of innovative technologies, combined with the growing
business needs, and increase in the number of organizations adopting content
services platform solutions.
Some of the major content services platform market vendors
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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