Content Services Platforms Market Size, Share, Analysis 2030

Report Description

The content services platforms market size was valued at USD 48 billion in 2021 and is projected to reach USD 103 billion by 2030, expanding at a CAGR of around 15% during the forecast period, 2022 – 2030. The growth of the market is attributed to increased investment in innovative technology.

The term "content service platform" refers to software that is cloud-based that allows users to share, collaborate, and produce audio & video material. The content service platform includes features such as indexing, workflow management, record management & document, and data capture. Content service platforms are widely employed in enterprises due to factors such as information management, contacts management, and vendor invoice management.

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The COVID-19 pandemic has compelled companies to restructure their operations through digital transformation. As a result, demand for electronic documents has augmented recently. As a result, demand for content-serving platforms is increasing.

Market Trends, Drivers, Restraints, and Opportunities

• Rising awareness among consumers about benefits of the content service platform is projected to drive the market during the forecast period.
• Increasing adoption of SMAC technology is estimated to fuel the market during the projected period.
• Increasing need for contextualized user experiences is anticipated to boost the market in the coming years.
• Growing digital content across organizations is expected to propel the market during the forecast period.
• Factors such as increasing implementation of RPA with CSP, growing adoption of cross & end-to-end platform solutions is anticipated to drive the market.
• Increasing concern of security and data privacy is projected to hinder the market growth.
• Data management complications post mergers and acquisitions is estimated to act a major key factor that can impede the market growth.
• Modernization and technological advancement in the services is anticipated to create immense opportunities for the market players during the forecast period.

Content Services Platforms Market Scope 

The report on the global content services platforms market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Content Services Platforms Market Segment Insights

The large enterprise segment is projected to grow at a rapid pace during the forecast period

Based on enterprise size, the market is segregated into large enterprise and SMEs. The large enterprise segment is projected to grow at a rapid pace during the forecast period. Large enterprises are more likely to use content services platforms than small businesses. The proliferation of new technology, goods, services, and solutions is one of the reasons behind reduced implementation costs.

As a result, content services platforms are in high demand among large enterprises. Large enterprises spend extensively in innovative technologies due of their economic stability. Platforms for content service provider solutions for managing huge amounts of client data gathered by companies.
 

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The service segment is anticipated to expand at a high CAGR during the forecast period

On the basis of components, the market is bifurcated into services and solutions. The service segment is anticipated to expand at a high CAGR during the forecast period because they are executed more cost-effectively and within a set time frame, giving it an advantage over the solutions segment.

The cloud segment is projected to account for a major market share during the forecast period

In terms of deployments, the market fragmented into cloud and on-premises. The cloud segment is projected to account for a major market share during the forecast period. Cloud-based solutions are less expensive and can be used at any time from any location. As a result, SMEs choose cloud-based solutions since they are more flexible and scalable. One of the obstacles that prevents people from using cloud-based services is security. The on-premises deployment necessitates extensive infrastructure and solution installation expenses, therefore only well-capitalized companies prefer this model.

The healthcare & life sciences segment is estimated to grow at a robust rate during the forecast period

Based on verticals, the market is divided into telecommunication, media & entertainment, manufacturing, it & ITeS, healthcare & life sciences, government & public sector, energy & utilities, retail & consumer goods, banking, financial services, & insurance, and others. The healthcare & life sciences segment is estimated to grow at a robust rate during the forecast period. As firms become more data-driven and enter the digital market, the healthcare and life sciences vertical have numerous challenges in storing, organizing, and using all of their data in a standardized manner. It can be administered using a unified Healthcare Content Services (HCS) platform, which can bring together disparate, disorganized data sources from throughout an organization, as well as corporate visual data.

North America dominated the market in 2021

On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in 2021 owing to the increasing adoption of content services platform solutions in Canada and the US. Presence of major market players such as IBM, Hyland, and Microsoft in the region is estimated to drive the market. Significant technological advancements are taking place in the region which is anticipated to fuel the market.

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