Content Services Platforms Market

Global Content Services Platforms Market Size (2024 to 2029)

The global content services platforms market is predicted to reach USD 88.10 billion in 2024 and USD 235.19 billion by 2029, growing at a CAGR of 21.7% during the forecast period.

The content service platform is SaaS-based software that helps the user create, collaborate, and share content based on audio and video. Data capture, document and record management, workflow management, and indexing are some of the services available on the content services platform. Today, the content services platform is widely used in the organization due to features such as supplier invoice management, contact management, information management, etc.

Content service platforms are introduced to meet the growing demand for content requirements by large companies as they are designed to actively use content data by individuals, teams, and workgroups across the Internet, which also include subcontractors, partners, and others who are the extended parts of a business. These platforms provide services and microservices that can be installed as separate applications with common repositories and APIs or as a set of products. Content service platforms are capable of storing data only once. The common APIs are linked to several repositories where different servers do not store the same content.

Market growth and trends:

On-site deployment of CSP solutions requires a high initial investment on the part of organizations, although it does not require additional costs over the whole property, as in the case of the cloud deployment type. Today, corporate data is easily accessible from mobile devices; this has increased the volume of data transfer between companies and has increased the risk of cyber-attacks and data loss. Therefore, the security issue associated with private customer data is one of the main reasons for adopting on-premise cloud deployment. These types of implementations are popular in large companies.

CSP solutions for BFSI offer comprehensive platforms to gather, control, and process the content of financial services. BFSI solutions offer benefits such as expanding customer service offerings and self-service capabilities to increase the value chain for customer interaction and improve customer service levels. The financial crisis of 2007 brought to light banks that have been criticized for making risky loans. These risky loans, along with loose regulations and poor documentation, were the authors of the financial crisis. Deploying CSP solutions in the BFSI sector can ensure better accountability, risk management, operational management, document and record management, end-to-end content management, and management across different functional departments. And content reporting and analysis.

Global Content Services Platforms Market Drivers:

Rising demand for automation and agility in end-user verticals, along with the need for a better customer experience, more significant savings, and return on investments, are some of the main growth drivers for the global CSP market.

Growing demand for a better customer experience drives growth in this market. The population's increasing use of Smac technologies stimulates the market. The growing awareness of privacy and data security is holding back the growth of this market. The growing understanding of CSP's strategy with the initiative of the organization slows the growth of this market.

Impact of COVID-19 on the global content services platform market:

Since the COVID-19 virus epidemic in December 2019, the disease has spread to nearly 100 countries around the world, and the World Health Organization has declared it a public health emergency. The impacts of coronavirus disease (COVID-19) are felt across the globe, and this will also be seen in the global market for content service platforms in 2020.

COVID-19 can affect countries' economies by directly influencing overall production and demand, disrupting the existing supply chain and distribution, and financially affecting businesses and markets.

GLOBAL CONTENT SERVICES PLATFORMS MARKET REPORT COVERAGE:

This research report on the global content services platforms market has been segmented and sub-segmented based on the component, deployment, vertical, and region.

Global Content Services Platforms Market - By Component:

• Solution    

• Services    

In terms of components, the market is segmented into the services and solutions segment. The services segment is foreseen to record a rapid increase during the calculated period as they are implemented cost-effectively and within a specified time frame, giving an advantage over the solutions.

Global Content Services Platforms Market - By Vertical:

• SMEs         

• large       

Based on verticals, the market is segmented into BFSI, government and public sector, logistics and transportation, health and life sciences, energy and utilities, legal, manufacturing, telecommunications, and IT and education. The BFSI industry dominates this market as it produces a large amount of commercial content on a daily basis, propelling this market segment forward, and is supposed to do the same during the outlook period.

Global Content Services Platforms Market - By Deployment:

• Cloud         

• On-Premises          

The global content services platform is segmented into cloud deployment and on-premises deployment in terms of deployment. Deployment in the cloud is highly efficient and flexible from the consumer's point of view, as the consumer can start or stop a service at any time, making business operations dynamic. However, on-premise deployment is projected to further contribute to market growth over the foreseen period.

Global Content Services Platforms Market - By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

Asia-Pacific (APAC) is determined to offer significant growth opportunities during the envisioned period. The increasing availability of skilled labor and the great attention that SMEs and large companies pay to entry and growth in this region are some factors that led to the adoption of CSP in this locale. In particular, public cloud services have gained popularity in APAC as companies seek to improve their digital initiatives. Under pressure to achieve greater business agility and satisfy its customers, CSP has become the heart of business operations. Organizations strive to optimize application performance and ensure a good customer experience.

KEY PLAYERS IN THE MARKET:

A few major competitors currently working in the content service platform market include Microsoft, IBM Corporation, Hyland Software, Inc., Open Text Corporation, Box, Laserfiche, Adobe, M-Files Inc., Nuxeo, Newgen Software Technologies Limited, Fabasoft, Micro Focus, Everteam, DocuWare Corporation, Oracle, Alfresco Software, Inc., GRM Information Management, SERgroup Holding International GmbH, Objective Corporation Limited, and others.

RECENT DEVELOPMENTS:

• In July 2018, OpenText introduced its hybrid cloud platform, OpenText OT2, to offer security, EIM applications, and intelligent automation, all on a single platform. They are developed for the legal, financial, life sciences, government, and manufacturing sectors to protect data stability and security. It will also help the customer and the company to create new applications and add them to their operations.

• In February 2018, Hyland confirmed signing an agreement with Allscripts and purchased OneContent Business. They want to extend the OneContent client by adding more technology and functionality. The main objective is to meet the clinical, financial, and operational needs of healthcare establishments around the world.