Booming content services platform market driven by cloud adoption
In 2021, the content services platform market was valued at USD 39.8 billion, and it is expected to acquire a size of USD 155.8 billion by 2030, growing at a rate of 16.4% from 2021 to 2030. Increase in the implementation of SMAC technologies and the massive creation of digital content in enterprises is facilitating the growth of the market, as is the rising trend of mobile workforce, increase in research and development expenditure and technological advances.
The content services platform market is dominated by case management, workflow management, information security and governance, reporting and content analytics. The demand for training and consulting, deployment and integration, support and maintenance is also expected to grow, leading to a surge in the market. The pandemic has led to a 30% increase in the market in 2020 due to the massive shift in digital operations and increased work-from-home trends due to restricted movements.
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The cloud-based platform category captured the largest share of 55% in the content services platform market. This is attributed to the growing demand for sourcing, deploying, operating and accessing new technologies among various end users, which has further driven the growth of the native SaaS and PaaS vendor market. Moreover, traditional enterprises have also gradually started to shift to SaaS and PaaS solutions, which has led to an expansion of the market. Cloud-based solutions reduce the need for on-premises storage, lower IT investments, and provide greater scalability.
Large enterprises are a significant contributor, accounting for 65% of content services platform market revenue. They are investing heavily in new technologies and opting for on-premises deployment mode to further reduce security issues. However, there has been a growing trend to shift to cloud-based content services, attributed to facilitating access anywhere and anytime. Small and medium-sized businesses are also likely to gain a foothold in the market due to the increase in remote work activities and the ease of tracking employee efficiency.
BFSI made the largest contribution to the content services platform market in the end-user segment, with a 20% share in 2021. It is attributed to the massive adoption of cloud solutions for storage, reporting and analytics, APIs and containers, and master data management. . On average, 2.5 quintillion bytes of data are generated daily, requiring an annual cloud investment of $67 billion by financial institutions. The public sector mainly adopts these solutions to advertise its services to citizens. For example, the Electricity and Cogeneration Regulatory Authority (ECRA) of Saudi Arabia has adopted a suite of enterprise content services offered by Intalio.
North America generates the highest revenues, accounting for 30% of the market value of content service platforms. The United States has contributed massively to the North American market, accounting for an 85% share in 2021. Major content service platform providers in the region are investing primarily in the research and development of new technologies. Additionally, the Chinese market generated 30% of APAC market revenue in 2021, attributed to increased internet traffic, low data prices and high-speed connectivity in the region.
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Artificial intelligence in content service platforms has grown in popularity, mainly for productivity intelligence, security intelligence, and content intelligence applications. Market players are striving to meet the growing demand for AI. Moreover, the growing trend of digitization is leading to the expansion of the e-commerce sector, facilitating the increase in demand for single-source and cross-platform content service platforms. Similarly, many organizations are using big data analytics for business intelligence, as content services platforms facilitate deep data integration.
Thus, the growing trend of digitalization, facilitated by high-speed internet connectivity, is driving the boom in the market.
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This press release was published on openPR.