Content Services Platform Market Share Will Hit $101.6
According to a new market research report “Content Services Platform Market with COVID-19 Impact Analysis by Component, Enterprise Size, Mode of Deployment, Business Function (Accounting & Legal, Sales & Marketing, and Procurement and Supply Chain) Vertical and Regional – Global Forecast by 2027” published by MarketsandMarkets™, the content services platform market size is expected to grow at a compound annual growth rate (CAGR) of 15.8% at over the forecast period, to reach USD 101.6 billion by 2027, from USD 48.9 billion in 2022.
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Growing demands for better customer experience, along with increasing usage of SMAC technology solutions among users, demand to deliver contextualized user experience and increase in digital content in businesses, are some of the major factors driving the growth. of the content services platform market. .
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According to verticals, healthcare and life sciences segment is expected to grow at the highest CAGR during the forecast period
The Content Services Platform market is segmented on verticals into BFSI, Government & Public Sector, Healthcare & Life Sciences, Telecom, IT & ITeS, Manufacturing, Energy & Utilities, Retail & Consumer Goods. consumer, media and entertainment and other verticals (hospitality, education, transport and logistics). According to industry verticals, the healthcare and life sciences industry vertical is expected to grow at the highest CAGR during the forecast period. The healthcare and life sciences vertical faces many challenges in storing, organizing and using all their data in a standardized way as organizations become more data-driven and enter the digital marketplace. . It can be managed using a single Healthcare Content Services (HCS) platform that can bring together diverse sources of unorganized information from across an enterprise, as well as imaging information from company. The requirement for a new generation of HCS is driven by the need to securely acquire, review and integrate patient and member information into mainstream business platforms.
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The cloud segment is expected to grow at the highest CAGR during the forecast period
Based on the mode of deployment, the Cloud segment is expected to grow at the highest CAGR for the content services platform market during the forecast period. The content services platform market by mode of deployment is segmented into cloud and on-premises. Large enterprises invest in on-premises deployment mode. As premises require high costs for infrastructure and installation of solutions, only companies with good capital can deploy this model. The reason why large enterprises deploy this model is due to security concerns compared to cloud solutions. Cloud-based solutions are cost-effective and accessible from anywhere, anytime. Therefore, SMBs prefer cloud-based solutions as they provide flexibility and scalability. Security is one of the issues that limits the adoption of cloud-based services. However, this problem is also eliminated by continuously performing third-party security checks.
Based on regions, Asia-Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
By region, 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 region can be attributed to the proliferation of innovative technologies, combined with growing business needs and the increase in the number of organizations adopting content services platform solutions.
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Some of the major vendors in the Content Services Platform Market are Microsoft (USA), IBM (USA), Open Text (Canada), Hyland (USA), Box (USA), 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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