Dublin, 19 Feb. 2021 (GLOBE NEWSWIRE) — The “Content Services Platform Market – Growth, Trends, Impact of COVID-19, and Forecast (2021-2026)” report has been added to from ResearchAndMarkets.com offer.
The content services platform market is expected to register a CAGR of 23.7% over the forecast period 2021 to 2026. Major factors driving the content services platform market include increasing adoption of technologies social, mobile, analytics and cloud (SMAC) and the proliferation of digital content in enterprises.
Enterprise Content Management has always pursued the mission of achieving a wide range of content-related business objectives with the use of a centralized platform. Content Services Platforms (CSPs), on the other hand, apply a new approach, which focuses less on the centralized storage of documents, and more on the strategy for a business to manage its growing content needs, data and documents. Both approaches have similar goals, but a very different approach. While ECM intends to achieve its operational goals with a single system, CSPs use a robust suite of integrated strategies and technologies to achieve those goals.
Organizations that have traditionally relied on Enterprise Content Management (ECM) solution for their content lifecycle management, these solutions have delivered on their promise by managing content end-to-end, from creation to disposition. However, as the market landscape evolves, today the company succeeds based on its agility to respond to its customers, meet their needs and thereby exceed their expectations. This primarily forces organizations to move beyond the old centralized, monolithic approach to content management and rethink their digital content strategy.
Additionally, digital transformation has been at the top of all IT agendas for the past few years. But the number of companies reaping the full benefits is small. AIIM found that nearly 80% of organizations believe digital transformation is essential or very important to their business. However, the number of companies reaping the full benefits of technologies is small. This factor is expected to boost the adoption of CSP over the forecast period.
Moreover, the previous year saw a rapid increase in the number of cyberattacks. This has forced companies to adopt a security-centric approach. The service provider is now putting much more effort into securing its customers’ service infrastructure. In addition, data breaches have also led to exponentially increased costs and the loss of valuable customer information. According to Verizon’s 2019 Data Breach Investigation Report (DBIR), 88% of all cyber incidents in the financial services and insurance industry were committed with financial motivation.
With physical interaction no longer an adequate form of communication in light of social distancing efforts due to the COVID-19 pandemic, businesses and institutions around the world have suddenly switched to content service platforms. in order to maintain their productivity. In addition, many developed countries, including Europe and the United States, now require employees of non-essential businesses to work remotely for an indefinite period. All these factors together contribute to the growth of the market.
Main market trends
On-premises deployment mode dominates
- On-premises deployment type is expected to be a larger contributor to market growth over the forecast period. The on-premises deployment of CSP solutions requires a high initial investment from organizations, although it does not require additional costs throughout ownership, as in the cloud type of deployment.
- Nowadays, corporate data is effortlessly accessible from mobile devices; this increased the amount of data transferred between business parties and increased the risks of cyberattacks and data loss. Therefore, security concerns associated with private customer data are an important reason for choosing an on-premises deployment through the cloud. These types of implementations are prevalent in large enterprises.
- For example, according to Cisco Systems in 2022, global consumer IP traffic data volume is expected to reach 333 exabytes per month at a compound annual growth rate of 27%. Additionally, in 2019, according to Verizon Communications Inc., the global hosting industry experienced a total of 125 cybersecurity incidents, and professional services and the public were the most targeted sectors with 7,463 and 6,843 respectively. reported incidents.
- On-premises deployment allows users to keep the solution in-house and grow the solution as needed by the organization. With an on-premises solution, the solution lives on its infrastructure and IT or other resources and maintains and evolves its solution. An on-premises deployment means that one can become the in-house expert on the ECM solution, and changes and enhancements to their solution are at their fingertips.
North America will have the largest market size
- North America is estimated to account for the largest share of the market. The region includes developed countries such as the United States and Canada and is recognized as the most advanced area for new and emerging technologies. Furthermore, the North American region shows a significant presence of fundamental industry players offering software and content services platform services. Their financial situation allows them to invest mainly in the advanced tools and technologies for efficient business operations.
- North America is expected to bring significant growth opportunities over the forecast period. The increasing availability of skilled labor and the intense concentration of SMEs and large enterprises to enter and grow in this region are several factors propelling the adoption of CSP in this region. For example, according to the Bureau of Labor Statistics, in the United States, in 2019, approximately 63.1% of the qualified American population participated in the labor market.
- Primarily, public cloud services have gained massive traction in North America, as enterprises seek to scale up their digital initiatives. According to LogicMonitor’s survey, 66% of respondents said artificial intelligence (AI) and machine learning would drive public cloud engagement in 2020, compared to 50% who said they were currently driving engagement. public cloud engagement in the United States.
- CSP has become the core of how businesses work today with the pressure to increase their business activity and delight their customers. Companies are working to both optimize application performance and ensure a great customer experience.
- Major vendors offering content services platforms across the globe include Microsoft, Hyland, OpenText, Box, Laserfiche, Adobe, IBM, Nuxeo, Objective, GRM Information Management, Alfresco, and Oracle.
The content services platform market is moderately competitive and consists of several major players. In terms of market share, few of these big players currently dominate the market. Some of the leading companies in the content services platform market include Hyland, OpenText, Box, Laserfiche, Adobe, IBM, Nuxeo, Objective among others. These influential players with notable market share are focusing on expanding their customer base across foreign countries. These companies rely on strategic collaborative actions to improve their market share and increase their profitability.
- July 2020: EY and IBM Corporation announced an enhanced multi-year global alliance, primarily designed to help organizations accelerate their digital transformation and improve customer outcomes, which includes leveraging the hybrid cloud capabilities of Red Hat OpenShift, as well as than IBM Blockchain, IBM Watson, and IBM’s 5G and edge technologies. Together, the two business professionals will focus on helping clients modernize and transform their businesses.
- May 2020 – Box, Inc. introduces the all-new Box experience to increase productivity and collaboration. The announcement introduces Collections, a simple way to organize files and folders around the topics and workflows important to you; the ability to add annotations to over 100 file types directly in Box Preview; and improved Zoom integration that makes it easier to collaborate on content face-to-face over video.
- May 2020 – OpenText announced that Pathos Clinical Solutions, an independent, full-service clinical laboratory, has selected OpenText EMR-Link for comprehensive EMR integration, computerized physician order entry (CPOE), and secure connectivity to clinicians.
Reasons to buy this report:
- The Market Estimate (ME) sheet in Excel format
- 3 months of analyst support
Main topics covered:
1.1 Study assumptions and market definition
1.2 Scope of the study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Market Overview
4.2 Industry Attractiveness – Porter’s Five Forces Analysis
4.2.1 Bargaining power of suppliers
4.2.2 Bargaining power of consumers
4.2.3 Threat of new entrants
4.2.4 Intensity of competitive rivalry
4.2.5 Threat of Substitute Products
4.3 Market Drivers
4.3.1 Increased Adoption of SMAC Technologies
4.3.2 Increase in digital content in companies
4.3.3 Demand to provide a contextualized user experience
4.4 Market Constraints
4.4.1 Privacy and data security issues
4.5 Assessment of the impact of COVID-19 on the industry
5 MARKET SEGMENTATION
5.1 By component
22.214.171.124 Document and records management
126.96.36.199 Data entry
188.8.131.52 Workflow management
184.108.40.206 Information security and governance
220.127.116.11 Case management
18.104.22.168 Other solutions
22.214.171.124 Integration and deployment
126.96.36.199 Support and maintenance
5.2 By type of deployment
5.3 By size of organization
5.3.1 Small and medium enterprises
5.3.2 Large companies
5.4 By End-User Industry Vertical
5.4.2 Government and public sector
5.4.3 Healthcare and life sciences
5.4.4 IT and Telecom
5.4.5 Transport and logistics
5.4.6 Other End-User Industry Verticals
5.5.1 North America
5.5.4 Latin America
5.5.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 IBM Corporation
6.1.2 Microsoft Corporation
6.1.3 OpenText Company
6.1.4 Box Inc.
6.1.5 Oracle Corporation
6.1.6 Hyland Software Inc.
6.1.7 Laserfiche Inc.
6.1.8 Hewlett Packard Enterprise (Micro Focus)
6.1.9 Adobe Systems Inc.
6.1.10 M-Files Inc.
6.1.11 Newgen Software Technologies Limited
6.1.12 Fabasoft AG
6.1.13 Everteam SAS
6.1.14 DocuWare Corporation
6.1.15 Alfresco Software, Inc.
7 INVESTMENT ANALYSIS
8 FUTURE OF THE MARKET
For more information on this report, visit https://www.researchandmarkets.com/r/6un598