Content Services Platforms Market Growth & Trends
The global content services platforms market size is anticipated to reach USD 190.59 billion by 2030, registering a CAGR of 17.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing demand for content services platforms owing to their benefits such as easy-to-use interface, improved content management, improved security in cloud storage, enhanced hybrid cloud management, and application integration is driving the market growth. In addition, factors such as rising demand for providing contextualized user experience, growing adoption of Social, Mobile, Analytics, and Cloud (SMAC) technologies, the increasing adoption rate of advanced technologies, and the developing trend of digitalization are expected to attribute to the content services platforms market growth during the forecast period.
The use of digital solutions amid the COVID-19 outbreak has accelerated the adoption of technologies, including artificial intelligence, blockchain, and Application Programming Interface (APIs), in sectors such as IT & telecommunications, retail & consumer goods, and BFSI. Therefore, these industries are anticipated to present numerous opportunities for the growth of content services platforms in the coming years. In addition, lockdown and social distancing restrictions during the pandemic improved the deployment of online content services platforms in both developing and developed economies.
Content Services Platforms Market Report Highlights
- By component, the solutions segment accounted for the major revenue share of 60.2% in 2022 and is anticipated to maintain its dominance during the forecast period. Increasing adoption of content services platforms by organizations for applications such as records management for compliance, contract management, and in automation of end-to-end document operations is driving the segment growth
- The services segment is expected to witness the fastest growth rate of 17.9% during the forecast period. Rising demand for the services such as deployment & integration, support & maintenance, and training & consulting is expected to boost the segment growth
- In terms of enterprise size, the large-size enterprises segment dominated the market and held the largest revenue share of 68.6% in 2022. Increasing investment in new technologies, along with early and rapid adoption of the content services platforms by large enterprises, is driving the segment growth
- The small & medium-sized enterprises segment is expected to witness the fastest growth rate of 18.7% during the forecast period. The high adoption rate of advanced and new technologies by SMEs, and the low-cost and easy installation benefits of content services platforms are propelling the segment growth
- Based on deployment, the cloud segment is expected to develop at a higher CAGR of 20.3% during the forecast period. The growing need for easier deployment, procurement, operations, and access to new technologies by end-use industries is boosting segment growth. The on-premise segment captured a significant revenue share of 46.5% in 2022. Surged adoption of on-premise content services platforms to reduce data security concerns is attributed to the segment growth
- In terms of end-use, the IT & telecommunications segment accounted for the major revenue share of 23.8% in 2022 and is anticipated to maintain its dominance during the forecast period. Growing demand for content services platforms in the IT and telecommunications sector owing to ever-increasing volumes of data is fueling the segment growth
- Asia Pacific dominated the market and is expected to advance at the fastest CAGR of 18.6% during the forecast period. The market growth is attributed to the rise in investments in the BFSI and IT sectors and the rapid growth of the end-use industries. North America held a significant market share of 22.2% in 2022 and is expected to retain its position during the forecast period. Rising investments in advanced solutions and technologies and the presence of leading market players are major factors behind the market growth in this region