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Web Content Management (WCM) Market Overview
The global WCM market was valued at $4,784.1 million in 2017 and is forecasted to reach $11,035.4 million by 2023, registering a CAGR of 15.2%. The increasing demand for digital marketing solutions, growing online retail industry, and multi-channel customer experience management offered by WCM are the key factors contributing to the growth of the market.
GLOBAL WCM SOLUTION MARKET, BY TYPE, $M (2013-2023)
Based on type, the web content management market has been categorized into solution and service. The WCM solution category held a larger share in the market in 2017. The key factors contributing to the growth of the market include increasing spending on digital marketing platforms for promotion of products and related brands; and rising number of internet users in Europe and APAC regions.
WCM solutions category includes digital marketing content management, web experience management, mobile & social media content management, digital asset management (DAM), content analytics, and content analytics. Among these, digital marketing management category held the largest share in the WCM solution market in 2017. Increase in spending of organizations on digital marketing; and growing demand for digital marketing management in hospitals, and media & entertainment are the key factors contributing to growth of the category.
Based on deployment type, cloud based WCM category held a larger share in the web content management market, accounting for over 80% share in 2017. It is expected to be the highest revenue contributor through 2023. This is attributed to growing demand for cloud-based WCM solutions from small and medium enterprises (SMEs); as it is more secure and cost effective as compared to on-premises.
Based on organization size, SMEs are expected to be the faster growing category in the web content management market, advancing at a CAGR of over 15% during the forecast period. This can be attributed to surge in demand for smart content management; DAM; technology integration system; and web-based analytics to improve their marketing.
Based on industry, the market has been classified into media & entertainment, retail & consumer goods, education, healthcare, travel & hospitality, BFSI, telecom & IT, government and others, wherein “others” include manufacturing, automotive, aerospace and defense. Among these, media and entertainment industry held the largest share in the WCM market in 2017, attributed to increasing demand for managing the content on web pages by publishers, media portal providers, and broadcasters to offer better services to customers visiting their websites.
The WCM market for retail & consumer goods is expected to register a CAGR of over 16% during the forecast period. This is attributed to increasing number of mobile users in U.S., growing online retail sector in U.K. and France, along with increasing expansion of e-commerce companies in the APAC region.
Web Content Management (WCM) Market Dynamics
The key trends observed in the market include increasing influence of marketing in the web content management market and growing investments in Artificial intelligence (AI). Business organizations are increasingly focusing on content management system (CMS) functionality and positioning. The CMS offers content categorization, version control, replication features, social media integration, robust analytics, and content personification that enables various organizations to differentiate themselves from one another.
Marketers are exhibiting increased demand for content management tools which enable them to fetch data of customers visiting their sites and assisting them to offer personalized web content. To survive in a highly competitive market and to attract more visitors to view the website, marketers are increasingly focusing on the content of their website to get easily recognized, and thus, are providing targeted and personalized digital experiences.
Another key trend observed in the web content management market include increasing investments in AI. Nowadays, organizations are investing heavily in AI tools for their content management platforms to provide better customer experience. For instance, OpenText Corporation built its new AI platform by using technologies like text mining, and semantic analysis to help enterprises manage their unstructured and semi-structured information, in areas such as customer experience, enterprise content management and data discovery. Moreover, it has been estimated that by 2020, around 50% of businesses would be investing heavily in AI, primarily chatbots.
The key drivers in the web content management market include multi-channel customer experience management, growing demand for digital marketing solutions, and increasing adoption of customer engagement strategies by business organizations.
Multi-channel customer experience management refers to the use of a variety of channels, such as web, email and social media by the organizations to engage their prospective customers. The multi-channel content management tools and services helps in managing marketing content centrally and controlling their usage. Content such as meta-data, images, videos, texts, translations and product specifications, are centrally managed and can be distributed to selected channels after further approval. WCM helps in providing multi-channel customer experience by offering marketing content in appropriate formats through the right channels and at the right time.
Additionally, increasing adoption of customer engagement strategies by business organizations is another major factor driving the WCM market globally. As various effective marketing and promotion strategies are being adopted by business organizations, customer engagement policies are evolving. Several software as a service (SaaS) companies are implementing a new approach to provide better customer support and services.
Analytics tools, such as Mixpanel, Amplitude or Heap Analytics, helps business organizations to easily engage with customers for offering products and related services. Moreover, several business organizations are continuously trying to develop more effective and advanced customer engagement procedure which assist companies to test and set the hypothesis for marketing of products and provide greater customer satisfaction, thus supporting web content management market growth.
The website content related requirements of enterprises are changing rapidly these days. An enterprise requires personalized data for users and advanced content management solutions. Thus, WCM solutions enable enterprises to deliver superior customer experience and enhances their online presence. Moreover, integration of SaaS-based solutions with WCM solutions are expected to offer growth opportunities for vendors in the web content management market.
Increasing use of learning content management systems (LCMS) offers lucrative growth opportunities for WCM market players. Students are accessing online courses from anywhere in the world. A LCMS helps to track every tutor’s content development contributions. With the increasing pace of digitization, there is a need for automating the assessment process of students in educational institutions. LCMS automates the whole assessment and content development process quickly and efficiently. It also helps to manage administrative tasks and content development from a central location.
WCM Market Competitive Landscape
The intensity of rivalry among players in the WCM market is moderate. In the recent past, product launches, partnerships, and client wins have been major activities in the market. SDL plc, a key player in the market has been focusing on partnerships and collaborations to strengthen its market position. OpenText Corporation, another key player is winning contracts related to content management solutions. While, Adobe Systems Incorporated and Sitecore Corporation are other key players focusing on these developments. Some of the other key players operating in the WCM market are Oracle Corporation, IBM Corporation, Acquia Inc., Episerver Inc., Microsoft Corporation, and Rackspace US Inc.