The global content services platforms market is expected to generate $155.8 billion revenue by 2030, advancing at a considerable rate of 16.4% during 2021–2030. The major factors influencing the market include the proliferation of digital content across enterprises and the increase in implementation of social, mobile, analytics, and cloud (SMAC) technologies.
Moreover, the integration of artificial intelligence and machine learning in content services platforms and the rising demand for cross-platforms are the other major factors boosting the market growth. Also, the COVID-19 pandemic helped in the advancement of the market, as several companies relied on the work from home model during the crisis time.
Cloud Deployment of Content Services Platforms Is Preferred Among End Users
Cloud deployment of these platforms has been preferred by end users in recent years, due to its basic advantage of accessing information anytime and anywhere. Thus, the category accounted for around 55% of the market revenue. Moreover, SMEs are preferring cloud-based platforms, as the procurement and installation costs in this mode of deployment are much less compared to the on-premises deployment. Also, large enterprises, which have been deploying on-premises platforms, are shifting to cloud-based platforms.
BFSI Sector Is Largest End User of Content Services Platforms
The BFSI sector is the largest category in the market, based on end user, which accounted for more than 20% revenue share in 2021, and it is likely to maintain its market position during the forecast period as well. This is attributed to the increasing adoption of digital platforms by banking, financial services, and insurance companies. Most of the market players offer these platforms for the sector, among which, Box, Newgen, and Laserfiche generate a large amount of revenue from selling their solutions to BFSI organizations.
North America Leads the Market
The North American content services platforms market held the largest revenue share, of 30%, and it is also expected to maintain its dominance in the coming years, owing to the presence of major market vendors in the region. Whereas, the APAC market is predicted to gain momentum at the highest rate during the forecast period, propelling at a CAGR of 16.7%. This growth can be attributable to the surging adoption of cloud computing in the region along with governmental efforts in favor of environmental concerns such as promoting the reduction in paper usage to decrease carbon footprint.
Geographical Expansion and Technological Innovations Are Driving the Market
In recent years, the vendors have been involved in the introduction of artificial intelligence and machine learning capabilities along with expanding their geographical presence to improve their market position. For instance:
- In December 2021, Newgen secured the patent for ‘Integrated Capture and Analysis of Documents’ for the term of 20 years from the Indian patent office. It protects the invention to automatically capture the best quality document images using mobile or tablet devices with the help of real-time calibration of parameters.
- In July 2021, Intalio announced the launch of Odoo implementation services in the U.K., as part of its expansion plan for the European and North American markets.
Major players operating in the content services platforms market include Microsoft Corporation, Hyland Software, Box, OpenText, Laserfiche, IBM Corporation, Adobe Inc., Oracle Corporation, M-Files, and SER Group.