Dublin, Feb. 19, 2021 (GLOBE NEWSWIRE) -- The "Content Services Platforms Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Content Services Platforms Market is expected to register a CAGR of 23.7% over the forecast period 2021 to 2026. The major factors driving the content services platform market include the growing adoption of social, mobile, analytics, and cloud (SMAC) technologies and the proliferation of digital content across enterprises.
Enterprise Content Management has always pursued the mission of achieving a vast array of content -related operational goals with the usage of a centralized platform. The content services platforms (CSPs), on the other hand, apply a new approach, which is focused less on storing the documents centrally but more on the strategy of how an enterprise can deal with their growing content, data, and document needs. Both the approaches have similar goals, but a very different approach. While the ECM intends to achieve its operational goals with a single system, CSPs employ a robust suite of strategy and integrated technology to accomplish these goals.
The organizations that have traditionally relied on the Enterprise Content Management (ECM) solution for their content lifecycle management, these solutions have been fulfilling the promise by managing the content end -to -end, right from the creation to disposition. However, as the market landscape is changing, today, the business is succeeding depending on how agile the company is in responding to its customers, catering to their needs, and thereby exceeding their expectations. This primarily requires the organizations to go beyond the old centralized, monolithic approach of content management and rethink their digital content strategy.
Further, the digital transformation has been at the top of all the IT agendas for the past few years. But the number of companies reaping its full benefits are small. AIIM found that close to 80 % of organizations thought that the digital transformation was essential or very important for their business. However, the number of companies that are reaping the full technologies benefits is small. This factor is expected to drive the adoption of CSP during the forecast period.
Moreover, the previous year has seen a rapid increase in the number of cyberattacks. This has forced companies to adopt security-first thinking. The services provider is also now putting much more effort into securing the service infrastructure of their clients. Besides, the data breaches have also led to an exponential rise in costs and loss of valuable customer information. According to the 2019 Data Breach Investigations Report (DBIR) released by Verizon, 88 percent of all cyber incidents in the financial services and insurance sector were done with financial motivation.
With physical interaction no longer being an adequate form of communication in light of social distancing efforts owing to COVID-19 pandemic, enterprises and institutions around the world have made a sudden shift to Content Services Platforms in a bid to retain productivity. Furthermore, many developed nations, including Europe and the US, are now requiring employees at non-essential businesses to work remotely for an indefinite time frame. All these factors together contribute towards the growth f the market.
Key Market Trends
The On-premises Deployment Mode Holds a Dominant Position
The on-premises deployment type is anticipated to be a more significant contributor to the market growth during the forecast period. On-premise deployment of CSP solutions requires initial high investment by organizations, though it does not require incremental costs throughout the ownership, as in the cloud deployment type.
Nowadays, corporate data can be accessed effortlessly from mobile devices; this has raised the amount of data transfer between business parties and has increased the risks of cyber-attacks and data losses. Therefore, security concerns associated with customers' private data are an important reason for the selection of on-premises deployment over the cloud. These kinds of implementations are widespread across large-sized enterprises.
For instance, according to Cisco Systems in 2022, the data volume of worldwide consumer IP traffic is expected to reach 333 exabytes per month at a 27% compound annual growth rate. Besides, in 2019, according to Verizon Communications Inc., the global accommodation industry experienced 125 cybersecurity incidents in total, and professional services and the public were the most targeted sectors with 7,463 and 6,843 reported incidents respectively.
Deploying on-premises allows users to keep the solution in-house and grow the solution as it makes sense for the organization. With an on-premises solution, the solution lives on one's infrastructure and IT department or other resources and maintains and evolves one's solution. An on-premises deployment means one can become the in-house expert on ECM solution, and changes and enhancements to one's solution are at fingertips.
North America to Have the Largest Market Size
North America is estimated to account for the most significant share of the market. The region includes developed countries such as the United States and Canada and is recognized as the most advanced area embracing new and emerging technologies. Furthermore, the North American region shows an extensive presence of fundamental industry players giving content services platform software and services. Their financial position allows them to invest majorly in the leading tools and technologies for efficient business operations.
North America is expected to contribute significant growth opportunities during the forecast period. The growing availability of skilled labor and intense focus from SMEs and large companies to enter and grow in this region are several factors propelling CSP's adoption in this region. For instance, according to the Bureau of Labor Statistics, the United States, in 2019, about 63.1% of the American population, skilled, participated in the job market.
Principally, public cloud services have got massive traction in North America, as businesses seek to heighten their digital initiatives. According to the survey by LogicMonitor, 66% of respondents indicated that artificial intelligence (AI) and machine learning would drive public cloud engagement in 2020, compared with 50% who said it currently drives public cloud engagement in the United States.
CSP has become the core of how companies work nowadays with the pressure to gain higher business activity and satisfy their clients. Companies are working on optimizing both application performance and guaranteeing excellent 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 Platforms Market is moderately competitive and consists of several major players. In terms of market share, few of these major players currently dominate the market. Some of the major companies in the Content Services Platforms Market include Hyland, OpenText, Box, Laserfiche, Adobe, IBM, Nuxeo, Objective, among others. These influential players with a noticeable share in the market are concentrating on expanding their customer base across foreign countries. These businesses are leveraging strategic collaborative actions to improve their market percentage and enhance their profitability.
July 2020: EY and IBM Corporation announced an enhanced, global multi-year alliance primarily designed to help organizations accelerate their digital transformation and improve client outcomes, that includes leveraging the hybrid cloud capabilities of Red Hat OpenShift, as well as IBM Blockchain, IBM Watson, and IBM's 5G and edge technologies. Together, both the company's professionals will focus on helping the clients in modernizing and transforming their businesses.
May 2020 - Box, Inc. introduced the All-New Box experience to power increased productivity and collaboration. The announcement introduces Collections, a simple way to organize files and folders around the topics and workstreams important to you; the ability to add annotations to 100+ file types directly in Box Preview; and an enhanced Zoom integration that makes it easier to collaborate on content while face-to-face on video.
May 2020 - OpenText announced 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 Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
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 Increasing Adoption of SMAC Technologies
4.3.2 Increase of Digital Content across the Enterprises
4.3.3 Demand for Delivering Contextualized User Experience
4.4 Market Restraints
4.4.1 Data Privacy and Security Concerns
4.5 Assessment of COVID-19 Impact on the Industry
5 MARKET SEGMENTATION
5.1 By Component
22.214.171.124 Document and Records Management
126.96.36.199 Data Capture
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 Deployment Type
5.3 By Organization Size
5.3.1 Small and Medium-Sized Enterprises
5.3.2 Large Enterprises
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 Transportation 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 & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 IBM Corporation
6.1.2 Microsoft Corporation
6.1.3 OpenText corporation
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
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