CHICAGO, April 18, 2019 /PRNewswire/ -- According to a new market research report "Content Services Platforms Market by Solution (Document & Records Management, Workflow Management, Data Capture, Information Security, and Governance), Service, Organization Size, Deployment Type, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Content Services Platforms Market is expected to grow from USD 22.6 billion in 2018 to USD 60.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 21.7% during the forecast period. The major factors driving the Content Services Platforms Market include the growing adoption of social, mobile, analytics and cloud (SMAC) technologies and the proliferation of digital content across enterprises.
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The solutions segment is expected to hold the largest market in the global Content Services Platforms Market during the forecast period.
Content services platforms are integrated sets of content-related solutions and tools that share common APIs and repositories to support multiple enterprise level content use cases. Content services platforms are the next evolutionary phase of traditional enterprise content management systems. With the help of content services platforms, enterprises can focus on ways and approaches to deal with their growing content and data needs. Some of the solutions that make up a content services platforms include document and records management, workflow management, data capture, case management, information security and governance, content reporting and analytics, and so on.
Cloud deployment type is expected to grow with the fastest CAGR during the forecast period.
Cloud or hosted content services platform solutions are provided as SaaS by service providers. These solutions convert fixed costs of services to variable costs as customers pay according to the services used by them. They can also start or stop any service at any time. Thus, the use of cloud-based content services platforms provides flexibility to organizations to adjust to the dynamic business environment. Scalability and cost-effectiveness are the major advantages of adopting cloud-based content services platforms. With advancements in cloud-based technologies, use of content services platforms as SaaS is emerging as the best practice for companies looking for cost-effective functionalities.
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North America to have the largest market size during the forecast period.
North America is estimated to account for the largest share of the market in 2018. The region comprises developed countries such as the US and Canada and is considered the most advanced region adopting new and emerging technologies. Moreover, the North American region exhibits wide presence of key industry players offering content services platform software and services, and their financial position enables them to invest majorly in the leading tools and technologies for effective business operations.
Major vendors in Content Services Platforms Market report include Microsoft (US), Hyland (US), OpenText (Canada), Box (US), Laserfiche (US), Adobe (US), IBM (US), M-Files (Finland), Nuxeo (US), Objective (US), Fabasoft (Austria), Micro Focus (UK), GRM Information Management (US), Everteam (France), DocuWare (Germany), Alfresco (US), Newgen (India), SER Group (Germany), and Oracle (US).
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