Surge in need for content by huge organizations, rise in number of small and medium enterprises, increase in internet penetration among people in various countries, and growth in the adoption of social, mobile, analytics, and cloud (SMAC) technologies are expected to drive the growth of the global Content Services Platform Market. Increase in the adoption of content services platform by various businesses and surge in work-from-home culture among employees during the COVID-19 pandemic has had a positive impact on the growth of the market.
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The segmentation of the global content services platform market based on component, deployment mode, organization size, industry vertical, and region.Based on component, the solutions segment held the largest market share in 2021, garnering nearly two-third of the global market, and is expected to maintain its leadership status during the forecast period. The services segment, on the other hand, is expected to exhibit the fastest CAGR of 18.0% during the forecast period.
Based on deployment model, the on-premise segment held the dominating market share in 2021, holding more than half of the global market. The cloud segment, on the other hand, is predicted to cite the fastest CAGR of 18.4% during the forecast period.
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Based on organization size, the large enterprises segment held the lion’s share in 2021, garnering nearly two-thirds of the global market, and is expected to maintain its leadership status during the forecast period. The small and medium-sized enterprises segment, on the other hand, is predicted to cite the fastest CAGR of 17.9% during the forecast period.
Based on industry vertical, the BFSI segment held the largest market share in 2021, garnering nearly one-fourth of the global market. The retail and consumer goods segment, on the other hand, is predicted to cite the fastest CAGR of 20.1% during the forecast period.
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Based on region, the market across North America held the dominating market share in 2021, holding more than one-third of the global market, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is predicted to cite the fastest CAGR of 18.2% during the forecast period.
The key players include Adobe Inc., DocuWare, Fabasoft AG, Hyland Software Inc., International Business Machine Corporation (IBM), Kyocera Corporation, Microsoft Corporation, Open Text Corporation, Oracle Corporation, and Paper Alternative Solutions Inc.
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COVID-19 Scenario:
- The outbreak of COVID-19 has had a positive impact on the growth of the global content services platform market, owing to the occurrence of lockdowns in various countries across the globe.
- Lockdowns resulted in the increased demand for content service platforms as more and more businesses, both small and medium enterprises and large enterprises, were increasingly using of these platforms to maintain production in unprecedented times during the pandemic. This was mainly due to closure of physical stores and offices and social distancing measures implemented in the wake of the COVID-19 epidemic.
- There was surge in the work-from-home culture during the pandemic, resulting in the expeditious adoption of these platforms. Leading regions, such as the North America and Europe, already require non-essential corporate employees to work electronically for an extended period of time.
- Furthermore, increase in internet penetration across the globe will further drive market expansion post-pandemic.
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