Northbrook, IL 60062 -- (SBWIRE) -- 06/08/2022 -- According to a new market research report "Content Services Platforms Market with COVID-19 Impact Analysis by Component, Enterprise Size, Deployment Mode, Business Function (Accounting & Legal, Sales & Marketing, and Procurement & Supply Chain) Vertical and Region - Global Forecast to 2027" published by MarketsandMarkets™, the content services platform market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 15.8% during the forecast period, to reach USD 101.6 billion by 2027 from USD 48.9 billion in 2022. Growing demands for better customer experience, as well as rising utilization of SMAC technology solutions among the users, demand for delivering contextualized user experience, and a rise in digital content across enterprises, are among the major factors boosting the growth of the content services platform market.

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As per verticals, the Healthcare and Life Sciences segment to grow at highest CAGR during the forecast period

The content services platform market is segmented on verticals into BFSI, government & public sector, healthcare & life sciences, telecommunications, IT & ITeS, manufacturing, energy & utilities, retail & consumer goods, media & entertainment, and other verticals (hospitality, education, and transportation & logistics). As per verticals, the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. The healthcare and life sciences vertical faces a lot of difficulties to store, organize, and use all of their data in a standardized manner as organizations grow more data-driven and enter the digital market. It can be managed using a single Healthcare Content Services (HCS) platform that can pull together diverse, unorganized information sources from across an enterprise, as well as corporate imagery information. The requirement for a new generation of HCS is being driven by a need to safely acquire, examine, and incorporate patient and member information into core business platforms.

Cloud Segment to grow at the highest CAGR during the forecast period

As per deployment mode, Cloud Segment to grow at the highest CAGR for the content services platform market during the forecast period. The content services platform market by deployment mode is segmented into cloud and on-premises. Large enterprises invest in on-premises deployment mode. As on-premises require high costs for infrastructure and installation of solutions, only firms with good capital can deploy this model. The reason for large enterprises deploying this model is due to security concerns when compared to cloud solutions. Cloud-based solutions are cost-effective and can be accessed from anywhere at any time. Therefore, SMEs prefer cloud-based solutions as it offers flexibility and scalability. Security is one of the issues that restricts the adoption of cloud-based services. However, this issue is also being eliminated by continuously doing security checks by third parties.

As per regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period

As per regions, the Asia Pacific is estimated to hold the highest Compound Annual Growth Rate (CAGR) of 21.1% in the content services platform market. The high growth rate in the Asia Pacific can be attributed to the proliferation of innovative technologies, combined with the growing business needs, and increase in the number of organizations adopting content services platform solutions.

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Some of the major content services platform market vendors are Microsoft (US), IBM (US), Open Text (Canada), Hyland (US), Box (US), Laserfiche (US), Adobe (US), Oracle (US), M-Files (US), SER Group (Germany), GRM Information Management (US), Intalio (France), Micro Focus (UK), Newgen (India), Kyochera (Japan), DocuWare (Germany), DocStar (US), Objective (Australia), and D.velop (Germany).

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