MarketsandMarkets™ forecasts a new market research report “Global Content Services Platforms (CSP) market size 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”. Focus of organizations towards managing and utilizing their enterprise content is driving the adoption of CSP. As enterprises are moving toward digitalizing their workspaces, solutions and services associated with CSP are being adopted at a high rate by them.
Browse 74 market data Tables and 35 Figures spread through 137 Pages and in-depth TOC on “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″
Document and record management is expected to hold the largest market share in 2018. Modern-day business operations lead to the creation of large volumes of electronic and physical documents and records. Document and records management systems are used by organizations to manage and record documents throughout the document life cycle, from creation to destruction. These solutions empower organizations in meeting regulatory compliances, and reduces the risks associated with audit and litigation and also maximizes the value of enterprise information. Document and record management systems can integrate with other solutions and tools in the CSP. It is one of the most important solutions in a CSP and has the highest proportion of market share as compared to the other solutions.
The cloud segment is expected to grow at a higher CAGR during the forecast period. The cloud-based deployment type allows users to access the solution from anywhere or any device, such as personal computers, laptops, and mobiles. Cloud-based CSP solutions help reduce the overall costs while also providing highly flexible and scalable access to CSP solutions through the IT infrastructure hosted by the cloud service provider. Therefore, SMEs and single users prefer deploying CSP solutions in the cloud to improve mobility and decentralize data storage and computing. Security is a critical issue that restricts the adoption of cloud services.
The healthcare and life sciences vertical is expected to grow at a higher CAGR during the forecast period. CSP plays a crucial role in exchanging digital medical information between different institutions at a faster rate, which can considerably reduce emergency response downtime. Moreover, CSP solutions ensure that medical facilities are complying with the healthcare norms, such as Healthcare Information Portability and Accountability (HIPAA) Act set by the respective agencies, thereby encouraging the adoption of CSP solutions to share digital content among stakeholders. Additionally, in healthcare and life sciences organizations, content provided through online articles and blogs, interactive videos, newsletters, digital magazines, and infographics educate patients with the reliable information and help them recover from ailments.
In terms of geographic coverage, the Content Services Platform market has been segmented into 5 regions, namely, North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America. APAC is expected to grow at the highest CAGR in the global CSP market during the forecast period. APAC comprises major economies, such as China, Japan, Australia, and New Zealand, and the rest of APAC includes India, South Korea, and Singapore. Moreover, the major growth factors for the CSP market in APAC including increasing BYOD trend, compliance regulation, and mobile usage are driving the adoption of CSP solution. The enterprises of the APAC countries are looking forward to the adoption of CSP solutions for application development and APIs, content and system security, workflow and process management, and collaboration and productivity to remain competitive in the global market.
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