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Content Services Platforms Market Booming due to Cloud Adoption in BFSI Sector

09-06-2022 12:51 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: P&S Intelligence

Content Services Platforms Market Booming due to Cloud Adoption

In 2021, the content services platforms market was valued at $39.8 billion, and it is projected to acquire a size of $155.8 billion by 2030, growing at a rate of 16.4% from 2021 to 2030. The increase in the implementation of SMAC technologies and the mass creation of digital content across enterprises facilitate market growth, as do the growing trend of mobile workforces, increasing research and development expenditures, and technological advancements.

The content services platforms market is dominated by case management, workflow management, information security and governance, content reporting and analytics. The demand for training & consulting, deployment & integration, support and maintenance is also expected to rise, resulting in a surge in the market. The pandemic resulted in a 30% increase in the market in 2020 due to mass shifting in digital operations and increased work-from-home trends due to restricted movements.

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The cloud-based platform category has captured the largest share, of 55%, in the content services platforms market. It is attributed to the increasing demand for procurement, deployment, operations, and access to new technologies among different end users, which has further resulted in native SaaS and PaaS vendors' market growth. Moreover, traditional companies have also gradually started shifting to SaaS and PaaS solutions, resulting in market expansion. Cloud-based solutions reduce the need for storage on on-premises storage, reduce IT investments, and offer higher scalability.

Large enterprises are a significant contributor, accounting for 65% of the content services platforms market revenue. They make heavy investments in new technologies and opt for on-premises deployment mode to further reduce security concerns. However, there has been a rising trend of shifting to cloud-based content services, attributed to the facilitation of anywhere, anytime access. Small and medium-size enterprises are also likely to get a stronghold in the market due to the increase in remote work activities and ease of tracking employee efficiency.

BFSI made the largest contribution to the content services platforms market in the end user segment, amounting to 20% share in 2021. It is attributed to the mass adoption of cloud solutions for storage, reporting and analytics, APIs and containers, and master data management. On average, 2.5 quintillion bytes of data are generated daily, requiring an annual cloud investment of $67 billion by financial institutions. The public sector is mainly adopting these solutions to advertise their services to citizens. For example, Electricity & Cogeneration Regulatory Authority (ECRA) of Saudi Arabia has adopted an enterprise content services suite offered by Intalio.

North America generate the highest revenue, amounting to 30% of the content services platforms market value. The U.S. contributed massively to the North American market, accounting for an 85% share in 2021. The region's key vendors of content services platforms essentially invest in the research and development of new technologies. Moreover, the Chinese market generated 30% of the revenue in the market of APAC in 2021, attributed to a surge in internet traffic, low data prices, and high-speed connectivity in the region.

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Artificial intelligence in content services platforms has gained tremendous popularity, primarily for productivity intelligence, security intelligence and content intelligence applications. Market players are making efforts to cater to the rising demand for AI. Moreover, the growing trend of digitization leads to the expansion of the e-commerce sector, facilitating the rise in the demand for single-source and cross-platform content services platforms. Similarly, numerous organizations utilize big data analytics for business intelligence, as content services platforms facilitate extensive data integration.

Thus, the growing trend of digitization, facilitated by high-speed internet connectivity, ls leading to the boom of the market.

P&S Intelligence
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P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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