|Status : Published||Published On : Nov, 2018||Report Code : VRICT5126||Industry : ICT & Media||Available Format :||Page : 140|
The global web content management market is predicted to grow at 14.7% CAGR during the forecast period with the market size reaching USD 13.0 billion by 2024. The major factor fueling the growth of the market include increasing adoption of digital marketing by different industry verticals, increasing focus on customer engagement solutions, technological advancements, increasing adoption of web-based business solutions, and implementation of multi-channel customer engagement solutions.
Insight by Type
Based on type, the web content management market is categorized into solutions and services. Among different solutions including web experience management, digital marketing content management, content analytics, digital asset management integration, web creation, and edit tools, mobile and social media content management, digital marketing content management holds the largest share in the market. Owing to the increasing penetration of smartphones and increasing number of social media users, the market for mobile and social media content management is anticipated to grow at the fastest rate during the forecast period.
Among different type of services, training, support and consulting services hold the larger share in the market. The category is also anticipated to witness the faster growth during the forecast period owing to the complexities of the content management solutions and need for expertise in customer engagement solutions.
Insight by Organization Size
On the basis of organization size, the web content management market is segmented into small and medium enterprises and large enterprises. Of both, the categories, the web content management market finds its larger application in large enterprises. The market for small and medium enterprises is anticipated to witness the higher growth during the forecast period due to the increasing awareness among these organizations regarding the usage of web-based services for customer engagement, increasing reliance on social media for digital marketing, and increasing focus on content management for large scale customer engagement.
The increasing adoption of digital marketing by different industry verticals, increasing focus on customer engagement solutions, technological advancements, increasing adoption of web-based business solutions, and implementation of multi-channel customer engagement solutions are the key factors leading to the growth in the web content management market, globally. Most of the companies across the globe are adopting digital marketing strategy for customer engagement and marketing their products and services. Digital marketing has become a mandatory strategic option to thrive in online business challenges. This leads to the adoption of content management solutions and services by these companies across the globe.
Moreover, the technological advancements in the IoT industry have led to the adoption of connected devices including smart home, and smart TVs. This provides an opportunity for business enterprises to reach out to customers through different platforms. IoT technology integrated with web content management solutions assists enterprises to effectively manage their content to offer a personalized experience to its customers, thus fueling the demand for web content management solutions, globally.
Content management is key for the enterprises to retain and engage their target customers. In the space of stiff online competition, companies are focusing on the management of content to provide customers value for their content. With the increasing competition in the online industry, customers have high bargaining power, therefore companies are focusing on the value creation for the customer engagement, loyalty, and retention, which is anticipated to fuel the growth of the web content management market across the globe.
Key challenges faced by the web content management industry players are the increasing amount of online content and data and migration of content within the existing system. In addition, the administration of user-generated content is also a key challenge faced by web content management providers.
Geographically, North America is the largest web content management market, due to the developed information and communication technology industry, presence of a large number of web content provider and competition among them, high reliance on digital marketing solutions. Moreover, the internet penetration rate and the number of smartphone users is very high in the region which provides companies to exploit business opportunities through online customer engagement.
Asia-Pacific web content management market is anticipated to grow at the fastest CAGR during the forecast period. The large consumer base, increasing internet penetration, increasing number of smartphone users are the key factors leading to the fastest growth of the market in the region. Also, developing the IT industry in emerging economies such as India, and the Philippines is creating a suitable business environment for the content management service providers.
Market players in the web content management industry are focusing on digital marketing solutions, strengthening B2C relationship, and use of artificial intelligence and automation for catering to the demand of consumers. Oracle Corporation, Microsoft Corporation, OpenText Corporation, Adobe Systems Incorporated, E-Spirit AG, Aquia, Inc., Sitecore Corporation A/S, SDL PLC, IBM Corporation, Rackspace Hosting Incorporation, Crownpeak Technology, and Episerver, Inc. are some of the key players offering solutions in Web Content Management industry.
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