Global Web Content Management Market Is Set For A Rapid Growth And Is Anticipated To Reach USD 14.2 Billion By 2024
The global web content management (WCM) market is expected to develop at a Compound Annual Growth Rate (CAGR) of 15.7 percent from USD 6.9 billion in 2021 to USD 14.3 billion by 2026.
Customers’ shift toward video-based content across the OTT space, as well as the use of AR and VR to allow firms to edit website content, are driving the global growth of the WCM market. Furthermore, WCM manufacturers should benefit from the growing trend toward cloud-based SaaS content management solutions for improving digital experiences.
The Impact of COVID-19 on the Global Web Content Management Market
The COVID-19 epidemic has had an immediate impact on markets and customer behaviour. It has had a significant economic and social impact. Consumer demand is expected to migrate to online channels as a result of COVID-19’s effects. This could have an irreversible impact on customer behaviour because once people get into the habit of shopping online, it becomes a pattern that is difficult to break, compelling businesses to expand their online presence. COVID-19 had an immediate and widespread effect on customer behaviour across all industries. For example, one of the most affected industries has been education, particularly when it comes to producing and delivering content to students, staff, and faculty members. As businesses turn their focus away from development prospects and toward implementing extraordinary measures to limit the impact of the COVID-19 pandemic, the ability to sustain has become the new normal. Because most prospective projects are on hold due to the pandemic, the rivalry among big WCM businesses is projected to be fierce. As a result, numerous companies would compete for a single project. Businesses have already begun their efforts to return to normalcy, but they are experiencing numerous problems on both the consumer and operational fronts.
Customer preference for video-based content across the OTT industry is a driving force.
Digital formats are becoming increasingly popular for media consumption around the world. Consumers now have the ability to access media content of their choice, whether it’s information, entertainment, or social activity, at any time and from any location, thanks to an increase in the number of devices capable of supporting digital media and faster internet access speeds. In the United States, media consumption has skyrocketed, with a considerable shift from traditional to new (digital) media. The rise of digital media players like Netflix, Hulu, Amazon, Apple TV, Roku, and Boxee is undermining television’s long-held dominance as the primary source of entertainment. The growing popularity of digital media has resulted in a shift in worldwide advertising content spending patterns. According to Deloitte, spending on digital media as a percentage of overall advertising content spend is predicted to rise from 21% in 2010 to 28% in 2015, with a further increase to 36% by 2020. As a result, they’re turning to influencer marketing, which allows them to target potential customers. According to a study conducted by Twitter and Annalect, 40 percent of Twitter users utilise tweets to make purchasing decisions.
Interoperability issues related to data integration are a constraint.
The capacity of software to seamlessly interact with other systems in terms of sharing functionality and data is referred to as interoperability. By standardising interactions and decreasing compatibility issues, the interoperable software allows users to seamlessly communicate with external systems. Not only can an interoperable content management system take data and content from various external systems, but it can also offer information and experiences to a variety of frontend apps. The data itself is an important part of interoperability. If a platform can’t simply share data with another system — both to and from it – it’s not genuinely interoperable. This means that connecting with other systems isn’t always enough; the software must also adhere to common information standards. It’s critical to develop WCM if you want to be digitally adaptive as technology and client expectations evolve. However, implementing a highly integrated and seamless WCM might be expensive. From simple, structured forms to freeform text on a page, documents come in a variety of layouts. If a web manager just handles structured forms in defined formats, they will only reap a portion of the benefits of automation. Processing unstructured, freeform document layouts necessitates time-consuming, error-prone human processing. As a result, laying the groundwork for integrating with essential internal and external systems is critical for a content management system.
Increased adoption of cloud-based SaaS content management systems presents an opportunity.
Thousands of companies, on the other hand, continue to rely on on-premise WCM, which burdens their IT teams, content writers, and marketing professionals. These systems require so much care and so many resources from the organisation that they can easily turn into liabilities rather than the efficiency instruments they were designed to be. Many businesses are considering migrating from an on-premise traditional content management system to a cloud-based platform because of these restrictions. The functionality of a cloud content management system is similar to that of a standard content management system, allowing authors to add, amend, and delete information as needed. Across a variety of applications, most businesses are becoming more familiar with SaaS and cloud-based products. WCM software solutions are rapidly differentiating themselves on a scale of how well they can assist a customer in delivering a tailored web experience to the client’s consumers across many channels, including web, mobile, and social. Sitecore and Adobe, for example, have begun to offer cloud-based SaaS WCM software with market-leading time-to-value, flexibility, integration, and security. According to Bloomberg, between 2020 and 2023, public cloud platforms, business services, and SaaS apps would all increase at a 9% CAGR, totaling USD 60.36 billion.
Content translation and localization are a challenge.
It is insufficient to translate stuff into the local tongue. It must be customised to the needs of specific places. For a high level of interactivity, the local audience should be able to connect with the content offered. Some cultures may find particular images offensive, or certain icons may not have universal or cross-cultural significance. Some languages are read from left to right, which is only possible if the WCM supports bidirectional text. Within the WCM system, an organisation can seek for support for the Universal Coded Character Set (Unicode) standard, which allows text to be incorporated in most writing styles around the world.
A monitoring or analytics tool, such as Google Analytics, Woopra, or GoSquared, is currently used by almost every website. Within the geographic data section, these tools offer users with useful information and demonstrate where the majority of their visits originate from. The technologies also assist businesses in determining which languages their customers use to access their websites. The information gathered from websites can clearly show which additional languages users should support in order to best meet the needs and expectations of their visitors. According to a German industry service, 81% of users will not return to a website after having a bad experience. Localization makes it easier for visitors to browse material and locate what they’re looking for by adapting a website to their cultural backgrounds and local languages.
During the projection period, the media and entertainment vertical category is predicted to have the greatest market size.
BFSI, IT and telecom, retail and eCommerce, healthcare and life sciences, government, travel and hospitality, media and entertainment, education, and others are among the verticals that make up the WCM market (transportation and logistics, energy and utilities, and manufacturing). The growing difficulty for media and entertainment organisations to keep up with the amount and pace of material in order to increase WCM adoption globally. Secure authoring, format conversion, aggregate management, templating, publication, segmentation and personalisation, optimization, and social media interfaces are all possible with WCM systems. They also help businesses acquire new customers and improve customer service.
During the forecast period, APAC will have the fastest CAGR and North America will have the greatest market size.
North America, Europe, APAC, MEA, and Latin America are the five areas that make up the WCM market. North America is expected to have the greatest market size among these regions during the forecast period. The increase in technical advances and the rise in the number of major players involved with the market are important factors encouraging the expansion of the North American market. During the projected period, APAC is expected to grow at the fastest rate. APAC countries are technologically advanced and provide significant investment and income prospects. China, Singapore, Japan, and India are among these nations. The expansion of the WCM market in APAC is likely to be aided by factors such as flexible economic conditions, government policies that promote industrialisation and globalisation, and digitization.