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COVID-19 is disrupting the world, businesses, and economies, thus impacting the livelihood of people, their interactions, and the way they manage their businesses. The ability to sustain has become the new normal for enterprises as they are shifting their focus from growth opportunities and concentrating on implementing drastic measures to mitigate the impact of the COVID-19 pandemic. The competition among major WCM companies is expected to be furious as most upcoming projects are on hold due to the pandemic. Hence, several companies would fight to gain a single project. Businesses have already started their efforts to return back to normal and are facing multiple challenges on the customer as well as the operational side. The pandemic has raised the importance of digital experiences, increasing the importance of digital transformation. Vendors in the WCM market struggle to offer users more scalable WCM systems across digital channels. Organizations are under pressure to scale their businesses digitally and innovate faster to respond to market demands.
The cloud segment to grow at a higher CAGR during the forecast period
The WCM market by deployment mode has been segmented into on-premises and cloud. The cloud segment is expected to grow at a rapid pace during the forecast period. The high CAGR of the cloud segment can be attributed to the availability of easy deployment options and minimal requirements of capital and time. These factors are supporting the current lockdown scenario of COVID-19 as social distancing, and online purchasing of goods hit the industry and are expected to drive the adoption of cloud-based WCM solutions and services. Highly secure data encryption and complete data visibility and enhanced control over data in terms of location and the real-time availability of data for extracting insights are responsible for the higher adoption of on-premises-based WCM solutions and services.
The services segment to grow at a higher CAGR during the forecast period
The WCM market is segmented on the basis of components into solutions and services. The services segment is expected to grow at a higher CAGR during the forecast period. This growth is attributed to the growing digitalization and increasing customer shift toward online purchases, which have made it difficult for companies to cope with the ever-increasing volumes of customer data and extract actionable real-time insights from the data during the pandemic.
The SMEs segment to grow at a higher CAGR during the forecast period
The WCM market is segmented on the basis of organization size into large enterprises and SMEs. The SMEs segment is expected to grow at the highest CAGR during the forecast period. The growth can be attributed to the growing need to enhance business processes, reach new customers, and stay competitive and control their spending. The increasing shift of customers toward online platforms is creating the challenge for companies to create attractive website content. This is one of the major factors encouraging the adoption of WCM solutions and services among SMEs.
The social media management segment to grow at a higher CAGR during the forecast period
The WCM market is segmented on the basis of applications into website management, workflow management, document management, social media management, access control, content scheduling/ deployment, workflow optimization, and others (content syndication, content virtualization, multi-site management, and customer engagement). Social media management segment is attributed to grow at a higher CAGR during the forecast period. The growth can be attributed owing to the rising need of companies to manage the online presence on different social media platforms by creating, publishing, and analyzing user posts.
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Among verticals, the media and entertainment segment is expected to account for the largest market size during the forecast period
The WCM market is segmented on verticals into media and entertainment, healthcare and life sciences, retail and eCommerce, IT and Telecom, BFSI, government, travel and hospitality, education, and other verticals (energy and utilities, manufacturing, and transportation and logistics). The media and entertainment vertical is expected to account for the largest market size during the forecast period. The growth of the vertical is due to the rise in the demand for WCM solutions and services across media and entertainment firms to provide more personalized content across different OTT platforms for better customer experiences. Moreover, the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period. The need to maintain patient records and improve patient care in real-time across different channels drives the adoption of WCM solutions and services. Moreover, demand for enhanced patient experiences and quality care for personalized treatments in real-time to drive the WCM market growth among healthcare and life sciences vertical.
North America to hold the largest market size during the forecast period
North America is the largest revenue contributor to the global WCM market. The region is witnessing significant developments in the WCM market. Many WCM providers are adopting various growth strategies to strengthen their positions in the market. The US government has provided support by promoting an ideal environment for research and innovation, leading to advancements in various fields of science and technology. APAC has witnessed the advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. The growing awareness for companies to edit images, videos, and content in real-time to make faster business decisions in key countries, such as China, India, and Japan, is expected to fuel the adoption of WCM solutions and services. The commercialization of AI and ML technology, giving rise to generate real-time data, and the need for further advancements to leverage its benefits to the maximum are expected to drive the adoption of WCM solutions and services in the region.
Major vendors in the global WCM market include include include Adobe (US), Microsoft (US), Oracle (US), OpenText (Canada), RWS (UK), Progress (US), Upland Software (US), RWS (UK), HubSpot (US), HCL (India), e-Spirit (US), Sitecore (US), Kentico (Czech Republic), Frankly Media (US), Duda (US), Agility (Canada), GX Software (Netherlands), Solodev (US), Siteglide (UK), Amplience (England), Contentful (Germany), Contentstack (US), Storyblok (Austria), Brandcast (US), Webflow (US), Bynder (Netherlands), Docsie (Canada), GraphCMS (Germany), Pantheon (US), and Strapi (France).
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