Tech-savvy Component Content Management Systems Combined with AI Chatbots Target SMEs
Collaborative alliances is one of the most prominent trends that is gauging market growth in component content management systems (CCMS). For instance, Allstate Business Insurance— a provider of insurance solutions to SMEs (Small Medium Enterprises) in the U.S., announced to join forces with Jorsek LLC, a specialist in structured content software and solutions, and developed an AI chatbot ABIE using the latter’s flagship product easyDITA. As such, the market share of SMEs is projected to take a leap from ~23% in 2019 to ~29% by the end of 2027 in the component (document) content management system market.
Companies in the component (document) content management system market are increasing their focus on meeting the needs of stakeholders in SMEs, since companies are aware that SMEs conduct dedicated research practices. Hence, creating the availability of tech-savvy component content management systems helps SMEs to locate exact component from a large pool of content. Likewise, companies are increasing efforts to simplify the conversations of SMEs with insurance solutions providers.
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Unified Project Initiatives Improve Traceability between CCMS and Translation Management Systems
Companies in the component (document) content management system market are improvising on ways to enhance the distribution of global content. For instance, TransPerfect— an Astoria Software company, announced its initiative under their GlobalLink NEXT annual conference to collaborate with Vasont Inspire (acquired by TransPerfect in 2013) in order to adopt the best practices for managing global content. Such strategic collaborations are bolstering the growth of the component (document) content management system market.
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Interactive project initiatives have led to the development of unified platforms that deploy authoring, translation, and distribution of global content. Unified project initiatives are improving the traceability and integrity between component content management systems and translation management systems. These advancements are simplifying the process of managing multi-lingual content. Companies are innovating in CCMS platforms that offer flexibility in managing and organizing content. With the help of collaborative projects, users can optimize their translation supply chain.
Analyzing User Needs and Resources Helps Optimize Information Architecture
The component (document) content management system market is anticipated to expand at a striking CAGR of ~11% during the forecast period. However, certain drawbacks of component content management systems are predicted to impede market growth. For instance, several users have stated that the implementation of CCMS could significantly slow down its implementation in routine business practices due to unnecessary bundled features that may not seem important. Hence, companies are educating users to analyze their needs and resources before adopting component content management systems.
The trend of adopting the open-standard DITA CMS (Darwin Information-Typing Architecture Content Management System) is revolutionizing the component (document) content management system market. Hence, users are brainstorming over optimizing their information architecture. Moreover, companies are guiding users to develop a content strategy and determine its content model to use CCMS for its full potential. They are educating users about granular control of content with the creation of custom metadata fields that help to streamline internal workflows.
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Intelligent CCMS Boost Credibility Credentials of Companies as Use of Software Scales Globally
Intelligent component content management systems are gaining global recognition and building the credibility of leading players. For instance, in November 2019, SDL plc— a U.K.-based leading multinational professional services company, announced that their product SDL Tridion Docs is being highly publicized as the market’s one of the most top-performing component content management system by independent analyst firm Ars Logica. As such, the component (document) content management system market in Europe is anticipated to generate third-highest revenue by the end of the forecast period.
Authoring of business critical information and consistency in product documentation are some of the key focus points of companies in the component (document) content management system market. Hence, companies are increasing their R&D activities to develop intelligent CCMS that ensures accuracy in product documentation and are innovating in software that scale globally. As such, the revenue of software is predicted for exponential growth in the component (document) content management system market. Intelligent CCMS platforms are pooling multiple contributors to accurately translate and deliver structured content.
Component (Document) Content Management System Market: Overview
- The component (document) content management system market is expected to register a CAGR of ~11% between 2019 and 2027. The market is projected to be driven by the increasing focus on managing large volumes of enterprise data.
- The global component (document) content management system market is expected to reach ~US$ 5.5 Bn by 2027 from ~US$ 2.5 Bn in 2019. Increasing demand for content optimization software is expected to boost the growth of the market.
- The component (document) content management system market in Asia Pacific and Middle East & Africa is anticipated to expand at a rapid pace during the forecast period, followed by South America
- North America remained the dominant leader in the global component (document) content management system market in the year 2019, primarily due to strong adoption of workflow automation technologies by SMEs
- North America is projected to see significant growth in the global component (document) content management system market during the forecast period. Strong adoption of digital and virtual software is expected to drive the consistent growth of the North America component (document) content management system market.
Component (Document) Content Management System Market: Definition
- The component (document) content management system market provides analysis of the global component (document) content management system market for the period 2017 – 2027, wherein 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- The report studies the component (document) content management system market from the perspective of different components and industry verticals
Component Content Management System Market: Snapshot
- North America is seen as a new growth hub for managing enterprise content. Asia Pacific is expected to see highest opportunity addition in the component (document) content management system market globally, with North America being the next closest region.
Key Growth Drivers of Component (Document) Content Management System Market
- Increasing Focus on Enhancing Customer Engagement Process: Across the globe, the focus on enhancing the customer engagement process is increasing due to intense competition between solution providers. The customer engagement process is crucial across industries. Personalization/ customization, timeliness, and connectivity are the three foundations of exceptional customer engagement. The need to provide accurate and precise information related to product, company, and stakeholder documents is increasing. Immense growth in adoption of translation services is seen within component content management systems. As per the primary done in Transperfect, the company charges US$ 25 per 2000 words for English to German translation. Component content management systems have enabled enterprises to manage/ customize/personalize documents according to the needs of customers, which has indirectly impacted revenues positively. This has also helped companies in product development, client retention, and in drastic reduction in cost of content management.
- Increasing Demand for Content Optimization Software: The enterprise content management segment is expected to surpass US$ 55 Bn by year 2021. This indicates that the volume of content is increasing exponentially on a YoY basis. The need to manage the content for better communication with customers is growing. Component content management systems eliminate the risk of duplication and mismanagement of content. The yearly cost of poor quality data in the U.S is approximately US$ 3 Tn whereas 12% is the average loss from bad data in relation to a company’s overall revenue. ECM systems are delivering US$ 7.50 for every dollar spent–up from 23% since 2012. The high ROI is the major driving factor for the market. Reduction in cost and improvement in the content production through this software is one of the major driving factors of the market. Increasing adoption by SMEs due to its ROI impact is expected to positively impact the component (document) content management system market across the globe.
Key Challenges Faced by Component (Document) Content Management System Market Players
- The cost of deployment of a component content management system and integrating it with the existing system is costly. The opportunity loss as well as revenue loss during the short term period could impact the growth of the market. Within Asia Pacific, enterprises still use the conventional system to manage the content. Integration of the conventional/old system with the new content management system could slow down the growth of the enterprise for a short period of time. This could impact the adoption level by SMEs and impact the growth of the market. The average CMS development services starts at US$ 2,200 and can reach US$ 15,000 for a small and medium enterprise. Such high costs would directly impact the adoption level of the software. Awareness about ROI and the efficiencies of the software for long-term growth could reduce the impact of the restraint in the CCMS market.
Companies are shifting toward advanced technology to gain competitive advantage in the component (document) content management system market apart from maintaining their position in the market.
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