Revenue for the CMS market for the media industry is expected to hit $1.44 billion in 2024, finds Frost & Sullivan
SANTA CLARA, Calif., Sept. 26, 2019 /CNW/ -- With media organizations looking to deliver a seamless experience and achieve next-level customer engagement across devices, there will be an exponential rise in demand for content management systems (CMS). Revenue for the CMS market for the media industry is expected to increase from $556.8 million in 2018 to $1.44 billion in 2024, recording a compound annual growth rate (CAGR) of 17.2%.
"Challenges with scalability and functionality upgrades will drive media organizations with homegrown solutions to adopt third-party CMS solutions in the long term," said Deviki Gupta, Digital Transformation Industry Analyst. "In order to remain competitive and drive adoption, vendors are adding features and functionality, including a deeper metadata schema to improve searchability, cloud deployments to improve accessibility, and monetization tools to help media organizations generate revenue."
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Frost & Sullivan's recent analysis, Global Content Management Solutions Market for the Media Industry, Forecast to 2024, examines the trends impacting the global proprietary content management solutions market for the media and entertainment vertical and outlines future implications. It also discusses hyperconnectivity, proliferation of devices and growing digitization of news in North America and Latin America (NALA), Asia-Pacific (APAC), and Europe, the Middle East, and Africa (EMEA).
"As media consumption habits evolve, vendors' ability to align services to meet consumer demands for speed, security, and personalization will determine market success," noted Gupta. "There is stiff competition among vendors and strategic acquisitions that gain market share are also expected to alter the competitive landscape."
The NA and EMEA markets will continue to grow strongly. NA will be driven by greater penetration among small- and medium-sized media organizations and new media platforms. The APAC market is, however, restricted by the slower pace of digitization of news. For additional growth opportunities, vendors are likely to:
- Diversify into new media such as e-sports and gaming by securing strategic partnerships with online gaming vendors.
- Replicate the media CMS model for the education vertical by delivering tools to enable educational institutions to monetize research and drive revenue.
- Weigh benefits of acquisition opportunities to increase market share and identify geographical markets and segments for business expansion.
Global Content Management Solutions Market for the Media Industry, Forecast to 2024 is part of Frost & Sullivan's global Digital Media Growth Partnership Service program.
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SOURCE Frost & Sullivan