Content Moderation Services Market set to Witness Skyrocketing Growth by 2031 | At a CAGR of 12.2%
The rise in the adoption of cloud-based services, and the emergence of social networking platforms will strengthen the market’s growth for the future.
PORTLAND, PORTLAND, OR, UNITED STATES, September 14, 2023/EINPresswire.com/ — As per the report, the global content moderation services industry was accounted for $8.5 billion in 2021, and is expected to reach $26.3 billion by 2031, growing at a CAGR of 12.2% from 2022 to 2031. The increase in user-generated content in various online platforms is a major growth driver for the content moderation services market. The market is driven by the increase in accessibility of the Internet all over the world.
Growing adoption of learning management system for corporate training and awareness among students have boosted the growth of the global content moderation services market. However, high initial and maintenance cost hinders the market growth. On the contrary, advent of social networking platforms and adoption of novel technologies would open new opportunities in the market.
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Covid-19 scenario:
• The Covid-19 changed business operations scenario in the corporate world. WIth physical contact no longer being an acceptable form of communication, businesses and companies shifted toward content moderation services to maintain productivity.
• Several countries such as the US and Europe required certain employees to work remotely for extended period, which fueled the market growth.
On the basis of components, the solution segment dominated the content moderation services market size in 2021 and is expected to continue this trend during the forecast period. The adoption of content moderation services provides numerous benefits to the industry such as, streamlining the business process, eliminating the manual process, and reducing time and costs, further fuel the growth of the market. However, the services segment highest growth in market share in the upcoming year. The adoption of content moderation services enhances software implementation, maximizes the value of existing installation by optimizing it, and minimizes the deployment cost & risks, and others, further fuel the growth of the content moderation services market for this segment.
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By deployment mode, the cloud segment would showcase the highest CAGR of 15.0% from 2022 to 2031. Factors such as rise in the adoption of cloud-based content moderation services due to low cost and easier maintenance drive the growth of the global content moderation services market. However, the on-premise segment held the largest share in 2021, contributing to nearly three-fifths of the market, due to the numerous advantages offered by the on-premise deployment such as a high level of data security and safety.
By content type, the video segment held the largest share in 2021, accounting for more than half of the global content moderation services market. Deepfake unsuitable content, explicit content, and suggestive content are damaging a person’s or a company’s reputation. Therefore, content moderation services for videos are being increasingly adopted to maintain the universality and dependability of online video streaming and to remove such hazardous films from the platform. However, the text segment is projected to manifest the highest CAGR of 14.5% during the forecast period. Content moderation services for texts are created to monitor user-generated content in real-time and filter the undesirable ones in accordance with the platform or regulatory requirements. By doing this, businesses are able to quickly accomplish their objectives and enhance the user experience on the platform.
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Region-wise, Asia-Pacific dominated the market share in 2021 for the content moderation services market. Adoption of content moderation services growing steadily to meet increasing demands from today’s businesses to enhance their business process and improve the customer experience will provide lucrative opportunities for the market in this region. However, LAMEA is expected to exhibit highest growth in the upcoming years. The adoption of content moderation services in this region assist to improves the business operation, and increase the company’s profitability. This evolving organizational structure together with the rise in adoption of cloud-based technologies is projected to create growth opportunities for the market in the future.
The key players that operate in the content moderation services market analysis are Accenture PLC, Alibaba Cloud, Alphabet Inc., Amazon Web Services Inc., Appen Limited, Besedo Global Services AB, Cogito Tech LLC, Genpact Limited, Microsoft Corporation and Wipro Limited. These players have adopted various strategies to increase their market penetration and strengthen their position in the content moderation services industry.
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