A New Market Study, titled “Enterprise Collaboration Market Upcoming Trends, Growth Drivers and Challenges” has been featured on Market Research Future.
Market Research Future (MRFR) reveals that the enterprise collaboration market 2020 can expect to touch USD 69.93 Billion by the year 2024. The market is also projected to progress at a rate of 15.23% from 2018 to 2024 (evaluation period). We will provide COVID-19 impact analysis with the report, along with the developments post the coronavirus disease outbreak.
Key Boosters and Main Barriers
The COVID-19 outbreak has forced companies to redefine their IT strategies, and make use of advanced collaboration tools to maintain communication. A rising number of organizations following the pandemic and the growing prevalence of the work from home model are now more focused on the use of enterprise collaboration tools to help their workforce operate remotely without compromising on their productivity. The lockdown compelled companies to adapt to the work from home model, thereby increasing the dependency of employees on advanced tools to communicate, engage and collaborate with their colleagues. Experts believe that in the post SARS-CoV-2 era, firms that are aiming to remain productive with the help of virtual collaboration will not only survive but also thrive in the upcoming period. In a way, the novel coronavirus has thrown light on the importance of using effective collaboration solutions such as virtual meetings and more.
Enterprise collaboration as a whole is picking up speed among companies, especially since the COVID-19 impact on various aspects of the global economy. Companies that aim for better communication between various offices at diverse locations, efficient remote workers, and keep together their distributed workforces are increasingly opting for collaboration tools such as web-based video and audio conferencing systems. With these tools, employees are able to use either mobile devices or desktop with access to the Internet and experience an immersive meeting that is not much different from an actual conference. The rising uptake of these innovative tools to facilitate smoother communication between employees and offices could be favorable for the enterprise collaboration market.
It is projected that the rapid development of several enterprise platforms as well as tools like Jira software, Smartsheet platform and Blink mobile app can significantly benefit the global market. A trend picking up momentum in the enterprise collaboration market is the mounting adoption of cloud-based collaboration tools, as these help employees work remotely and conduct group collaboration, real-time communication and meetings. The post-pandemic has been good with respect to cloud computing, given that it is easy to deploy and maintain, is accessible 24/7, syncs the shared presentations and files automatically, boosts mobility, to name a few. Leading firms are adopting product innovation strategy to make their collaboration tools more advanced and appealing to the end-users.
To illustrate, in July 2020, Riverbed Technology Inc. developed a solution that boosts the functionality of remote Microsoft collaboration tools. It comprises SaaS Accelerator 1.2 which helps boosts Dynamics CRM and Office 365 while the eCDN helps accelerate Microsoft Teams as well as Stream live events.
Enterprise Collaboration Industry can be considered depending on component, type, organization size, deployment as well as vertical.
The primary components taken into account by MRFR are solutions along with services.
The key types of enterprise collaboration can be synchronous and asynchronous.
The organization size-wise market segmentation covers large enterprises as well as SMEs or small and medium enterprises.
With respect to deployment, the key categories are cloud as well as on-premise.
Education, travel & hospitality, retail, BFSI, energy & utilities, transportation & logistics, healthcare, IT & telecommunications, government are the main verticals considered in the market study.
The enterprise collaboration market share across the globe is split into North America, APAC/Asia Pacific, Europe and the Rest of the World/RoW.
The enterprise collaboration market is currently headed by North America, which is home to a huge number of IT giants such as Microsoft Corporation, Oracle Corporation, IBM Corporation, and more that offer cloud-based enterprise collaboration services and solutions. Canada, Mexico and the US will remain the leading adopters of enterprise collaboration tools in light of the growing need to streamline essential processes, boost worker engagement as well as employees collaboration. Over the coming years, North America could witness a surge in the demand for cloud-based collaboration solutions across IT & telecom, healthcare and BFSI.
Europe is the second biggest gainer in the global market, thanks to the escalating deployment of secured and advanced enterprise collaboration tools for better management in enterprises across Italy, the UK, Portugal, France, the Netherlands, Spain, Austria, Germany and Sweden to name a few. The market here also gains from the increasing prominence of social networking platforms and tools among verticals like retail, IT & telecom, healthcare, BFSI, education and government.
As the third highest revenue generating market, APAC is racing ahead backed by the escalating demand for enterprise collaboration tools and solutions among the IT & telecom and financial service industries. The rising spending by enterprises across Singapore, Japan, India, Malaysia, Australia and China on the deployment of efficient collaboration tools for both external and external across the border communication also aids market growth. Apart from this, the high demand from the e-commerce and retail industry for these tools can also be credited for the immense business growth in APAC. Philippines, Vietnam, South Korea, Thailand, Indonesia, Myanmar and Sri Lanka are some of the emerging countries that present several growth opportunities to the eminent firms.
Renowned Industry Players
The renowned industry firms identified by MRFR are Atlassian Corporation Plc, Salesforce.com, Inc., Slack Technologies, Jive Software, VMware, Inc. (Dell Technologies), SAP SE, Microsoft Corporation, Adobe Inc., Google LLC, TIBCO Software Inc., IBM Corporation, Mitel Networks Corporation, Cisco Systems, Inc., Facebook Inc., Igloo Software, to mention a few.
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