Summary
A New Market Study, titled “Enterprise Collaboration Market Upcoming Trends, Growth Drivers and Challenges” has been featured on Market Research Future.
Market Overview
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.
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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.
Market Segmentation
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.
Regional Insight
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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According to the latest report published by “Data Bridge Market Research”, the Enterprise Collaboration Market is anticipated to grow at a steady pace over the forecast period 2019 – 2026.
The report sheds light on the various trends and restraining factors that are expected to shape the growth of the Enterprise Collaboration Market in the upcoming years.
The report ponders over the various parameters that are expected to impact revenue generation, sales, and demand for the Enterprise Collaboration in the various regional markets.Global enterprise collaboration market is expected to grow at a healthy CAGR of 11.54% during the forecast period of 2019 to 2026.
The upcoming market report contains data for historic year 2017 the base year of calculation is 2018 and the forecast period is 2019 to 2026For In-Depth Review | Get Sample PDF@ https://www.databridgemarketresearch.com/request-a-sample/?dbmr=global-enterprise-collaboration-marketTop Manufacturers Covered in the Report:Few of the major competitors currently working in the global enterprise collaboration market are Microsoft, Huawei Technologies Co. Ltd., VMware, Inc, Adobe, Mitel Network Corp, Atlassian, SAP SE, Slack TIBCO Software Inc, Plantronics, Inc.Salesforce.com Inc., IBM Corp., Cisco System Inc., Zoho Corporation Pvt.
Ltd., Jive Software, Axero Solutions, LLC., Igloo Software., GlobalLogic, Smartsheet Inc., Deskera among others.Market Drivers:Enterprise collaboration enables drives optimal productivity and performance which acts as a driving factor for the market growthIt reduces the travel and phone costs hence is a driver for the market growthProvides the flexibility and agility for a business, enhancing the market growthFace-to-face video banking with a view to enhancing customer relationships which is propelling the growth of the market growthSegmentation: Global Enterprise Collaboration MarketGlobal Enterprise Collaboration Market By Component (Solution, Services),Deployment Type (Cloud, On Premises)Organization Size (Large Enterprises, Medium Enterprises, Small Enterprises)Vertical (IT & Telecommunication, BFSI, Public Sector)Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) - Industry Trends and Forecast to 2026Want Full Report?
They also had loaded some new features such as integrated slack messaging and zoom video calling.
Global Enterprise Collaboration Market, By Component (Solutions, Services), By Type (Asynchronous, Synchronous), By Organization Size (Large Enterprises, SMEs), By Deployment (Cloud, On-Premise), By Vertical (BFSI, IT & Telecommunications, Retail, Healthcare, Travel & Hospitality, Transportation & Logistics, Government, Energy & Utilities, Education, Others) - Industry Forecast till 2024Market HighlightsAdoption of enterprise collaboration tools has been getting a boost in the recent years with key players such as Slack Technologies, Microsoft Corporation, and Facebook Inc. releasing featured upgrades enabling their collaboration software to work efficiently for enterprise users.
In May 2019, Microsoft Corporation also made interface changes to its Teams collaboration tool, permitting administrators to let quickly add or remove team members, and change user settings and make changes across the whiteboard.
Growth and development of various enterprise platforms and tools such as Blink mobile app, Jira software, Smartsheet platform among others is expected to drive the market across the globe.Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/8018Key PlayersMRFR recognizes the key players in the global enterprise collaboration market as – VMware, Inc. (Dell Technologies), Adobe Inc., Cisco Systems, Inc., Atlassian Corporation Plc, Facebook, Inc., Microsoft Corporation, Igloo Software, Jive Software, Mitel Networks Corporation, Salesforce.com, Inc., SAP SE, Slack Technologies, TIBCO Software Inc., Google LLC, and IBM Corporation.The prominent players keep innovating and investing in research and development to present a cost-effective product portfolio.
There has been recent mergers and acquisitions among the key players, a strategy the business entities leverage to strengthen their reach to the customers.Key SegmentsAccording to Market Research Future, the enterprise collaboration market has been segmented on the basis of component, type, organization size, deployment, vertical, and region.By component, the market has been segmented into, solutions and services.By type, the market has been segmented into asynchronous and synchronousBy organization size, the market has been segmented into Large enterprises and SMEs.By deployment, the market has been segmented into cloud and on-premiseBy vertical, the market has been segmented into BFSI, IT & telecommunications, retail, healthcare, travel & hospitality, transportation & logistics, government, energy & utilities, education, and others.Regional AnalysisThe global market for enterprise collaboration is estimated to grow at a significant rate during the forecast period from 2018 to 2024.
The geographical analysis of enterprise collaboration market has been done for North America (the US, Canada, Mexico), Europe (the UK, Germany, France, Spain, Italy, the rest of Europe), Asia-Pacific (China, Japan, India, Singapore, Australia, the rest of Asia-Pacific) and the rest of the world (the Middle East and Africa and South America).Among these, the North America region dominates the market due to the presence of key market players such as IBM Corporation, Microsoft Corporation, Oracle Corporation, and others offering cloud-based enterprise collaboration solutions and services which is accelerating the market growth in this region.
North America region is expected to experience a surge in embracing cloud-based enterprise solutions across various sectors mainly BFSI, IT & telecom and healthcare.
