Global Enterprise Collaboration Market
New research report on the Enterprise Collaboration Market, found on the Qualiket Research website revealed a great deal about market dynamics. These dynamics influence the market growth from a very miniscule level to its holistic standard & can traverse limitations to assist the market achieve an impressive growth rate during the forecast period of 2020-2027.
Global Enterprise Collaboration Market was valued at USD 30.55 billion in 2019 which is expected to reach USD 49.88 billion by 2027 at a CAGR 8.5%.
Enterprise collaboration is a system of communication that enables employees and teams within the enterprises to share information with each other on projects, via collaboration platforms, unified communication tools, file synchronization and sharing exchanges, enterprise social networking tools, corporate intranet portals and other project management solutions. Key benefits of encompassing an enterprise collaboration strategy include:
- Enhanced productivity and efficiency throughout the enterprise
- Seamless coordination among project workflows and teams
- Streamlining work and empowering business performances
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These are enterprise video conferencing tools used by diverse workforce or remote teams to conduct live video conferences that allow the users to have virtual meetings, chat, collaborate and share document and discuss project workflows in real-time. Some of the popular video conferencing solutions include- Skype, Zoom, Webex, and others.
Enterprise file synchronization and sharing (EFSS) refers to solutions used within the enterprises to securely share and sync files, project documents, videos and images across multiple devices. EFSS
solutions allow enterprises to use cloud storages or on-premises storages as per their compliance needs. Some popular EFSS solutions include- Box, Dropbox, Google Drive, Microsoft OneDrive and others
Unified messaging solutions enables employees within the enterprise to share and send messages to each other via mailbox. This include email messages, instant messaging, chats, and emergency communications and notifications. Some major unified messaging tools include- Software AG’s Universal Messaging, Google Hangouts Chat and others.
Portals and Intranet Platforms
Intranet portals are collaborative platforms that unifies access to enterprise-wide information and application on an intranet. This is used for corporation communications, employee engagement and conversations, knowledge sharing, enterprise search and more. Some major enterprise intranet platforms include- Jive Intranet Platform, Microsoft SharePoint and others.
The global Enterprise Collaboration market is estimate to grow at a CAGR of 11.1% from 2019-2027, as enterprise are looking for communication and collaboration tools for enhanced team productivity and efficiency. The rising demand for unified communication platforms from emerging and developing economies such as Asia-Pacific and Middle East & Africa, would fuel the market growth in the coming years
The market in Asia Pacific Region is projected to exhibit the highest growth at a CAGR during the forecast period, owing to the increasing demand for unified collaboration and communication solutions in emerging economies such as China, India and others.
In the Solution segment, Enterprise Video segment is expected to dominate the Enterprise Collaboration market throughout the forecast period
Among the Industry segment, IT & Telecom, Healthcare and Retail & CPG industry segments is expected to drive the market demand for enterprise collaboration solutions.
The global workforce dynamics are changing drastically, with increase in demand for collaboration, co-ordination and communication within the teams. As the employees are working differently across geographies, departments and projects, they require certain tools to collaborate and communicate seamlessly, to increase productivity and higher engagement levels. This is essential for both internal as well as external enterprise collaborations, where the employees are more informed and connected internally and can engage with external customers via social media networks for enhanced customer satisfaction. Hence, the enterprises are looking for an effective collaboration strategy to streamline workflows and effective project management.
Increase in use of networking websites is the key driving factor which is expected to boost the global enterprise collaboration market growth. Furthermore, rise in use of mobile devices for collaboration which is expected to propel the growth of global enterprise collaboration industry during this the forecast period. Increase in technological advancements will have the positive impact on global enterprise collaboration market growth. Moreover, increase in collaboration, mergers and acquisition activities is expected to fuel the global enterprise collaboration market growth. For instance, In July 2019, Cisco system collaborated with Adelboden, where Cisco systems will provide the Cisco Meraki Wireless, security solutions, and Cisco Webex collaboration for new for new Mountain LAB in Adelboden.
With the increasing trend for document and file sharing across the teams and departments, there comes certain security issues as well. These unintended security risks and issues can be invited while sharing information across the collaboration and communications tools, sometimes without the IT administrator’s authorization. The increasing trend for BYOD for unified enterprise communications is creating large surface for security risks and vulnerabilities, which can be exploited, if not monitored strictly. Hence, such security concerns might hinder the adoption for collaboration tools across the industry.
However, high cost of implementation and security and privacy concerns in data collaboration are the restraining factors which are expected to hamper the global enterprise collaboration market growth.
AI and machine learning has been increasingly integrated to a broad range of business operations now-a-days. In today’s connected digital workplace AI-powered tools have increased the value proposition by automating business workflows for improved productivity and efficiency. Many prominent enterprise collaboration vendors such as Microsoft, Cisco, Google, and others have introduced different flavors of AI capabilities into their enterprise collaboration tools to make them smarter, conversational and proactive. Hence, in the coming years, with the advancement as well as adoption of AI technologies, the market is projected to grow.
Global Enterprise Collaboration Market is segmented into enterprise size such as Small and Medium Enterprises, and Large Enterprises, by components such as solutions (Enterprise Video, Gateways and Intranet Platform, File Sharing and Synchronization, Enterprise Social Network, and Others), and Services (Managed Services, and Professional Services). Further, Global Enterprise Collaboration Market is segmented into industry vertical such as BFSI, Retail, Public Sector, Healthcare, IT & Telecommunication, and Others.
Also, Global Enterprise Collaboration Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as Atlassian Corporation PLC, Vonage Networks LLC,Fuze Inc., 8×8, Inc, Igloo, Inc, Facebook, Inc, VMware, Inc., Slack technologies, Inc, Microsoft Coporation, IBM Corporation.
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