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Cloud Collaboration Market Worth USD 42.57 Billion by 2021 - Rising Adoption of Cloud-Based Solutions Among SMEs - Research and Markets

[June 13, 2016]

Cloud Collaboration Market Worth USD 42.57 Billion by 2021 - Rising Adoption of Cloud-Based Solutions Among SMEs - Research and Markets

Research and Markets has announced the addition of the "Cloud Collaboration Market - Global Forecast to 2021" report to their offering.

The emerging trend of mobility & BYOD and the need for secure & efficient solutions which can enhance the employee's productivity are the key driving factors of market. With the rising adoption of cloud-based solutions among SMEs, cloud collaboration market is expected to have considerable growth opportunities during the forecast period.

The cloud collaboration solutions are being increasingly adopted in various verticals, such as manufacturing, education, and others, which have led to the growth of the market across the globe. The media and entertainment sector is expected to grow at the highest rate from 2016 to 2021 in the cloud collaboration market, whereas Banking, Financial services, and Insurance (BFSI) sector is expected to dominate the market with the largest market share in 2016.

North America is expected to dominate the cloud collaboration markt by having the largest market share from 2016 to 2021 due to the presence of a large number of cloud-based solution vendors. Latin America offers potential growth opportunities as there is rise in technology penetration and organizations are focusing on offering better customer experience to gain competitive advantage.

However, lack of security and downtime in cloud act as the restraining factors for the market to grow. Some of the major challenges in the market are stiff competition and redesigning the network for cloud.

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