Enterprise Collaboration Market Worth $48.1 Billion by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 16, 2019 /PRNewswire/ -- According to a new market research report "Enterprise Collaboration Market by Component (Solutions (Enterprise Video, Enterprise Social Network, Project Management and Analytics, Unified Messaging), Services), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets, the global Enterprise Collaboration Market size is projected to grow from USD 31.0 billion in 2019 to USD 48.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period. The adoption rate of enterprise collaboration is expected to grow, owing to increasing use of social networking websites and increasing usage of mobile devices for enterprise collaboration.
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Project management and analytics segment to grow at the highest CAGR during the forecast period
A project management and analytics solution defines, executes, and manages business processes using software. The project management solutions enable organizations to govern the progress of numerous activities associated with a business procedure. Furthermore, it allows teams to communicate through a single platform. The analytical insights provided by project management and analytics solutions help reduce the business process cost through increased efficiency and less disruption. With the growing number of businesses and rapid digitization across various verticals, project management and analytics solutions provide organizations with easy coordination and administration, along with economic benefits in terms of time and cost.
IT and telecommunication vertical to hold the highest market share during the forecast period
Majority of the Information Technology (IT) and telecommunication organizations are widely adopting the Bring Your Own Device (BYOD) trend. With increasing number of employees bringing their own devices, such as smartphones and tablets to work; a rise may be projected in the investment for solutions and systems to secure, manage, and support such devices. Hence, the high adoption of BYOD is expected to contribute to the growth of the Enterprise Collaboration Market in this sector.
Moreover, mobile traffic generated by enteprise collaboration solutions will demand high-speed networks from telecommunication providers, ultimately resulting in the increased profitability for the IT and telecommunication vertical. The IT and telecommunication vertical is further expected to witness a high adoption of enterprise collaboration solutions with the increased usage of Voice over Internet Protocol (VoIP) among enterprises. Moreover, a significant adoption of video conferencing among end users of telecommunication companies is expected to fuel the adoption of enterprise collaboration solutions in upcoming years.
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Asia Pacific to account for the highest CAGR during the forecast period
Asia Pacific (APAC) is expected to become a high potential market for enterprise collaboration, owing to the growing need for robust collaboration and enhanced decision-making across organizations. Several technological service providers in this region are partnering with solution providers to enhance and provide customized offerings as per the business requirements of local clients. The presence of regional solution providers is high in this region, and they offer multiple offerings with attractive pricing packages. Moreover, the presence of players, such as IBM, Cisco, Microsoft, and Adobe, with specialized offerings makes the enterprise collaboration ecosystem in APAC highly competitive.
There is a huge untapped market for enterprise collaboration solutions vendors in the developing countries of this region. Major contributors to the APAC Enterprise Collaboration Market are China, Japan, Australia and New Zealand (ANZ), Singapore, and the rest of APAC.
In the Enterprise Collaboration Market, key and emerging market players include IBM (US), Microsoft (US), VMware (US), Atlassian (Australia), Cisco Systems (US), Google (US), Adobe Systems (US), Facebook (US), Igloo Software (Canada), Jive Software (US), Mitel Networks (Canada), Salesforce (US), and SAP (Germany), Slack Technologies (US), Tibco Software (US), Bynder (Netherlands), Axero Solutions (US), Kaltura (US), Zoho Corporation (US), Highfive (US), Synacor (US), Limeade (US), HighQ Solutions (UK), Jostle (Canada), and Fuze (US).
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