Communication Software Market to Reach $2.6 Billion, Globally, by 2031 at 10.3% CAGR: Allied Market Research
PORTLAND, Ore., May 25, 2023 /PRNewswire/ -- The growing need for remote work and the use of digital communication channels like email, messaging apps, video conferencing, and social media have increased the need for unified communication and collaboration solutions in recent years. The rising demand for remote communication services from businesses is driving the growth of the global communication software market.
Allied Market Research published a report, titled, "Communication Software Market by Deployment Model (Cloud and On-Premises), Enterprise Size (Large Enterprises and Small & Medium Enterprises), Industry Vertical (BFSI, Manufacturing, Retail, Healthcare, IT & Telecom, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031". According to the report, the global communication software market generated $1 Billion in 2021, and is anticipated to generate $2.6 Billion by 2031, witnessing a CAGR of 10.3% from 2022 to 2031.
Prime Determinants of Growth
A rise in remote work along with the increasing need for virtual meetings and the growing adoption of smartphones and other mobile devices across the globe are the major factors predicted to boost the growth of the global communication software market during the forecast period. Besides, the technological advancements and the utilization of cutting-edge technologies like blockchain, artificial intelligence, and machine learning in communication software are expected to creative numerous growth opportunities for global communication software market by 2031. However, security concerns and high implementation costs of communication software may impede the communication software market growth in the coming years.
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Cloud Sub-segment to Grow at the Highest CAGR by 2031
Based on deployment model, the cloud sub-segment held the highest market share in 2021 and is estimated to show the fastest growth during the forecast period. The significant growth of the communication software market's sub-segment is mainly owing to the increasing number of employees working remotely, resulting in the growing demand for cloud-based platforms for efficient team collaboration across companies. With the help of cloud-based solutions, remote teams are able to manage projects of all sizes and streamline their business processes.
Large Enterprises Sub-segment to Maintain its Leadership Status During the Forecast Period
Based on enterprise size, the large enterprises sub-segment held the highest market share in 2021 and is estimated to portray the largest CAGR during the forecast period from 2022 to 2031. The rising need for efficient and effective communication solutions from large enterprises due to their complex communication requirements is expected to drive the sub-segment's growth in the coming years. Besides, with the integration of new technologies, advanced capabilities like predictive analytics, automatic answers, and improved security are being added to communication software, which is expected to boost the growth of the large enterprises sub-segment in the communication software market by 2031.
IT and Telecom Sub-segment to Maintain its Leading Position by 2031
Based on industry vertical, the IT and telecom sub-segment accounted for the largest share in the communication software market in 2021 and is expected to maintain a leading position in terms of CAGR during the forecast period. The increasing demand for communication software that can support remote work and collaboration is the major factor driving the growth of the IT and telecom sub-segment. Besides, the ability of communication software to handle various devices and offer dependable connectivity in the IT and telecom is expected to augment the communication software market sub-segment's growth by 2031.
North America Region to Garner Largest Revenue by 2031
Based on region, North America held the highest market share in terms of revenue in 2021 and is likely to dominate in the global communication software market during the forecast period. The development of communication software is supported by the region's well-established technological infrastructure. The growing need for communication software in the North America region is anticipated to rise further as cloud-based technologies and the Internet of Things (IoT) become more widely used as this software is crucial in fostering collaboration, which is becoming more and more vital in the workplace.
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Leading Market Players: -
The report provides a detailed analysis of these key players in the global communication software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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SOURCE Allied Market Research