Enterprise Collaboration Market - Growth, Trends, and Forecast (2019 - 2024)
The Enterprise Collaboration Market was valued at USD 32.74 billion in 2018 and expected to register a CAGR of over 10.7% during the forecast period (2019 - 2024). A BYOD strategy can greatly improve corporate data and application availability to workers on the go or off the clock. Cloud-based collaboration solutions like those offered by Zoom, Vidyo, and Bluejeans bring video collaboration and mobile screen sharing to the enterprise at a fraction of the cost of traditional, infrastructure-based Unified Communications (UC) deployments so that more employees can collaborate more effectively and more frequently. The business benefits of a BYOD strategy will enable higher availability and encourages more collaboration.
Business communications are getting more intelligent and contextual, owing to emerging technologies, such as APIs integration, which is a key driver for the market. Companies are moving towards a developer-friendly API cloud platform which includes developer tools such as sandbox, dashboards, and sample code. International banks of all sizes in Europe, Asia, and Latin America have embraced face-to-face video banking for enhanced customer engagement to increase customer loyalty lost during the transition to online banking.
Increase in usage of mobile devices for collaboration is a key driver for the market, as mobile collaboration means creating flex time (means one can make better use of dead time to sweep away all those issues that can be dealt with quickly). With mobile, in those brief periods of time, one can use those little intervals to deal with many issues that can otherwise stack up during the day. Organizations have an opportunity to build collaboration apps with features that have not been seen before. Workers on factory, restaurant or retail floors can gain access to information and colleagues they previously had little contact with in real time, enhancing their ability to perform their jobs.
Security concerns in data collaboration, as many collaboration tools are encompassed which make it harder for an organization to keep the information and data away from the potential threat, which is a key challenge for the market.
Scope of the Report
Enterprise collaboration market is currently seeing a burst of innovation that's led to several new approaches that have real potential to become digital workplace breakthroughs. The demand for cloud-deployed enterprise collaboration solutions is increasing in organizations due to its scalability functions. Virtual reality, data collaboration, visual collaboration tools, and artificial intelligence bots are changing the way that enterprises conduct business.
Key Market Trends
Cloud-Based Deployment to Increase the Market Growth
The cloud - based deployment to workload is expected to be primarily driven by the consistent rise in the data generated as the several industry verticals are dealing with massive volumes of data and data center is more suited for an organization that has to run many types of applications and complex workloads and pertaining to enterprise collaboration, it enables to achieve high productivity with access to real-time data with all application tools.
In recent years, enterprise social collaboration (ESC) solutions have been able to connect people around the world effectively. Social applications have been limited by technology and may work fine for one department, but not for another. With the advent of the cloud, the integration of social collaboration solutions is easier than ever.
Majority of the SMEs (small medium enterprise) are adopting cloud deployment, as these solutions help SMEs in avoiding costs related to hardware, software, storage, and technical staff and also helps in the scalability of the data in the collaboration market.
Hybrid landscapes of public and private cloud applications require integration in a homogeneous cloud, coordinated with the right tools. T-Systems operates dynamic services for collaboration in the high-security private cloud, fully compliant with Germany’s strict data privacy and protection laws.
North America is Expected to have the Largest Share
The market in North America is increasing as the region is the earliest adopters of cloud technologies and has an advanced infrastructure capability leading to the largest revenue generator for the market.
Companies in the region are moving beyond the public cloud and stepping into a new era of hybrid IT that combines public cloud, private cloud, and traditional IT. These organizations have implemented a hybrid cloud strategy as it is helping them to improve the way they run their collaboration business.
To build internal and external knowledge repositories, organizations, such as the US Joint Forces Command and US Department of Defense, as well as many local and state agencies, have started to use the collaborative technologies.
The United States is leading the market due to early adopter of enterprise collaboration tools, such as video and audio conferencing software, application sharing tools and web services.
The enterprise collaboration market is not highly fragmented and consolidated as the top players are approaching for approximately large share and with numerous small players in the enterprise collaboration are spacing for a substantial pie of the market which is also moving towards giving a high rivalry competition. Key players in the market are Microsoft Corporation, Huawei Technologies Co. Ltd, Adobe Systems Inc., etc. Recent developments in the market are -
May 2019 - Lenovo announced a handful of new Think Devices, such as ThinkPad, ThinkCentre, ThinkBook, and ThinkReality. It brings businesses with a solutions-based approach comprised of both software and hardware. It is designed to help enterprise workers use AR applications to receive assistance, reduce repair times, eliminate errors, streamline complex workflows, improve training quality, collaborate and save money.
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