Enterprise Collaboration Market: Global Industry Analysis and Forecast (2023-2029)

Enterprise Collaboration Market was valued at US$ 54.13 Bn in 2022 and the market size is expected to grow at a CAGR of 12.8% through the forecast period.
Enterprise Collaboration Market Overview:
Employees use enterprise collaboration, a type of communication and information system, to work together and complete various tasks across various departments within an organization. This system includes communication platforms, enterprise social networking platforms, corporate intranet, and public internet tools. A company's globally dispersed workforce, remote employees, and many offices in various places may all communicate effectively thanks to business collaboration technologies. Critical teams working on various projects communicate, interact, and work together in real-time thanks to collaboration. Organizations enhance productivity, create novel goods and solutions, and shorten time to market through strong organizational collaboration.

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Tools for writing and editing that help team members create and publish documents online. Engaging/networking websites and applications that help businesses use social media, networking, and blogging. Utilizing collaboration solutions, businesses create virtual teams that span different geographies and operate in unison. Tools for video conferencing are among the most popular collaboration methods in businesses.

COVID-19 Impact:

Numerous nations have stringent lockdowns, closures, and mobility restrictions as a result of the COVID-19 outbreak to stop the virus from spreading. Vendors have noticed a significant increase in demand for business collaboration products. Supply chain problems, border closures, and strict lockdowns all hinder the installation of Enterprise Collaboration networks on-site. Businesses are now spending less on operating expenses and putting more emphasis on sustainability and company continuity. During the second quarter, SMEs are expected to speed up the deployment of enterprise collaboration solutions.
Enterprise Collaboration Market Dynamics:
Market Drivers:

Real-time and remote collaboration tools are in greater demand. Enterprise collaboration platforms benefit businesses by facilitating seamless staff communication. This increases staff productivity and operational effectiveness, assisting businesses in achieving their objectives. The capabilities of enterprise collaboration tools, which include reviewing official emails, calendars, and contacts, include data synchronization and collaboration solutions across enterprises.

Additionally, video conferencing promotes more interesting dialogue and idea sharing among employees. The need to combine internal and external collaboration in one location, as well as the widespread use of social networking websites, are key drivers of this market. Organizations are increasingly focusing on enhancing collaboration and communication across multiple stakeholders that are located in various regions. The need to streamline communication is expected to drive the market for business collaboration. The majority of businesses prepare for growth, which necessitates efficient collaboration tools including document management, mobile collaboration, and social collaboration. The demand for such solutions is increased by the growing BYOD and enterprise mobility trends in all major regions.

Market Restraints:

Infrastructure and connectivity challenges. The developing and underdeveloped countries continue to rely on old-fashioned telecom infrastructure that is unable to provide low latency and high-capacity connectivity. It is exceedingly challenging to integrate workplace collaboration solutions like video conferencing and cloud services when there is no high-speed internet available. Organizations in these nations, therefore, rely more on audio-based communication to avoid the annoyance of poor visual and sporadic disconnections.

The market's growth is being hampered by a significant quantity of implementation. In addition, a challenge in responding to E-Discovery and legal risks is hindering the market's growth. Additionally, problems with data cooperation security brought on by various software techniques are limiting industry growth.

Market Opportunities:

Increasing use of AI and ML to enhance collaborative abilities, Enterprise collaboration platforms are incorporating cutting-edge technology like AI and ML to improve collaborative capabilities. AI-based business collaboration systems have the ability to monitor employee activity and shared content. This is done to speed up work completion and provide staff with expected business information. By combining visual analytics with production checkpoints, businesses may use video analytics to learn more about a variety of business applications, such as consumer behavior, staff retention, office utilization, and performance optimization.

Market Challenges:

Low internet speed has an impact on the level of service. Poor internet performance makes it difficult to collaborate. Since collaboration solutions only provide online services, having a slow connection results in sluggish file transfers, delayed message delivery, poor audio and video conferencing, and broken connections to remote workplaces. A bad connection results in interruptions or poor footage, which leads to miscommunication and a loss of time and effort.
Enterprise Collaboration Market Segment Analysis:
Based on Deployment Type, The Cloud-based segment is expected to grow at the highest CAGR during the forecast period. The steady growth in the amount of data generated is expected to be the main driver of cloud-based workload deployment. A data center is better suited for a business that needs to run a variety of applications and complicated tasks related to enterprise collaboration. Several industry verticals deal with a vast volume of data.



Based on Application, The Communication Tools segment is expected to grow with the highest CAGR during the forecast period. Enterprise social collaboration (ESC) systems have been capable of successfully connecting individuals during the forecast period. Due to technological limitations, social applications should be suitable for one area but not another. The development of communication tools has made it simpler than ever to integrate social collaboration solutions.

Based on End User, The IT and Telecommunication segment is expected to grow with the highest CAGR during the forecast period. The IT and telecom sectors have seen substantial changes as consumers now seek an improved experience more than ever before. In order to fulfil the rising demand from clients, IT and telecom businesses are seeking cutting-edge technologies to streamline their operational efficiency, decrease the "Time to Market" for their products and services, and boost overall corporate profitability.

The Enterprise Collaboration, which facilitates quicker platform connectivity, has thus begun to be used by IT and telecom enterprises. Particularly for the IT and telecom industries, many reliable suppliers provide Enterprise Collaboration services. Surpassing customer expectations is mostly made possible by Enterprise Collaboration.

 
Regional Insights:
The North America region dominated the market with XX % share in 2022. The North America region is expected to witness significant growth at a CAGR of XX% through the forecast period.

Due to the increasing adoption of workplace collaboration software by businesses for improved employee engagement and workforce collaboration, North America maintains the biggest market share. Due to the increased adoption of collaboration tools by large corporations as well as SMEs in the IT & telecommunications sector, the US has the largest market share among the North American nations. Because the growing adoption of enterprise collaboration solutions in nations including the UK, Germany, France, Spain, Italy, and Sweden, Europe accounted for the second-largest market share.

To the adoption of enterprise collaboration solutions in China, Japan, India, Australia, Singapore, South Korea, and other Asian nations, the Asia-Pacific region holds the third-largest market share and is expected to develop at the fastest rate. Key companies are concentrating their investments in this region to provide enterprise collaboration services to small- and medium-sized enterprises, and as a result, South America and the Middle East & Africa region are likely to have significant market growth.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Enterprise Collaboration Market dynamic, and structure by analyzing the market segments and projecting the Enterprise Collaboration Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Enterprise Collaboration Market make the report investor’s guide.
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Enterprise Collaboration Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 54.13 Bn.


Forecast Period 2023 to 2029 CAGR:
12.8%
Market Size in 2029:
US$ 125.81 Bn.


 Segments Covered:
by Deployment Type
Cloud-based
On-premise


by Application
Communication Tools
Coordination Tools
Conferencing Tools


by End User
IT and Telecommunication
Hospitals and Diagnostic Laboratories
Public Sector
Others



Enterprise Collaboration Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Key Players are:
1.IBM (US)
2.Microsoft (US)
3.Cisco (US)
4.Adobe (US)
5.Google (US)
6.Citrix (US)
7.Slack (US)
8.Facebook (US)
9.Salesforce (US)
10.Atlassian (Australia)
11.Igloo (Canada)
12.Jive (US)
13.VMware (US)
14.SAP (Germany)
15.Mitel (Canada)
16.RingCentral (US)
17.TIBCO Software (US)
18.Zoho (US)
19.Jalios (France)
20.Jamespot (France)
21.Box (US)
22.Bynder (Netherlands)
23.Axero (US)
24.blueKiwi (France)
25. Whaller (France)
26.Dropbox (US)
27.Kaltura (US)
28.Asana (US)
29.Clickup (US)
30.Chanty (US).

Frequently Asked Questions:

1] What segments are covered in the Global Enterprise Collaboration Market report?
Ans. The segments covered in the Enterprise Collaboration Market report are based on Deployment Type, Application, and End User.

2] Which region is expected to hold the highest share in the Global Enterprise Collaboration Market?
Ans. The North America region is expected to hold the highest share in the Enterprise Collaboration Market.

3] What is the market size of the Global Enterprise Collaboration Market by 2029?
Ans. The market size of the Enterprise Collaboration Market by 2029 is expected to reach US$ 125.81Bn.

4] What is the forecast period for the Global Enterprise Collaboration Market?
Ans. The forecast period for the Enterprise Collaboration Market is 2023-2029.

5] What was the market size of the Global Enterprise Collaboration Market in 2022?
Ans. The market size of the Enterprise Collaboration Market in 2022 was valued at US$ 54.13 Bn.