Enterprise Collaboration Market Growing at a CAGR 9.2% | Key Player IBM, Microsoft, VMware, Atlassian, Cisco Systems

September 25 00:25 2020
Enterprise Collaboration Market Growing at a CAGR 9.2% | Key Player IBM, Microsoft, VMware, Atlassian, Cisco Systems

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 Corp
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

MarketsandMarkets projects the Enterprise Collaboration Market 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 solutions is expected to grow, owing to the increasing use of networking websites as well as social devices for enterprise collaboration and the growing demand for Artificial Intelligence (AI) across the globe.

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 a 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.

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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 enterprise 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.

The ever-growing use of social networking websites is projected to be one of the drivers of the enterprise collaboration market. Social networking websites enable cross-department collaborations, such as sales, marketing, Human Resources (HR), manufacturing, purchasing, and customer support, leading enhanced employee productivity. Furthermore, enterprises can create different groups for teams, projects, open discussions, and company announcements with the help of these social networking websites. Furthermore, it allows enterprises to create multi-company groups where organizations can have discussions with their respective strategic partners and distributors to update them with the company’s latest developments.

Key market players in the enterprise collaboration market 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), and Tibco Software (US). The emerging market players include Bynder (Netherlands), Axero Solutions (US), Kaltura (US), Zoho Corporation (US), Highfive (US), Synacor (US), Limeade (US), HighQ Solutions (UK), Jostle (Canada), and Fuze (US). These players have adopted various strategies to grow in the global enterprise collaboration market.

Microsoft’s (US) enterprise collaboration tools, such as Yammer, Skype, Office 365, OneDrive, and SharePoint server, are highly popular among enterprises, as they provide an integrated web-based suite to efficiently manage enterprise collaboration as well as document and record management. Microsoft’s key strategy, in the enterprise collaboration market, is to offer its solutions integrated with its flagship product, Office 365. Microsoft holds a position as one of the leaders in the enterprise collaboration market by launching innovative products for various industry verticals. The company adopts both inorganic as well as organic growth strategies, such as new product launches, product upgradation, partnerships, and collaboration to enhance its reach in the market. For instance, in line with the organic growth strategy in June 2018, Microsoft announced the OneDrive Personal Vault, a new layer of security to the OneDrive personal account, to further protect the most sensitive and vital files of the user. On the other hand, in line with the inorganic growth strategy, in January 2018, Microsoft collaborated with PerfectServe. Under this collaboration, PerfectServe integrated its clinical communication and care team collaboration platform with Microsoft Skype for Business Server and Skype for Business Online.

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Google (US) is one of the major players in the enterprise collaboration market and has launched comprehensive products and services portfolio for enterprise collaboration. The company has been providing collaborative solutions for almost a decade. It offers the Gsuite, which is a complete package of collaborative tools for its end users. Google majorly follows inorganic growth strategies to maintain its leadership across the enterprise collaboration market. For instance, in April 2019, Alphabet’s Chronicle partnered with ESET, a global leader in cybersecurity, in this partnership Alphabet will help to enhance the customer insights enabling better protection from advanced persistent threats. In the same month, Google Cloud strategically collaborated with Accenture and announced new enterprise solutions in customer experience transformation.

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