PUBLISHER: The Business Research Company | PRODUCT CODE: 1436249
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436249
Enterprise collaboration involves the use of internal and external information system tools to collect, share, and store information among users. Utilizing collaboration stages, communication instruments, company intranets, file-sharing tools, cloud storage, video conferencing, and whiteboards, this approach enables interaction and communication within and beyond the work environment.
Enterprise collaboration can be broadly categorized into internal and external solutions. Internal enterprise collaboration involves the creation of digital workspaces for sharing knowledge and expertise within the organization. These solutions can be deployed on-premises or through a cloud platform and are commonly used by small and medium enterprises. Enterprise collaboration solutions and services find applications across various industries, including information technology (IT) & telecommunications, government, energy & utilities, banking, financial services & insurance (BFSI), manufacturing, retail & consumer goods, healthcare, and travel & hospitality.
The enterprise collaboration market research report is one of a series of new reports from The Business Research Company that provides enterprise collaboration market statistics, including enterprise collaboration industry global market size, regional shares, competitors with a enterprise collaboration market share, detailed enterprise collaboration market segments, market trends and opportunities, and any further data you may need to thrive in the enterprise collaboration industry. This enterprise collaboration market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The enterprise collaboration market size has grown rapidly in recent years. It will grow from $52.22 billion in 2023 to $58.74 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth observed in the historical period can be attributed to factors such as globalization and remote work trends, an increasing demand for real-time communication, emphasis on employee engagement and productivity, and concerns related to security and compliance.
The enterprise collaboration market size is expected to see rapid growth in the next few years. It will grow to $98.6 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The anticipated growth in the forecast period can be attributed to factors such as the adoption of hybrid work models, an increased focus on employee experience, the evolving cybersecurity landscape, and integration with project management. Notable trends expected in the forecast period include the evolution of communication technologies, technological convergence, the rise of remote work solutions, integration of artificial intelligence (AI) and machine learning (ML), and the incorporation of enhanced security and compliance features.
The growth of enterprise collaboration is anticipated to be propelled by increased collaboration and communication across multiple geographies. The success of large organizations often hinges on the ability of their employees to collaborate effectively, irrespective of time and distance constraints. Enhanced collaboration not only increases productivity but also fosters innovation and reduces cycle times. Various IT tools facilitate enterprise collaboration, including file sharing, instant messaging, cloud storage, whiteboard, and others. These tools, while offering overlapping functionality, often come with different standards that impact a company's IT organization and infrastructure. The COVID-19 pandemic accelerated the adoption of collaborative software, particularly with the widespread adoption of hybrid and work-from-home models. A survey conducted by Gartner, a US-based management consulting company, in August 2021 revealed a 44% increase in workers' use of collaboration tools since 2019. This surge in collaboration across diverse locations is expected to drive the demand for enterprise collaboration tools during the forecast period.
The enterprise collaboration market is expected to experience growth driven by the increasing demand for communication. Communication, involving the exchange of data or information between various entities such as computers, devices, or users, utilizes enterprise collaboration to enable seamless and coordinated interaction within an organization. This collaboration, in turn, promotes efficiency, innovation, and the collective achievement of business objectives among individuals and teams. For instance, a report from February 2023 by Grammarly Inc., a US-based software company, highlighted that 72% of business leaders believe effective communication enhances team productivity. Additionally, 60% of these leaders perceive communication as a factor that boosts employee confidence. Consequently, the rising demand for communication is a key factor propelling the growth of the enterprise collaboration market.
Technological advancement stands out as a prominent trend gaining traction in the enterprise collaboration market. The rising demand for Artificial Intelligence (AI) and the increasing integration of enterprise collaboration solutions with cloud and mobile technologies to streamline business operations are expected to create opportunities for the expansion of the enterprise collaboration market. For example, in June 2023, Qualcomm Incorporated, a US-based semiconductor company, introduced an advanced Video Collaboration Platform Suite. This innovative suite is designed to facilitate digital transformation across different environments, including homes and enterprises. The platform is geared towards propelling the future of work by providing enhanced and more immersive virtual meetings and collaboration experiences. This illustrates the role of cutting-edge technologies in driving advancements within the enterprise collaboration market.
Major companies in the enterprise collaboration sector are placing emphasis on collaboration and partnerships to enhance their service offerings and provide reliable solutions to customers. A strategic partnership is a formal affiliation between two or more commercial enterprises, typically established through one or more business agreements or contracts. For instance, in November 2021, Microsoft Corporation, a leading US-based technology company, entered into a strategic partnership with Meta Platforms Inc., a US-based social metaverse company. The collaboration aimed to offer immersive enterprise collaboration tools and virtual workspaces. Microsoft's involvement in this partnership could potentially boost the adoption of Meta's virtual reality (VR) headsets and contribute to the acceleration of metaverse development. This exemplifies how collaboration and partnerships are integral strategies for major players in the enterprise collaboration market.
In June 2021, Unisys, a US-based IT solutions provider, completed the acquisition of Unify Square for an estimated $152.5 million. This strategic move is geared towards enhancing Unisys' market footprint by tapping into Unify Square's esteemed client base. The goal is to extend business operations both in the United States and globally, fostering heightened revenue growth and elevated customer experiences in the realm of enterprise collaboration. Unify Square, a US-based company specializing in experience management technology for secure collaboration and communication platforms, now stands as a key asset under Unisys' umbrella.
Major companies operating in the enterprise collaboration market report are Google lnc., Microsoft Corporation, Huawei Technologies Co. Ltd., International Business Machines Corporation, Cisco Systems lnc., SAP SE, Salesforce.Com Inc., Adobe Systems Inc., Zoom Video Communications Inc., Atlassian Corporation PLC, Polycom Inc., Mitel LLC, TIBCO Software Inc., Zoho Corporation Pvt. Ltd., Slack Technologies Inc., Blackboard lnc., Asana lnc., Gable.ai lnc., Jive Software, PreVu3D Inc., TestBox lnc., Rocketlane lnc., Pitch Software GmbH, HyperProof lnc., Sustainment Solutions Inc., Uplevel Ops Inc., MetaCX lnc., Axero Solutions LLC, Nobl9 lnc., Env0 lnc., Terzo Digital Inc., Dropbox Inc., Citrix Systems Inc., Box Inc.
North America was the largest region in the enterprise collaboration market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise collaboration market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the enterprise collaboration market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The enterprise collaboration market includes revenues earned by entities that enable interaction and cooperation, allowing remote workers to collaborate on projects even when they are in different locations. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Enterprise Collaboration Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on enterprise collaboration market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for enterprise collaboration ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The enterprise collaboration market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.