According to a new report by Reports and Data, the Enterprise Collaboration Market is expected to reach USD 83.76 billion by 2026. Enterprise collaboration refers to the sharing of information and collaborative work on projects by employees in an organization, irrespective of their geographic locations, using a combination of networking capabilities, software technologies, and collaborative methods such as video conferencing, groupware, and document-sharing abilities. Several industry collaboration software tools offer characteristics similar to those found on successful social media sites.
The North American region is estimated to hold the largest share of 29.3% in 2018, due to the presence of advanced economies like the United States (US) and Canada. Almost all large enterprises are located in North America, which is the most developed region in the market. The region's powerful financial position enables heavy investment in advanced testing tools and technologies. Organizations in the region are moving towards a hybrid IT period that combines private cloud, public cloud, and traditional IT to develop the way they run their collaboration market.
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To create internal and external information repositories, organizations such as the US Department of Defense, US Joint Forces Command, and several local and state agencies have started to use collaborative technologies.
The Enterprise Collaboration Market is estimated to reach USD 83.76 billion by 2026, growing at a CAGR of 11.1% during the forecast period. The on-premise deployment segment accounts for a larger share of 65.2% of the market in 2018. The Manufacturing, Retail, and Consumer Goods end-users are expected to grow at the highest rate of 12.3% during the forecast period. The services segment is anticipated to grow at a higher rate of 11.4% during the forecast period. The SME's end-user segment is expected to grow at a higher rate of 11.5% during the forecast period.
Driving factors of Enterprise Collaboration Market
Increasing demand for remote collaboration tools: With the rise of remote work, companies need collaboration tools that enable employees to work together effectively from different locations.
Growing adoption of social media and mobile devices: The popularity of social media platforms and mobile devices has led to the development of collaboration tools that mimic the functionality of these platforms.
Rising need for efficient communication: As businesses become more complex, the need for efficient communication and collaboration among employees becomes increasingly important.
Increasing focus on innovation and product development: Collaboration tools can help companies innovate and develop new products more quickly and effectively.
Growing popularity of cloud-based services: Cloud-based collaboration tools offer several benefits, including scalability, cost-effectiveness, and ease of use.
Expanding application of collaboration tools across industries: Collaboration tools are being used across a range of industries, including healthcare, education, and government, driving growth in the market.
Emergence of new technologies: Emerging technologies, such as artificial intelligence and machine learning, are being integrated into collaboration tools, making them more powerful and versatile.
Growing demand for advanced collaboration tools: As companies seek to gain a competitive advantage, there is increasing demand for collaboration tools that offer advanced features and capabilities.
Some of the notable innovations in the Enterprise Collaboration Market
Artificial Intelligence and Machine Learning: The integration of AI and machine learning into collaboration tools has made them more powerful and versatile. These technologies enable collaboration tools to automate certain tasks, analyze data, and make recommendations, among other things.
Virtual and Augmented Reality: Virtual and augmented reality technologies are being used to create immersive collaboration environments that enable remote workers to work together as if they were in the same physical location.
Integration with Other Business Applications: Collaboration tools are being integrated with other business applications, such as project management software, CRM systems, and HR software, to enable more seamless workflows and improve productivity.
Mobile Optimization: Collaboration tools are being optimized for use on mobile devices, enabling remote workers to collaborate effectively from anywhere.
Cloud-Based Services: Cloud-based collaboration tools are becoming increasingly popular due to their scalability, cost-effectiveness, and ease of use.
Improved Video Conferencing: Video conferencing technology has improved significantly in recent years, enabling more seamless communication and collaboration among remote workers.
Social Media-Style Functionality: Collaboration tools are incorporating social media-style functionality, such as news feeds, status updates, and chatbots, to make them more intuitive and engaging.
Voice-Activated Assistants: Voice-activated assistants, such as Amazon Alexa and Google Home, are being integrated into collaboration tools, enabling users to access information and perform tasks hands-free.
The key players in the Enterprise Collaboration Market
Microsoft Corporation, IBM Corporation, Slack technologies, Inc., VMware, Inc., Facebook, Inc., Igloo, Inc., 8x8, Inc., Fuze Inc., Vonage Networks LLC, Atlassian Corporation PLC, Adobe Systems, Cisco Systems, Google, Jive Software, Mitel Networks, Salesforce.Com, SAP, and Tibco Software.
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