Adoption of cloud-based services to accelerate collaboration, growth in need for the project and task management solution, and growth in demand for real-time and remote collaboration tools are driving the growth of the global enterprise collaboration market.
NEW CASTLE, Del., Nov. 10, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Enterprise Collaboration Market by Type (Solution and Service), Deployment Mode (On-premise and Cloud), Application (Communication Tools, Conferencing Tools, and Coordination Tools), and Industry Vertical (IT and Telecom, Manufacturing, BFSI, Retail and Consumer Goods, Education, Transportation and Logistics, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global enterprise collaboration industry generated $48.6 billion in 2022, and is anticipated to generate $195.1 billion by 2032, witnessing a CAGR of 15.2% from 2023 to 2032.
Prime determinants of growth
The growing usage of mobile devices to operate numerous social networking platforms and demand for workplace connectivity platform solutions are expected to drive the growth of the enterprise collaboration market. However, poor internet speed is expected to hamper market growth. On the contrary, the high spending on R&D and high growth in requirement to streamline the communication process are anticipated to provide lucrative development opportunities for the enterprise collaboration market in the forthcoming years.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $48.6 Billion |
Market Size in 2032 | $195.1 Billion |
CAGR | 15.2 % |
No. of Pages in Report | 520 |
Segments covered | Type, Deployment Mode, Application, Industry Vertical, and Region. |
Drivers | Growth in demand for real-time and remote collaboration tools. Adoption of cloud-based services to accelerate collaboration. Growth in need for the project and task management solution. |
Opportunities | Increase in adoption of AI and ML to improve collaboration capabilities. The rise in the use of networking websites. |
Restraints | Network connectivity and infrastructure issue |
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The communication tools segment to maintain its leadership status throughout the forecast period
Based on application, the communication tools segment held the highest market share in 2022, accounting for nearly three-fifths of the global enterprise collaboration market revenue. This is attributed to the fact that communication tools are evolving to offer real-time collaboration features like co-editing documents, whiteboards, and screen sharing to facilitate dynamic discussions and enhance productivity. However, the conferencing tools segment is projected to manifest the highest CAGR of 17.8% from 2023 to 2032. This is due to the fact that conferencing tools are continually improving features such as high-quality video and audio, screen sharing, and recording capabilities, while also integrating with third-party applications, making them versatile and comprehensive collaboration platforms.
The IT and telecom providers segment to maintain its leadership status throughout the forecast period
Based on industry vertical, the IT and telecom providers segment held the highest market share in 2022, accounting for more than one-fourth of the global enterprise collaboration market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is because IT and telecom enable cloud-based collaboration platforms, where software applications and data are hosted in the cloud. This provides flexibility and accessibility, allowing employees to collaborate from anywhere with an internet connection. However, the transportation and logistics segment is projected to manifest the highest CAGR of 21.1% from 2023 to 2032, owing to the fact that transportation and logistics companies are offering customization and personalization services to meet the diverse needs of clients.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global enterprise collaboration revenue. This is due to the widespread adoption of cloud-based enterprise collaboration solutions and services among large enterprises and SMEs across multiple verticals. However, the Asia-Pacific region is expected to witness the fastest CAGR of 19.4% from 2023 to 2032, and is likely to dominate the market during the forecast period, owing to the increasing adoption of workplace collaboration software by businesses for improved employee engagement and workforce collaboration.
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Leading Market Players: -
- Adobe Inc
- Cloud Software Group, Inc.
- Microsoft Corporation
- Huawei Technologies Co. Ltd.
- SAP SE
- IBM Corporation
- Cisco Systems, Inc.
- Salesforce, Inc.
- Meta
- Google LLC
The report provides a detailed analysis of these key players of the global enterprise collaboration market. These players have adopted different strategies such as partnership, product launch, and expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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