Cloud Collaboration Market Segmented By Unified, Document Management System, Project and Team Management, Enterprise Social Cloud Collaboration Solution for Training, Consulting & Integration, Support and Maintenance Services with Private, Public and Hybrid Type
Industry: IT and Telecommunication
Published Date: May-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 300
Report ID: PMRREP33108
The global cloud collaboration market was valued at US$ 48 Billion in 2022, and is expected to rise at an 11.1% value CAGR, likely to reach US$ 137.3 Billion by the end of the said forecast period ranging from 2022 to 2032.
“Growth of the cloud collaboration market is driven by the growth of organizations all across sea projects, and higher productivity, which in turn bring ample opportunities for the market growth.”
The lower capital and operating expenditure is one of the major factors that is expected to accelerate the market growth during the forecast period.
| Attributes | Details |
|---|---|
|
Cloud Collaboration Market CAGR (2022-2032) |
11.1% |
|
Cloud Collaboration Market Size (2022) |
US$ 48 Billion |
|
Cloud Collaboration Market Size (2032) |
US$ 137.3 Billion |
The expansion of the organizations across the sea projects, increased productivity, and growth in trend of bring your own device (BYOD) are some major factors that are expected to boost the growth of the cloud collaboration market during the forecast period.
In addition, rapid development of the IT sector positively impacts the market positively, as novel solutions are launched by the key industry players. Strategic moves and developments such as partnerships, agreements, collaborations, and mergers give a competitive edge to the market.
Moreover, factors such as increased mobility, increased savings and staff productivity, reduction of investment and operating expenses, and high rate of adoption in small and medium-sized companies are some other factors that are anticipated to propel the market growth in the forthcoming years.
The growth of the Cloud Collaboration Market is driven by the growth of organizations all across sea projects, higher productivity, which in turn bring ample opportunities for the market growth.
Users maintain good relationships with clients and immediately respond that have instant access to the devices. With the growth of cloud collaboration solutions including telephony, teleconferences, and social collaboration software, enterprises collaborate efficiently and rapidly. This is another factor for the growth of the cloud collaboration market.
The aforementioned factor has enabled companies to make quick decisions and resistance training better control by contacting supplier relationships as needed. In addition, the growing demand for the application of the Internet of Things (IoT) across various sectors in emerging economies is also boosting viability, thereby providing relevant and cloud security solutions. As most enterprises across regions engage in these technology services, the usage of the cloud collaboration market expands and drives the growth of the overall market.
Despite growing popularity of Cloud Collaboration, there are various factors that are likely to pose a threat to the growth of Cloud Collaboration Market during the forecast period.
High dependence on the World Wide Web (WWW) and security of the data demotivates the use of cloud collaboration, which in turn is expected to hamper the market growth during the forecast period. In addition, lack of security, and a high dependence on internet are some other restraining factors for the market growth.
Moreover, factors such as stiff competition among vendors, high redesigning cost of the network to adopt the cloud collaboration are anticipated to impede the growth of the cloud collaboration market over the analysis period.
| Attributes | Cloud Collaboration Market |
|---|---|
|
CAGR (2022-2032) |
11.1% |
|
Market Value (2032) |
US$ 137.3 Billion |
|
Growth Factor |
Rapid development of the IT sector positively impacts the market positively, as novel solutions are launched by the key industry players. |
|
Opportunity |
Low installation and operating cost along with the high adoption of cloud collaboration among small and medium organizations create ample opportunities for the market. |
|
Key Trends |
A high rate of adoption in small and medium-sized companies to fuel the market growth. |
| Attributes | Enterprise Collaboration Market |
|---|---|
|
CAGR (2022-2032) |
12.7% |
|
Market Value (2032) |
US$ 105.5 Billion |
|
Growth Factor |
Growing demand for real-time and remote collaboration tools is expected to boost the market growth. |
|
Opportunity |
Adoption of cloud-based services to accelerate the market growth during the forecast period. |
|
Key Trends |
The rising need to increase competitive advantage to boost the market growth. |
| Attributes | Document Management Services Market |
|---|---|
|
CAGR (2022-2032) |
6.9% |
|
Market Value (2032) |
US$ 65.0 Billion |
|
Growth Factor |
The rising adoption of the document management services among enterprises across various sectors such as corporate, and medical, among others, to fuel the market growth. |
|
Opportunity |
The key players in the market are adopting various marketing strategies such as mergers & acquisitions to expand their business across different geographies. |
|
Key Trends |
An increasing need to streamline business operations is expected to accelerate the market growth. |
Cloud collaboration enhances a sense of community through teamwork, increases productivity, and ignites innovation. Enhanced employee productivity and savings, as well as the increasing emphasis on Bring Your Device (BYOD), are factors of cloud management that drive their overall market growth.
Low installation and operating cost along with the high adoption of cloud collaboration among small and medium organizations create ample opportunities for the market. Additionally, factors such as lower capital and operating expenditure are expected to accelerate the market growth during the forecast period.
Moreover, the major players of the Cloud collaboration are leveraging strategic collaborative initiatives to increase their market share and profitability. The companies operating in the market are also acquiring start-ups working on cloud collaboration technologies to strengthen their product capabilities. All the aforementioned factors are expected to fuel the growth of the cloud collaboration market in the coming years.
By Solution, which Category is likely to dominate the Market?
Unified Communication and Collaboration to acquire Centerstage
By Solution, the Unified Communication and Collaboration segment accounts for the majority of the Cloud Collaboration Market, with a CAGR of 10.7% by 2032. Unified communication and collaboration made it easy for employees to stay connected with other employees and for customers and clients to communicate with them wherever they were.
With the need to make businesses more efficient and collaborative, recent years have seen a steady rise in collaboration solutions. These tools have increased productivity and unlocked innovation by enabling virtual teams to work together across geographies. Unified communications and solutions, since their inception, have become a cost-effective solution for many organizations in various industries, such as healthcare and education. In addition, the cloud delivery of these unified communications from companies such as Mitel Networks Corporation and IBM shapes the way organizations manage their communications networks.
According to AT&T, business leaders are increasingly looking for ways to change the workplace. The market is experiencing strong growth in the adoption of cloud-hosted collaboration solutions due to the increase in the mobile workforce associated with the BYOD trend. In fact, unified communications and collaboration solutions occupy a significant portion of cloud-based deployments.
BFSI to be the Primary Recipient of High Market Growth
By application, the BFSI segment of the cloud collaboration market represents the highest CAGR of 10.5% during the forecast period.
Cloud collaboration distributors such as Jive Software, Box, HighQ, and many others facilitate the BFSI industry to provide a high-quality consumer experience while lowering operating costs and meeting regulatory requirements.
| Regions | CAGR (2022-2032) |
|---|---|
|
United States |
10.8% |
|
China |
10.6% |
|
Japan |
9.3% |
|
U.K |
10.0% |
North America is expected to hold a noteworthy market share and grow at a significant pace over the forecast period. This is attributable to the fact that there is widespread and faster adoption of advanced technologies the countries such as the US. In addition, some of the major players based in the U.S are involved in collaborations to provide enhanced and better cloud collaboration solutions.
For instance, in June 2019, Microsoft Corporation announced that they have entered into strategic ‘cloud interoperability” partnership with Oracle Corporation. This partnership is going to enable customers to migrate and run mission-critical workloads in the enterprise across Microsoft Azure and Oracle Cloud. This will also allow enterprises to connect Azure services such as Analytics and Artificial Intelligence to Oracle Cloud services such as Autonomous Database.
The US accounts for the highest CAGR of 10.8% for the cloud collaboration market during the forecast period, and is expected to reach US$ 48.7 Billion. China accounts for the highest CAGR of 10.6% for the cloud collaboration market during the forecast period, and is expected to reach US$ 10 Bn. Whereas, Japan represents the highest CAGR of 9.3% for the cloud collaboration market during the forecast period, and is expected to reach US$ 8 Billion.
New product and technology introductions are a priority for industry players in the global cloud collaboration market. Additional functions include the ease of acquisition, maintenance and management, and enabling services to be scaled up or down as demands evolve.
In order to strengthen their position in the worldwide cloud collaboration market, organizations are focused on industry collaborations, mergers & acquisitions, and partnerships. The research offers a comprehensive competition analysis of some top competitors in the cloud collaboration market, including company biographies, recent developments, and significant market strategies. It shows how the competitors are taking advantage of the opportunities present in the cloud collaboration market.
Recent Developments:
| Attributes | Details |
|---|---|
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Forecast Period |
2022-2032 |
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Historical Data Available For |
2015-2021 |
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Market Analysis |
USD Mn for Value |
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Key Countries Covered |
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By Market Segments |
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Key Companies Profiled |
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Pricing |
Available Upon Request |
Cloud Collaboration Market by Solution
Cloud Collaboration Market by Services
Cloud Collaboration Market by Deployment Type
Cloud Collaboration Market by Organization Size
Cloud Collaboration Market by Vertical
Cloud Collaboration Market by Region
To know more about delivery timeline for this report Contact Sales
The cloud collaboration market is projected to register a CAGR of 11.1% in 2032
The U.S is the leading region, with an anticipated market share of US$ 48.7 Billion by 2032.
By Solution, the Unified Communication and Collaboration leads the market with the projected CAGR of 10.7% by 2032.
The cloud collaboration market is predicted to reach US$ 137.3 Billion by 2032.
By Application, the BFSI segment leads the market with the projected CAGR of 10.5% in 2032.
