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(Wireless-NewsWire.Com, June 07, 2018 ) The enterprise collaboration market is expected to grow from USD 26.68 Billion in 2016 to USD 49.51 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 13.2% during the forecast period. The increased focus on widespread usage of social networking websites, increased usage of mobile devices for collaboration, and growing need for improved enterprise efficiencies is driving the market across all regions.
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The enterprise collaboration market is segmented by component (solutions and services), deployment type, user type, industry vertical, and region. In the components segment, the services segment is observing great opportunities and importance among the end-users due to the increase in integration and implementation services. Moreover, in terms of solutions, enterprise social network segment is expected to grow at the highest CAGR during the forecast period, as it enable users, both internal and external to an organization, to leverage on social workflow capabilities.
The cloud deployment type is expected to grow at the highest CAGR during the forecast period. The cloud deployment type is also projected to witness the highest demand, as the cloud-deployed enterprise collaboration solution offers flexibility, low cost, and real-time access to data, regardless of the location of the employees
The enterprise collaboration solutions has been deployed across various industry verticals, such as Banking, Financial Services, and Insurance (BFSI); public sector; healthcare; energy & utilities; retail; IT & telecom; travel & hospitality; transportation & logistics; education; and other industries, such as life sciences and communications & media. The retail vertical is expected to witness the highest CAGR during the forecast period, as the enhanced competitive landscape of the retail sector in the emerging nation calls for the reduction of supply chain management cost through real-time flow of information about the inventory. However, IT and Telecom is estimated to have the largest market size in 2016, as IT and Telecom companies have the need to digitalize. Moreover, The IT departments are under constant pressure to deliver more to increase their business capability.
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The global market has been segmented on the basis of regions into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and Latin America to provide a region-specific analysis in the report. The North American region is expected to be the largest revenue-generating region for enterprise collaboration solution and service providers in 2016. This is mainly because there is a high focus on innovations obtained from research & development and technology adoption, especially in the developed economies of North America. The APAC region is expected to be the fastest growing region in the enterprise collaboration market. The growth in this region is primarily driven by the increasing number of cloud service providers, investments in infrastructure, growing number of smartphone users, and many emerging industries in the region.
The enterprise collaboration market faces challenges such as difficulties in aligning team collaboration software with business goals. Moreover, factors such as security concerns for the content shared through collaboration platforms are also hindering the growth of the market.
The major vendors that offer enterprise collaboration solutions and services across the globe are Facebook, Inc. (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Atlassian Corporation PLC (U.S.), Igloo, Inc. (Canada), Slack Technologies, Inc. (U.S.), VMware, Inc. (U.S.), Jive Software, Inc. (U.S.), Salesforce.com, Inc. (U.S.), and Ninian Solutions Limited (U.K.). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships & collaborations, and mergers & acquisitions to expand their offerings in the enterprise collaboration market.
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