Cloud Collaboration Market Set to Witness Impressive Growth over the Next Five Years

Over the passage of time, cloud-based solutions and services have been emerging as one of the most prevailing trends in the IT industry. Cloud collaboration enables enterprises to work together on a data that is stored on a cloud, which helps in reducing costs, increases flexibility, enhances productivity, and facilitates easy access to information even from outside of the organization firewall, thereby streamlining the business processes. In addition, it is emerging as a viable option for organizations for minimizing the complex data integration and issues related to information exchange within an organization, thus ensuring the quality of service while reducing the burden on the business environment in the long run.

The size of the global cloud collaboration market is estimated to reach USD 42.57 Billion by 2021 from USD 23.39 Billion in 2016, growing at a projected CAGR of 12.7% during the forecast period from 2016 to 2021.

Based on solutions, unified communication & collaboration solution is expected to be the dominant market over the forecast period since it enables the users to interact, coordinate tasks, and share information. On the other hand, the enterprise social collaboration solution is anticipated to play a key role in the growth of this market, and is projected to grow at the highest CAGR during the forecast period. Based on service, the training, consulting, and integration services segment is expected to hold the largest market share, whereas support & maintenance services segment will be the fastest-growing segment over the forecast period. Among verticals, the BFSI sector is estimated to be the largest market in 2016 as well as during the forecast period; however, the media & entertainment sector is expected to register the highest growth between 2016 and 2021.

Geographical growth scenario of cloud collaboration market

Among regions, the market in North America is anticipated to be the largest market from 2016 to 2021, owing to the large presence of cloud-based solution vendors. However, Latin America is the fastest-growing region for the cloud collaboration market and is likely to offer potential growth opportunities, thanks to the rise in new technologies coupled with the increasing business needs and adoption rate of cloud collaboration solutions and services among different organizations.

Major factors driving and restraining the market growth

Increasing mobility and rising adoption rate of BYOD policies and the rising need for secure and efficient solutions that will help in enhancing the productivity of the workforce are main factors driving this market towards good growth. Moreover, growing adoption of cloud-based solutions among SMEs and lower capital and operating expenditure are expected to create an array of growth opportunities over the coming years.

On the flip side, the market growth is likely to be hampered by lack of data security and high dependency on the internet. In addition, tough competition among vendors and high cost of redesigning the network are the challenges that the leading market players are likely to be faced with.

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Key market players and strategies adopted

The cloud collaboration market is a rapidly The major companies operating in the global market for cloud collaboration are IBM Corporation (Armonk, New York, U.S.); Microsoft Corporation (Redmond, Washington, U.S.); Cisco Systems (San Jose, California, U.S.); Google Inc. (Mountain View, California, U.S.); Oracle Corporation (Redwood City, California, U.S.); (San Francisco, California, U.S.); Jive Software (Palo Alto, California, U.S.); IntraLinks Holdings, Inc. (New York, U.S.); Mitel Networks (Ottawa, Canada); and Box (Redwood City, California, U.S.). These players are implementing different strategies, such as new product launches, partnerships, agreements, collaborations, mergers & acquisitions, and business expansions for strengthening their hold on the market.

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