Enterprise collaboration is a popular communication system that enables communication between corporate employees using social networking and collaboration platform tools. This helps them to share important information with different people working from different locations. It also allows using various collaborative processes like videoconferencing, groupware, and document sharing. Rapid growth rate of the businesses and complex communication processes have created higher demand for collaboration of operational functions. All these factors are driving the global enterprise collaboration market. The industry is expected to grow at a steady yet healthy compound annual growth rate with impressive adoption and growth in revenue.
Scope of Research in Market
The global enterprise collaboration market is gaining strength from rising demand for cost effective and efficient solutions for management and collaboration of operational functions. The global enterprise collaboration market is segmented on the basis of the types of solutions, services, types of deployment and users, industry verticals, and geographic regions. The industry is segmented into different types of solutions including conferencing, telephony, unified messaging, enterprise social networking, and collaborative platforms and applications.
Professional services, support systems, and consulting services are the three basic types of services in the industry. These services are deployed through on-demand and on-premise methods. Based on the types of users, the enterprise collaboration market is divided into large enterprises and small and medium businesses (SMBs). Industrial verticals with maximum deployment of these products include BFSI, IT and telecom, business services, healthcare, manufacturing, government, wholesale and retails, and other services. Geographic regions include North America, Latin America, Asia, Europe, Middle East and Africa.
Increasing importance of communication, rising sizes and complexity of businesses and rapid growth of the businesses are some vital drivers for the rising demand for enterprise collaboration. Implementation of collaborative solutions provides swift communication, which automatically reflects on the increased productivity and work agility of the small and large organizations. Investments from major players and key developmental changes in the applications and availability of the technology are also vital elements driving the global industry. Increasing adoption from Asia Pacific, Middle East, and other developing regions have strong influence on the current conditions of the industry.
According to the market research reports, the global enterprise collaboration market is expected to grow at a steady CAGR of over 8% from 2014 to 2019. During the mentioned timeframe of over four to five years, the market is anticipated to grow from $47.30 billion in 2014 and go on to become worth more than $70.61 billion by the end of 2019. Increasing rate of adoption and effective collaboration, communication and coordination amongst enterprises and employees are some of the major factors driving the industry. Along with developed regions like North America and Europe, the market is also gaining equal strength from emerging regions like Asia Pacific, Middle East, Africa, and Latin America.