LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global document-centric collaboration software market to grow to USD 1.63 billion by 2021, at a CAGR of close to 10% over the forecast period, according to their latest report.
The research study by Technavio on the global document-centric collaboration software market for 2017-2021 provides a detailed industry analysis based on the deployment (on-premises and cloud-based), end-users (BFSI, legal, healthcare, and telecommunication), and geography (the Americas, EMEA, and APAC).
|Document-centric collaboration is a part of enterprise content management (ECM) that supports the project team in an organization by providing document sharing and continuous workflow facilities. Cloud-based deployment model is growing rapidly due to the advantages it provides, including predictable expense, the absence of maintenance fees, and low IT personnel costs.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global document-centric collaboration software market:
- Need to increase productivity and efficiency
- Need to coordinate and manage distributed workflow centrally
- Increasing focus on developing document collaboration capability
Need to increase productivity and efficiency
The document-centric collaboration software has gained importance in recent times as it helps in increasing productivity and efficiency while ensuring the security and backup availability of documents. An effective document-centric collaboration solution can help organizations to reduce the time required for service delivery, enable groups of people to work together by sharing information and documents, create control channels for their documents.
“The exponential rise in data has created numerous opportunities for the vendors of document-centric collaboration software. The software enables organizations to save time in the retrieval and sharing of documented information, thereby driving its adoption,” says Amrita Choudhury, a lead analyst at Technavio for enterprise application research.
Need to coordinate and manage distributed workflow centrally
It has been observed that organizations are changing the nature of work and the structure of the workplace. The increasing use of broadband networks and mobile technology has enabled employees to work outside of a traditional office space. Currently, an organization’s workforce is more distributed than any other time in history, and technology such as document-centric collaboration solutions are making it easier for organizations to collaborate across business networks and locations. Document-centric collaboration and web conferencing software support these disseminated teams to get together on a common forum and share important documents among themselves.
Increasing focus on developing document collaboration capability
Organizations have made a gradual shift to document-centric collaboration tools to overcome the drawbacks of traditional e-mail systems. The document-centric collaboration models provide organizations with a document-centric collaboration capability, allowing users to tag documents and add comments that are specific to the content.
“Document-centric collaboration solution also retains a comprehensive history of records, and stores every comment and related activities around each document. This is encouraging an increasing number of companies to prefer document-centric collaboration software,” says Amrita.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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