DUBLIN--(BUSINESS WIRE)--The "Enterprise Collaboration Market by Component (Solutions (Enterprise Video, Enterprise Social Network, Project Management and Analytics, Unified Messaging), Services), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Enterprise Collaboration Market Size is Projected to Grow from USD 31.0 Billion in 2019 to USD 48.1 Billion by 2024, at a CAGR of 9.2%
The increasing use of networking websites and the use of mobile devices for collaboration are the key factors driving the enterprise collaboration market. However, high implementation costs and difficulty in countering eDiscovery and legal risks may hamper the growth of the overall market. Social networking websites and platforms enable cross-department collaboration, such as sales, marketing, Human Resources (HR), manufacturing, purchasing, and customer support, leading to increased productivity.
Portals and intranet platform segment to hold the second-largest market size during the forecast period
Portals and intranet platforms enable employees of an organization to transfer knowledge, distribute information, and increase interactions among themselves in a personalized environment to enhance employee productivity. Companies use the portals and intranet platforms to integrate business processes and their employees.
The efficient and organized use of portals and intranet platforms provide total enterprise-wide information to organizations via a single platform. Intranet platforms reduce the time spent by employees in searching for enterprise information, thereby enabling them to channelize their valuable time in productive work. With the transformation of organizations into digital workplaces, intranet portals serve as central hubs to provide information and integrated applications for diversely dispersed employees.
Banking, Financial Services and Insurance vertical to hold the second-highest market share during the forecast period
Enterprise collaboration solutions offer Banking, Financial Services, and Insurance (BFSI) companies a complete ubiquitous communication and collaboration environment, so that the users, such as bank branch employees, BFSI leaders and specialists, and call center agents can benefit from real-time communication and data sharing. Hence, the BFSI vertical is looking toward being more innovative, agile, customer-centric, and collaborative to meet the changing customers' expectations by deploying enterprise collaboration solutions.
According to Vidyo's 2019 Global Video Banking Report, more than 36% of the respondents felt that video banking was the most effective sales channel as compared to other channels. Live or on-demand videos enable BFSI companies to make announcements regarding executive messaging and policies, investor relations, external communication, and collaborations among their geographically dispersed teams.
Europe to be the second-largest revenue generator during the forecast period
Europe is the second-largest revenue generator in the enterprise collaboration market in 2019. Europe is witnessing an increase in the adoption of enterprise collaboration solutions across enterprises to enhance employee productivity.
The practice of implementing these solutions by organizations has been extensively promoted by the Governments of European countries to maintain compliance with the rules and regulations related to the protection of crucial business data. Additionally, the enormous amount of data generated across various organizations in different countries of the region has led to an increase in the adoption of enterprise collaboration solutions.
Furthermore, the region has witnessed a significant rise in the integration of enterprise collaboration solutions with cloud and mobile technologies for optimizing business processes. Enterprise collaboration suites offer several benefits to organizations, such as enhanced collaboration, content management, records management, document management, and content usage flexibility.
Presently, large enterprises and SMEs in the UK, Switzerland, Austria, Germany, and France are investing in enterprise collaboration solutions to enhance their communication, content management, and streamline business operations as well as gain a competitive edge in the global market.
- Growing use of Networking Websites
- Increasing use of Mobile Devices for Collaboration
- High Cost of Implementation
- Difficulty in Countering Ediscovery and Legal Risks
- Growing Demand for AI Across the Globe
- Emerging Potential Markets
- Difficulties in Aligning Team Collaboration Software With Business Goals
- Security Concerns
The key vendors profiled in the report are as follows:
- IBM (US)
- Microsoft (US)
- VMware (US)
- Atlassian (Australia)
- Cisco Systems (US)
- Google (US)
- Adobe Systems (US)
- Facebook (US)
- Igloo Software (Canada)
- Jive Software (US)
- Mitel Networks (Canada)
- Salesforce (US)
- SAP (Germany)
- Slack Technologies (US)
- Tibco Software (US)
- Bynder (Netherlands)
- Axero Solutions (US)
- Kaltura (US)
- Zoho Corporation (US)
- Highfive (US)
- Synacor (US)
- Limeade (US)
- HighQ Solutions (UK)
- Jostle (Canada)
For more information about this report visit https://www.researchandmarkets.com/r/gtsrnb