DUBLIN--(BUSINESS WIRE)--The "Cognitive Collaboration Market - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
This report includes an in-depth competitive analysis of the key players in the cognitive collaboration market along with their company profiles, recent developments, and key market strategies. The report segments the cognitive collaboration market by component, application area, deployment mode, organization size, vertical, and region.
The global cognitive collaboration market size is expected to grow from USD 983 million in 2019 to USD 1,660 million by 2024, at a CAGR of 11% during the forecast period
Easy integration with the already existing environment and increasing need for mobility and collaboration are the major factors driving the growth of the cognitive collaboration market.
The SMEs segment is expected to grow with a higher CAGR during the forecast period
Organizations with less than 1,000 employees are considered under the SMEs segment. Cost-effectiveness is important for SMEs, as they have limited budgets. Hence, these enterprises face more excellent resource crunch than large enterprises, and they require better methods to resolve complexities for improved cost optimization of their business processes.
The implementation of cognitive collaboration solutions is expected to result in increased revenue, desired business outcome, and improved business efficiency for SMEs. Cognitive collaboration solutions help SMEs reduce travel costs and the need for face-to-face meetings. Collaboration solutions also strengthen virtual teams, thus doing away with the need for physical office locations. Business agility is yet another critical focus area for SMEs, which is effectively fulfilled by the implementation of cognitive collaboration solutions.
IT and telecom segment is expected to have a significant growth in the cognitive collaboration market during the forecast period
The IT and telecom industry is facing challenges in stimulating knowledge transfer, task monitoring, employee engagement, and communication. Cognitive collaboration enables enterprises for real-time communication and cooperation in the digital workstation, wherein people, devices, and systems work together and deliver enhanced customer experience using limited resources and in minimum time. Cognitive collaboration also offers dashboards for employees to get an overview of company activities and news. Cognitive collaboration solutions help IT, and telecom enterprises accelerate their business capabilities and enhance their revenue curve.
North American expected to have the largest market size during the forecast period
The North American region is expected to hold the largest market size in the global cognitive collaboration market during the forecast period. The adoption of AI-powered services is expected to grow in the region, owing to the growing demand to analyze large volumes of data to enhance the overall productivity, consumer experience and improve the decision-making process.
Moreover, technological advancements, coupled with an increasing need for intelligent business processes and rising adoption of digital technologies across the region, are fueling the growth of the cognitive collaboration market. Also, various industries, including retail, healthcare, manufacturing, and BFSI, are looking for solutions that can be easily integrated with their existing apps and do not require huge investments, which would also help them maintain their consumer base.
Market Dynamics
Drivers
- Easy Integration with the Already Existing Environment
- Increasing Need for Mobility and Collaboration
Restraints
- Difficulty in Countering Ediscovery and Legal Risks
Opportunities
- Growing Integration of AI in Business Processes
- Emerging Potential Markets
Challenges
- Difficulties in Aligning Team Collaboration Software With Business Goals
Use Cases
- Accenture Adopting Microsoft Teams to Enhance Team Collaboration
- Insurers Adopting Engage AI to Improve Operations at Call Centers
Companies Profiled
- Cisco
- Microsoft
- Slack Technologies
- Softweb Solutions
- Cognitivescale
- LOOP AI Labs
- Intec Systems Limited
- Bluescape
- Collaboration.AI
- Resemble Systems
- Chanty
- Zoom.AI
- Iotum
- Konolabs
For more information about this report visit https://www.researchandmarkets.com/r/2eky32
