Enterprise Collaboration Market Size to Exceed USD $195.1 million By 2032
According to the report, the global enterprise collaboration
industry generated $48.6 billion in 2022, and is anticipated to generate $195.1
billion by 2032, witnessing a CAGR of 15.2% from 2023 to 2032.
The growing usage of mobile devices to operate
numerous social networking platforms and demand for workplace connectivity
platform solutions are expected to drive the growth of the enterprise
collaboration market. However, poor internet speed
is expected to hamper market growth. On the contrary, the high spending on
R&D and high growth in requirements to streamline the communication process
are anticipated to provide lucrative development opportunities for the
enterprise collaboration market in the forthcoming years.
Enterprise collaboration tools help organizations
by providing seamless communication between employees. This improves the
operational efficiency and productivity of the employees, thereby helping
organizations to meet their business goals. Enterprise collaboration tools
provide data synchronization and collaboration solutions across organizations
and include features such as checking official emails, calendars, and contacts.
Enterprise collaboration is the set of solutions
that help employees within the business to work together and share information
on projects from a variety of geographical locations. It includes the sharing
of information, resources, and expertise to enhance productivity and drive
innovation between enterprises. Enterprise collaboration is crucial for
organizations, as it promotes communication, teamwork, and knowledge sharing,
which leads to improved decision-making.
Based on industry vertical, the IT and telecom
providers segment held the highest market share in 2022, accounting for more
than one-fourth of the global enterprise collaboration market revenue, and is estimated
to maintain its leadership status throughout the forecast period. This is
because IT and telecom enable cloud-based collaboration platforms, where
software applications and data are hosted in the cloud. This provides
flexibility and accessibility, allowing employees to collaborate from anywhere
with an internet connection. However, the transportation and logistics segment
is projected to manifest the highest CAGR of 21.1% from 2023 to 2032, because
transportation and logistics companies are offering customization and
personalization services to meet the diverse needs of clients.
Based on application, the communication tools
segment held the highest market share in 2022, accounting for nearly
three-fifths of the global enterprise collaboration market revenue. This is
attributed to the fact that communication tools are evolving to offer real-time
collaboration features like co-editing documents, whiteboards, and screen
sharing to facilitate dynamic discussions and enhance productivity. However,
the conferencing tools segment is projected to manifest the highest CAGR of
17.8% from 2023 to 2032. This is because conferencing tools are continually
improving features such as high-quality video and audio, screen sharing, and
recording capabilities, while also integrating with third-party applications,
making them versatile and comprehensive collaboration platforms.
Based on region, North America held the highest
market share in revenue in 2022, accounting for more than one-third of the
global enterprise collaboration revenue. This is due to the widespread adoption
of cloud-based enterprise collaboration solutions and services among large
enterprises and SMEs across multiple verticals. However, the Asia-Pacific
region is expected to witness the fastest CAGR of 19.4% from 2023 to 2032, and
is likely to dominate the market during the forecast period, owing to the
increasing adoption of workplace collaboration software by businesses for
improved employee engagement and workforce collaboration.
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