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According to a new report, published by KBV research, The Global Enterprise Collaboration Market size is expected to reach $101.7 billion by 2028, rising at a market growth of 12.1% CAGR during the forecast period.
The Solution segment acquired the maximum revenue share in the Global Enterprise Collaboration Market by Component 2021, thereby, achieving a market value of $76.4 billion by 2028. Enterprise video, enterprise social network, unified messaging; file sharing and synchronization, portals and intranet platforms, project management, analytics, and business process management are all examples of enterprise collaboration solutions. These technologies assist firms in increasing information exchange among employees and increasing productivity. The constantly rising growth of this segment of the market is the rising demand for an affordable and more efficient solution in order to facilitate the interaction among workers in real-time.
The BFSI segment is leading the Global Enterprise Collaboration Market by End-User 2021; thereby, achieving a market value of $24.6 billion by 2028. The rising demand for enterprise collaboration solutions across the BFSI industry is owing to the rising number of complexities in the operations of the industries under this sector. One of the major reasons that are increasing the requirement for communication solutions across the industry is the inclining graph of digitalization in these industries. With the constantly emerging digitalization, the requirement for employee support is rising, which would augment the growth of the segment.
The Cloud market has shown growth rate of 13.7% during (2022 - 2028). Cloud-based deployments offer a pay-per-use service paradigm, which allows enterprises to pay cloud service providers only when services are consumed, rather than the upfront capital outlay required for an on-premises deployment. Because extra expenses are incurred by service providers, cloud-deployed platforms majorly reduce the costs involved with updating and upgrading solutions. As a result, enterprises can adapt to the evolving business environment by leveraging cloud-based enterprise collaboration solutions. Hence, this segment is flourishing.
The Small & Medium Enterprises market is showcasing a CAGR of 13.7% during (2022 - 2028). The rising popularity of enterprise collaboration solutions and services among small and medium-sized organizations is attributed to the increasing demand in these organizations for expanding their capacity and capabilities. In order to achieve development, these organizations are increasing their staff, which is accelerating the requirement of an enhanced and efficient collaboration system. This factor is augmenting the growth of this segment.
The North America market dominated the Global Enterprise Collaboration Market by Region 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $36.6 billion by 2028. The Europe market is estimated to witness a CAGR of 11.6% during (2022 - 2028). Additionally, The Asia Pacific market would experience a CAGR of 12.7% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of IBM Corporation, Microsoft Corporation, Google LLC, SAP SE, Cisco Systems, Inc., Adobe, Inc., Facebook, Salesforce.com, Inc., Citrix Systems, Inc., and RingCentral, Inc.
By End User
By Deployment Type
By Organization Size