The Enterprise Collaboration Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Enterprise Collaboration Global Market Report 2024, The enterprise collaboration market size has grown rapidly in recent years. It will grow from $52.22 billion in 2023 to $58.74 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to globalization and remote work trends, rising need for real-time communication, focus on employee engagement and productivity, security and compliance concerns.
The enterprise collaboration market size is expected to see rapid growth in the next few years. It will grow to $98.6 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to hybrid work models, focus on employee experience, evolving cybersecurity landscape, integration with project management. Major trends in the forecast period include evolution of communication technologies, technological convergence, rise of remote work solutions, integration of artificial intelligence (AI) and machine learning (ML), increased security and compliance features.
The increased collaboration and communication across multiple geographies is expected to propel enterprise collaboration. Large organizations’ success is frequently dependent on their employees’ ability to collaborate across time and distance. Greater collaboration boosts productivity, improves innovation, and shortens the cycle time. Numerous IT tools facilitate enterprise collaboration, such as file sharing, instant messaging, cloud storage, whiteboard, and other IT tools. These tools frequently have overlapping functionality and differing standards on a company’s IT organization and infrastructure. For instance, during COVID-19, there was an increase in the use of collaborative software as companies adopted the hybrid and work-from-home working styles. According to a survey conducted by Gartner, a US-based Management consulting company revealed that, In August 2021, workers’ use of collaboration tools has increased by 44% since 2019. Therefore, the increased collaboration across multiple geographies is expected to boost demand for enterprise collaboration tools during the forecast period.
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The enterprise collaboration market covered in this report is segmented –
1) By Type: Internal, External
2) By Deployment Type: Cloud-Based, On-Premise
3) By Enterprise: Small and Medium Enterprises (SME), Large Enterprises
4) By Component: Solutions, Services
5) By Industry: Information Technology (IT) and Telecommunication, Government, Energy and Utilities, Banking, Financial Services and Insurance (BFSI), Manufacturing, Retail and Consumer Goods, Healthcare, Travel and Hospitality
Major companies operating in enterprise collaboration are focused on collaboration and partnerships to provide reliable services to customers. A strategic partnership is a structured affiliation between two or more commercial enterprises, typically established via one or more business agreements or contracts. For instance, in November 2021, Microsoft Corporation, a US-based technology company, partnered with Meta Platforms Inc., a US-based social metaverse company to provide immersive enterprise collaboration tools and virtual workspaces. Microsoft’s involvement could boost the adoption of Meta’s VR headsets and accelerate the development of the metaverse.
The enterprise collaboration market report table of contents includes:
1. Executive Summary
2. Enterprise Collaboration Market Characteristics
3. Enterprise Collaboration Market Trends And Strategies
4. Enterprise Collaboration Market – Macro Economic Scenario
5. Global Enterprise Collaboration Market Size and Growth
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31. Enterprise Collaboration Market Other Major And Innovative Companies
32. Global Enterprise Collaboration Market Competitive Benchmarking
33. Global Enterprise Collaboration Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Enterprise Collaboration Market
35. Enterprise Collaboration Market Future Outlook and Potential Analysis
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