Enterprise Collaboration Market Size, Trends & Growth Opportunity By Enterprise Size (Small and Medium Enterprises, and Large Enterprises), By Components (Solutions and Services, By Industry Vertical (BFSI, Retail, Public Sector, Healthcare, IT & Telecommunication), By Region and Forecast till 2027
Dallas , Texas, Oct. 22, 2021 (GLOBE NEWSWIRE) -- Global Enterprise Collaboration Market is expected to grow from USD 47.2 billion in 2021 to USD 85.8 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 12.7% during the forecast period.
An appointment of correspondence among corporate workers which will include the use of a cooperation stage, venture long range informal communication instruments, a company intranet, & the open internet is called as enterprise collaboration. Enterprise collaboration software empowers employees in an organization to share information and work jointly on projects from different geographic locations.
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Global Enterprise Collaboration Market Key Development
Cisco purchased BabbleLabs, a business that designs and develops communication software, in August 2020 in order to improve the user’s video meeting experience. The company improves the quality of communication and conferencing services by distinguishing human speech from undesired noise using powerful AI techniques. This functionality would aid Cisco in providing a high-quality meeting experience via the Webex application from anywhere and on any device.
Adobe bought Workfront, a renowned provider of Collaborative Work Management Tools, in December 2020. For enterprises to increase efficiency, the corporations would give a unified system to assist planning, collaboration, and management.
Impact of the COVID-19
The recent outbreak of pandemic is anticipated to rise the usage of collaboration tools. Because of lockdown, multiple organizations are endorsing the usage of collaboration tools as employees tend to work from home during the COVID 19. Microsoft Teams, which is a team collaboration software from Microsoft, observed a 40% growth in demand because of the adjustment of the businesses to remote work. Owing to the Pandemic, many countries follow strict lockdowns, shutdowns, and mobility restrictions to avoid the spread of the virus.
Various key players in Global Enterprise Collaboration Market are Atlassian Corporation PLC, Vonage Networks LLC,Fuze Inc., 8x8, Inc, Igloo, Inc, Facebook, Inc, VMware, Inc., Slack technologies, Inc, Microsoft Coporation, IBM Corporation.
Enterprise Collaboration Market Segmentation
By Enterprise Size
Small and Medium Size Enterprises
Gateways and Intranet Platform
File Sharing and Synchronization
Enterprise Social Network
By Industry Vertical
IT & Telecommunication
Middle East & Africa
The APAC Enterprise Collaboration Market is projected to dominate the market in near future. The region also has the maximum student population, and with advancing technologies, there is an increasing demand for eLearning and distance education. North America, especially the US and Canada, is observing the extensive adoption of cloud-based enterprise collaboration solutions and services among big enterprises and SMEs across multiple verticals.
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