The global cloud based collaboration software market is segmented into solution type such as unified communication and collaboration, document management system, project & team management and enterprise social collaboration. Among these segments, unified communication and collaboration is the fastest growing segment. Unified communication and collaboration software helps to keep the documents at the same workplace, which reduces the user’s work to keep a track on these documents at different workplace. Such advantages of UCC software is expected to bolster the growth of this segment in upcoming years.
Cloud based collaboration software increases the workforce productivity as the documents can be easily accessible from anywhere and anytime. Small to medium scale businesses are widely using cloud based collaboration software which encourages their growth in the market. The market of cloud based collaboration software is thriving due to the rising adoption of cloud based storage by most of the business enterprises.
Global Cloud Based Collaboration Software Market is expected to grow at a notable CAGR of 11.19% during the forecasted period. Moreover, the global cloud based collaboration software market is expected to grow with high pace during the forecasted period due to the rapid change in computing and high demand for flexibility of resources. In terms of regional platform, Asia Pacific countries such as China, Japan and India accounted for the fastest growing market of cloud based collaboration software in terms of revenue in 2017. Increasing demand for cloud servers and policies such as BYOD (Bring your own device) among enterprises helps in stimulating the growth of cloud based collaboration software market in Asian Countries.
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North America is expected to hold the largest market for cloud based collaboration software as most of the world’s largest technology companies such as Microsoft, Google and Slack technologies are located in this region which makes the North America as the leading market for cloud based collaboration software. Latin America and Middle East region showcase a significant growth due to the explosion of new technologies which in turn creating many opportunities for industry participants in these regions.
Rising Growth of Unified Communication & Collaboration
Unified communication & collaboration segment by solution grabbed major share of global cloud based collaboration software and is expected to maintain its position in the market during the forecasted period. It was estimated that unified communications and collaboration market size was at over USD 36.01 Billion in 2017. Unified communication & collaboration allows the employees, clients, suppliers and various other users to coordinate task and share information in real time including fax, SMS and email.
The major driving factor for unified communication & collaboration software market is increasing demand for smart phones, tablets and policies such as BYOD (Bring your own device). Rise of cloud computing technology in various different industries such as financial industry, healthcare and IT & telecom industry is triggering the growth of unified communication & collaboration segment. Demand for conferencing services such as audio, web conferencing services and video will bolster the growth of this segment in the near future.
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Rising Growth of Hybrid Model
The global cloud based collaboration software market is segmented into deployment model type such as private cloud, hybrid cloud and public cloud. Among these segments, hybrid cloud is the fastest growing segment. It was estimated that hybrid cloud market in 2016 was USD 34.56 Billion and is expected to grow during the forecasted period at a CAGR of around 17.45%.
Hybrid cloud uses the features of both private and public cloud. Hybrid cloud helps in reducing the deployment cost. Agility, compliance and security are some of the key benefits of hybrid cloud. Startups and small to medium businesses adopt hybrid cloud for data recovery and for backups.
The report titled “Cloud Based Collaboration Software Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global cloud based collaboration software market in terms of market segmentation by deployment models, by service type, by solutions type, by enterprise size type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the cloud based collaboration software market which includes company profiling of Microsoft Corp., Google, Slack Technologies Inc., Salesforce.com Inc., Jive software Inc., Mitel Networks Corporation, Box Inc., Aspect software, Cisco systems and Oracle. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global cloud based collaboration software market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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