The collaboration tools market may garner considerable momentum across the forecast period of 2019-2028 owing to the rising trend of remote work over the advent of the novel coronavirus pandemic. The humungous growth of the collaboration tools market is attributed to the rising number of remote workers around the world. Collaboration tools are no longer an option but a necessity to prevent the transmission of SARS-CoV-2. The stay-at-home orders are anticipated to bring tremendous growth opportunities for the collaboration tools market.
The ongoing report on the collaboration tools market brings extensive inputs on the diverse parameters that influence the growth rate. The report also highlights the impact of COVID-19 on the global collaboration tools market. It further cites the key trends and the competitive scenario across the collaboration tools market to provide a 360 degree view to the market shareholders.
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Collaboration tools market: Competitive landscape
The collaboration tools market has numerous players that are coming up with new additional features to cater to the escalating demand of collaboration tools in the corporate world. New players are also entering the competitive arena to compete with existing well-established players. For instance, social media giant Facebook has announced ‘Workplace Rooms’, a professional version of its existing ‘Messenger Rooms’ application. In another development, Huawei also launched the IdeaHub collaboration tool with features like multi-screen collaboration, full HD video conferencing, etc. Hence, the entry of new players will pave the way for increased competition across the collaboration tools market.
With the surge in demand for collaboration tools, mergers, acquisitions, partnerships, and joint ventures are also forming an important component for the growth of the collaboration tools market. The strategic partnership between NTT Data and Microsoft to offer cutting-edge collaboration tools for work organizations is a classic instance.
Collaboration Tools Market: COVID-19 Impact
The COVID-19 impact has brought positive growth prospects for the collaboration tools market. As the work-from-home policies are increasingly becoming common in the wake of the SARS-CoV-2 outbreak, collaboration tools are gaining considerable momentum across the globe.
Due to the surge in demand for collaboration tools due to the rising COVID-19 threat, various technologies are emerging to work in sync with collaboration tools for an enhanced work experience. For instance, Krisp.ai, a software-agnostic tool enables noise cancellation during professional video meetings and helps in serving as a great partner for efficient productivity. Therefore, such tools may help in bringing exponential growth opportunities for the collaboration tools market.
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Collaboration Tools Market: Growth Trends
Startups are emerging as key growth contributors as they launch collaboration tools with new technologies and developments. For instance, Acoer, a startup developing healthcare technologies has created Hashload, a blockchain-enabled collaboration tool to allow researchers for sharing data securely with third parties.
The dark cloud of security threats are looming on collaboration tools and may hamper the growth of the collaboration tools market. Nevertheless, key players in the collaboration tools market are focusing on adding more security features to provide a seamless and secure WFH experience to their consumers. For instance, BlueJeans Network recently unveiled a new set of security features in collaboration tools such as AES-256 GCM encryption to protect the users from constant security threats.
Collaboration Tools Market: Regional Outlook
The collaboration tools market may record phenomenal growth from North America and Europe due to a large WFH population across the region. Innovations and new product launches will further impact the growth rate of the collaboration tools market. Asia Pacific may also record impressive growth across the forecast period. Since the announcement of the lockdown, almost 90 percent of India’s IT industry has switched to remote working. This aspect augurs well for the growth of the collaboration tools market in the region.
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