15 March 2019
The global enterprise collaboration market is estimated to witness remarkable growth in the coming years owing to rising demand for better execution of internal and external communications within an organization. Enterprise collaboration is an advanced communications system that allow employees to share information with each other from different geographic locations. The system makes use of advanced tools, such as corporate intranet, social networking tools, public internet, and collaboration platforms, to facilitate sharing of knowledge and documents between teams and employees.
Rising focus of companies on internal communications between teams and employees to enhance productivity is anticipated to propel demand for the enterprise collaboration tools. Increasing use of mobile devices to access various social networking websites can impel market growth. Growing adoption of cloud technology in small and medium-sized enterprises (SMEs) to implement software as a service (SaaS) and reduce operational expenses can spur product demand. Software can help SMEs to keep record of files and streamline shared files to track projects. This, in turn, can support companies to expedite their business operations and improve productivity. Advent of new technologies like artificial intelligence and application programing interface (API) is likely to gain traction among businesses and corporates. Most companies are likely to embed communication API into their existing applications to streamline their workflow. This trend is likely to spur market expansion in the coming years.
However, accidental mishandling of data leading to data breaches can hamper market growth. Regulatory issues associated with data security can restrain organizations to adopt collaboration tools.
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The market can be segmented on the basis of component, deployment type, and application. Based on component, the market can be categorized into services and solutions. In terms of deployment type, the market can be bifurcated into cloud based and on premises. On the basis of application, the market can be classified into conferencing tool, communication tool, and coordination tool.
North America is anticipated to witness substantial growth in the coming years owing to presence of leading market players, including Microsoft, Facebook, and Slack. These companies are offering technologically advanced products to large and small scale enterprises to enhance their productivity through better internal communication. Early adoption of cloud technologies by information technology (IT) companies in the United States owing to availability of advanced infrastructure can augment regional market growth. Organizations like Department of Defense and Joint Forces Command in the U.S. are likely to use collaborative technologies to develop internal and external knowledge repositories. In addition, growing adoption of enterprise collaboration tools, such as audio and video conferencing, application sharing tools, and web services, can stimulate market growth. Moreover, launch of innovative products by market players can boost regional market growth in the coming years. For instance, Conversant Technology launched a new platform called “Microsoft Voice for Teams” to support Microsoft Teams users through cloud technology. The platform allow users to streamline their internal and external communications through a single platform without investing in additional infrastructure. They can make and receive calls worldwide from their existing extension while accessing their Microsoft Teams hub.
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