Unified communication and collaboration is a combination of enterprise communication tools assembled and integrated into a single management system. The collaboration tools market is expected to significantly benefit from the adoption of these tools. Unified communication and collaboration tools give seamless user experience by integrating multiple technologies and tools such as telephony calling, voice, instant messaging, desktop sharing, video and audio conferencing, and cloud architects that help people work together more effectively anywhere and on any device.
As such, the global collaboration tools market is expected to exhibit a CAGR of around 11% during the forecast period (2019-2029).
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Key Takeaways of Collaboration Tools Market Study
- The portal and intranet platform segment is estimated to hold significant market share in the collaboration tools market during the forecast period, as these portals serve as a central hub in providing information and integrating applications for employees.
- By deployment, the cloud segment is estimated to register a notable CAGR. SMEs are adopting SaaS collaboration software, which is available on subscription basis, and is flexible and scalable to requirements for a number of employees.
- Asia Pacific excluding Japan is expected to dominate the global collaboration tools market, as the demand for robust collaboration for improving communication and workforce productivity is increasing across various organizations in countries such as China and India.
- Growing adoption of the Bring Your Own Device (smartphones, tablets, etc.) trend in the IT & telecom industry is expected to increase the demand for collaboration tools to secure, manage, and support devices.
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Collaboration tools are designed to facilitate and handle group work involved in a certain task to achieve desired goal. It enables sharing, processing and management of files, documents and other data types among co-workers internally and externally which include business partners, employees, consultants and customers. This results into effective team collaboration in an enterprise or across enterprises depending on the workflow processes. Collaboration tools are integrated on a platform making it a category of business software. It includes an interface where each user creates a workspace and adds data to it and any changes made to it are synced across, which is accessible by all other users regardless of their location.
Collaboration tools integrate three crucial elements which are people, process and technology. These tools help in achieving productivity, innovation and efficiency. Main features of collaboration tools include communication, conferencing, and coordination.
Collaboration Tools Market: Drivers and Restraints
Rise of social networking, digital transformation, and cloud and mobile computing are the most important and key drivers of collaboration tools market. User access controls and effective knowledge pooling resulting in employee engagement and better productivity are also some factors resulting in growth of collaboration tools market. Better connectivity among stakeholders due to collaborative solutions is also an important driver for this market.
Data security concerns, uncertainty while implementing the tool for appropriate collaboration of work and employees and slow adoption rate are some challenges faced by collaboration tools market.
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Collaboration Tools Market: Segmentation
The collaboration tools marketcan be segmented on the basis of deployment type, solution, end-user enterprise size, end-user industry vertical and region wise. On the basis of deployment it is further segmented as on-premise and off-premise and hybrid. On the basis of solution it is further segmented into email, application sharing, web services, management processes and others.
End-user enterprise size category, includes SME’s and large enterprises. On the basis of industry verticals it is further segmented as BSFI, IT and Telecommunications, Transportation and Logistics, Manufacturing, Government and Defence, E-commerce, Healthcare, Energy and Utilities, Retail, Media and Entertainment and Others. Region wise collaboration tools marketis further segmented into key regions such as North America, Latin America, Asia-Pacific, Europe and Middle East and Africa.
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Collaboration Tools Market: Regional Overview
North America is the biggest market for collaboration tools market and expected to dominate in future owing to rise in adoption of cloud technology, particularly in USA and Canada. Latin America along with Europe is also showing potential growth in collaboration tools market owing to technological innovation and gain competitive advantage. Collaboration tools market in Asia-Pacific and Middle East region is also growing at a considerable rate as organisations are focusing on better customer experience.