The global market for collaboration tools had sales revenue of about US$ 32,307 million in 2021 and is expected to grow at a CAGR of 11.3 percent to US$ 75,508 million by 2029. In terms of market share for corporate software, the market for collaboration tools was about 15%.
| 2022 Market Value | US$ 35,586 Mn |
| 2029 Market Value | US$ 75,508 Mn |
| CAGR% (2022-2029) | 11.3% |
| Share of Top 5 Market Players | 25% |
Combining workplace communication tools into one management system results in unified cooperation and communication. It is projected that adoption of these solutions will substantially benefit the market for collaboration tools. Utilizing a variety of tools and technologies, such as cloud architects, instant messaging, voice, video, and audio conferencing, desktop sharing, and telephony calls that enable people to collaborate more effectively anywhere and on any device, unified collaboration and communication tools provide a consistent client experience.
Over the projection period, it is anticipated that the market for collaboration tools would exhibit a CAGR of almost 11%. (2019-2029).
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Key Takeaways of Collaboration Tools Market Study
- The intranet and portal platform category is likely to account for noteworthy share in the collaboration tools market, as these portals serve as a central hub in offering information as well as incorporating employee’s applications.
- Based on the deployment, the cloud category is projected to record a remarkable CAGR over the forecast period.
- SMEs are accepting SaaS collaboration software that is accessible on a subscription base and is scalable and flexible to demands for several employees.
- In terms of region, the Asia Pacific excluding Japan (APEJ) is anticipated to lead the global collaboration tools market, as the requirement for remarkable collaboration for enhancing workforce productivity and communication is expanding all over several organizations in nations such as India and China.
- Expanding implementation of the BYOD (Bring Your Own Device) such as smartphones, tablets, etc., the trend in the IT & telecom sector is likely to expand the requirement for collaboration tools to support, manage, and secure devices.
Augmented Reality and Virtual Reality for Real-Time Remote Collaboration
Augmented reality and virtual reality allow real-time remote collaboration goes through for enterprises. Enterprises are utilizing these tools to have informational services based on the location. Additionally, QR codes offer access to information and people regarding the company’s services or products. As distributed teams are turning out to be a norm all over companies, AR and VR technologies are demonstrating to be practicable for communication among employees although the employees are not nearby in the same place. Changing backgrounds, supporting avatars, cataloging body language, and immersive boardroom experiences are a few attributes that VR and AR make possible. VR and AR permit multiuser capabilities where users could join forces to work on product development and design in the digital world.
For example, RealSense provides VR products that could change the background of the content of the live streamer to heighten presentations for all. Also, market players are investing in systems and solutions and are likely to make noteworthy revenue from the BFSI (banking, financial services, and insurance) sector. However, the absence of enterprise-wide collaboration techniques, maintenance costs and high deployment, and data security problems are limiting the expansion of the collaboration tools market.
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Collaboration Tools Market Outlook by Category
By Solution:
- Platforms
- Unified Messaging
- Enterprise File Sharing & Synchronization
- Portals & Intranet Platforms
- Project Management Platforms
- Enterprise Social Networks
- Services
- Integration Service
- Technical Support
- Consulting
By Deployment:
- On- premise
- Cloud
By Enterprise Size:
- Small & Medium Enterprises
- Large Enterprises
By Industry:
- BFSI
- IT & Telecom
- Healthcare
- Travel & Hospitality
- Retail & e-Commerce
- Manufacturing
- Others
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Japan
- Middle East and Africa
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