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Global Cloud Collaboration Market - Growth, Trends, and Forecasts (2019 - 2024)

Global Cloud Collaboration Market - Growth, Trends, and Forecasts (2019 - 2024)

  • February 2019
  • 147 pages
  • ID: 5778389
  • Format: PDF
  • By Mordor Intelligence LLP

Summary

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Market Overview
The Cloud Collaboration market was valued at USD 26.11 billion in 2018 and is expected to register a CAGR of 13.43%, over the forecast period (2019-2024).
Employees across organizations use cloud-based collaboration platform to share and work together on projects at once. Cloud collaboration enables to achieve high productivity with access to real-time data. Cloud collaboration offers high agility to companies and enables easy data sharing among remote and virtual users. With changing business requirements, companies are now looking for services, which offer easy access and increased productivity thereby supporting the growing need for agile support.
With increasing automation trends along with the changing mobility, it has become increasingly important for industries to look for solutions that can offer services thereby reducing the overall infrastructure costs.
Moreover, businesses adopting mobile services and implementing new policies to increase the employee interaction and ease of use, has become important to provide accessibility to data across multiple end-point devices.
These services allow the client and employees to access files and data who are working on offsite locations, which makes operations much more accessible. It also lets users with BYOD (Bring your own device) to take full advantage of accessing the data over the cloud.

Scope of the Report
Cloud collaboration is a type of enterprise collaboration that allows employees to work together on documents and other data types, which are stored off-premises and outside of the company firewall. Employees use a cloud-based collaboration platform to share, edit and work together on projects. Cloud collaboration enables two or more people to work on a project at once.

Key Market Trends
Demand for Enterprise Social Collaboration is on the Rise

In recent years, enterprise social collaboration(ESC) solutions have been able to connect people around the world effectively. Social applications have been limited by technology and might work fine for one department but not for another. With the advent of the cloud, the integration of social collaboration solutions is easier than ever.
The demand for enterprise social collaboration is on the rise and with good reason. With the millennials becoming an increasingly larger part of the workforce, CIOs will be forced to face enterprise social collaboration (ESC) in the future. Intelligent CIOs-who are ahead of the trend have already embraced it, leading to staggering results.
When properly integrated, ESC solutions empower both employees and employer. It can instill the intimacy and fun of social media into work-related communications, and lead to accomplishing tasks in new and more efficient ways. Trusted partners and valued customers can also be integrated directly into the network to everyone’s mutual advantage.

Cloud Collaboration in North America is Driven by the Adoption of Cloud Computing

Cloud collaboration in the region is mainly driven by businesses that are adopting cloud computing to increase capacity and productivity. Companies in the region are moving beyond the public cloud and stepping into a new era of hybrid IT that combines public cloud, private cloud, and traditional IT. These organizations have implemented a hybrid cloud strategy as it is helping them to improve the way they run their business and deliver services to customers.
As per the RightScale’s State of the Cloud Report 2018, over 80% of the North American and European companies are using a complex deployment model in the cloud, i.e., 51% of the hybrid and 21% implementing a multi-cloud strategy, with an average of five cloud providers. This has further stimulated the cloud collaboration demand. With automation trends prominent in the region, it has become increasingly important for industries to look for solutions that can offer services to reduce infrastructure costs.
Also, the increased electronic device penetration has resulted in the high adoption of BYOD, which has forced companies to adopt cloud collaboration to address employee needs. Furthermore, the presence of prominent startups with an aggressive BYOD policy and freedom for employees has augmented the growth of the cloud collaboration market.

Competitive Landscape
The Cloud Collaboration Market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with a prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability. The companies operating in the market are also acquiring start-ups working on cloud collaboration technologies to strengthen their product capabilities. In Feb 2018, Cisco completed its acquisition of BroadSoft, which would accelerate Cisco’s cloud strategy and collaboration portfolio by adding the industry’s leading cloud calling and contact center solutions to Cisco’s leading calling, meetings, messaging, customer care, hardware endpoints, and services portfolio.

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