The cognitive collaboration market is expected to grow at a CAGR of 11.0% during the forecast period due to ease in integration with the already existing environment and increasing need for mobility and collaboration
The global cognitive collaboration market size is expected to grow from USD 983 million in 2019 to USD 1,660 million by 2024, at a Compound Annual Growth Rate (CAGR) of 11.0% during the forecast period. Easy integration with the already existing environment and increasing need for mobility and collaboration are the major factors driving the growth of the cognitive collaboration market.
The SMEs segment is expected to grow with a higher CAGR during the forecast period
Organizations with less than 1,000 employees are considered under the SMEs segment. Cost-effectiveness is important for SMEs, as they have limited budgets. Hence, these enterprises face more excellent resource crunch than large enterprises, and they require better methods to resolve complexities for improved cost optimization of their business processes. The implementation of cognitive collaboration solutions is expected to result in increased revenue, desired business outcome, and improved business efficiency for SMEs. Cognitive collaboration solutions help SMEs reduce travel costs and the need for face-to-face meetings. Collaboration solutions also strengthen virtual teams, thus doing away with the need for physical office locations. Business agility is yet another critical focus area for SMEs, which is effectively fulfilled by the implementation of cognitive collaboration solutions.
IT and telecom segment is expected to have a significant growth in the cognitive collaboration market during the forecast period
The IT and telecom industry is facing challenges in stimulating knowledge transfer, task monitoring, employee engagement, and communication. Cognitive collaboration enables enterprises for real-time communication and cooperation in the digital workstation, wherein people, devices, and systems work together and deliver enhanced customer experience using limited resources and in minimum time. Cognitive collaboration also offers dashboards for employees to get an overview of company activities and news. Cognitive collaboration solutions help IT, and telecom enterprises accelerate their business capabilities and enhance their revenue curve.
North American expected to have the largest market size during the forecast period
The North American region is expected to hold the largest market size in the global cognitive collaboration market during the forecast period. The adoption of AI-powered services is expected to grow in the region, owing to the growing demand to analyze large volumes of data to enhance the overall productivity, consumer experience and improve the decision-making process. Moreover, technological advancements, coupled with an increasing need for intelligent business processes and rising adoption of digital technologies across the region, are fueling the growth of the cognitive collaboration market. Also, various industries, including retail, healthcare, manufacturing, and BFSI, are looking for solutions that can be easily integrated with their existing apps and do not require huge investments, which would also help them maintain their consumer base.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The breakup of the profiles of the primary participants is as follows:
- By Company: Tier 1 – 28%, Tier 2 – 40%, and Tier 3 – 32%
- By Designation: C-Level – 18%, Director Level – 44%, and Others – 38%
- By Region: North America – 31%, APAC – 22%, Europe – 34%, MEA – 8%, Latin America – 5%
The cognitive collaboration market includes various major vendors such as Cisco (US), Microsoft (US), Slack Technologies (US), Softweb Solutions (US), CognitiveScale (US), LOOP AI Labs (US), Intec Systems Limited (UK), Bluescape (US), Collaboration.Ai (US), Resemble Systems (UAE), Chanty (Switzerland), Ku Zoom.ai (Canada), iotum (Canada), and Konolabs (US).
The report includes an in-depth competitive analysis of the key players in the cognitive collaboration market along with their company profiles, recent developments, and key market strategies. The report segments the cognitive collaboration market by component, application area, deployment mode, organization size, vertical, and region.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in the cognitive collaboration market in the following ways:
- The overall cognitive collaboration market revenue stream has been estimated based on the revenues generated by vendors, offering cognitive collaboration solutions. The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are split further into regions, namely, North America, Europe, APAC, MEA, and Latin America.
- The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
- The report will help the stakeholders understand the competitors and gain more insights to better their market position. The competitive landscape section includes the competitor ecosystem, new product developments, partnerships, and mergers and acquisitions