The global cloud collaboration market reached a value of US$ 37.36 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 72.99 Billion by 2027, exhibiting a CAGR of 11.20% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Cloud collaboration refers to a communication system that enables users to work simultaneously on documents and other data types. It allows remote teams to collaborate and modify the documents in various ways, such as sharing, editing, uploading, commenting and collaborating. Enterprise social collaboration, document management system, unified communication and collaboration, support services and enterprise social collaboration are some of the commonly used cloud collaboration services. It assists in improving access to larger files, providing real-time updates and data access, streamlining workflow and scalability, reducing investments, and improving organizational communication and participation. As a result, cloud collaboration finds extensive applications across various industries, such as education, healthcare, media and entertainment, telecommunications and banking, financial services, and insurance (BFSI).
Cloud Collaboration Market Trends:
Significant growth in the information technology (IT) industry across the globe and the increasing automation trends are some of the key factors creating a positive outlook for the market. Cloud collaboration solutions offer high agility to organizations, while enabling easy data sharing among remote and virtual users, which, in turn, is supporting the market growth. In line with this, the increasing adoption of cloud-based data recovery systems and the integration of machine learning (ML) and artificial intelligence (AI) to efficiently manage communications and collaboration between teams is favoring the market growth. Moreover, the emergence of bring-your-own-devices (BYOD) and work from home (WFH) trends on account of the ongoing coronavirus disease (COVID-19) pandemic and the consequent mandatory implementation of lockdowns are providing an impetus to the market growth. Organizations are adopting video conferencing and team meeting solutions for allowing effective communication with partners, teammates, and customers. Additionally, the widespread adoption of unified communication and solutions to increase productivity, efficiency and unlock innovation by enabling virtual teams is positively impacting the market growth. Other factors, including the increasing demand for cloud collaboration in small- and medium-sized enterprises (SMEs) and extensive research and development (R&D) activities, are anticipated to drive the market further toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global cloud collaboration market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on solution, deployment mode, organization size and end use industry.
Breakup by Solution:
Unified Communication and Collaboration
Enterprise Social Collaboration
Project and Team Management
Document Management System
Breakup by Deployment Mode:
Breakup by Organization Size:
Small and Medium-sized Enterprises
Breakup by End Use Industry:
IT and Telecommunication
Media and Entertainment
Healthcare and Life Sciences
Government and Public Sectors
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Adobe Inc., Box Inc., Cisco Systems Inc., Citrix Systems Inc., Google LLC, International Business Machines Corporation, Intralinks Inc. (SS&C Technologies Inc.), Jive Software (Aurea Software Inc.), Microsoft Corporation, Mitel Networks Corporation, Oracle Corporation and Salesforce.com Inc.
Key questions answered in this report:
How has the global cloud collaboration market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global cloud collaboration market?
What are the key regional markets?
What is the breakup of the market based on the solution?
What is the breakup of the market based on the deployment mode?
What is the breakup of the market based on the organization size?
What is the breakup of the market based on the end use industry?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global cloud collaboration market and who are the key players?
What is the degree of competition in the industry?