Collaboration Tools Market to Expand 3X by 2029
Industry executives have been striving to unleash the potential of tech-driven transformations in order to meaningfully enhance business performance. They are also revising their business models - processes and workforce productivity - to keep up with technological changes and new strategic thrusts. As enterprises continue to disrupt revenue growth with digital solutions and analytics, the collaboration tools market will expand at a double-digit CAGR. This FMI study predicts 3X expansion of market value by 2029.
Frequently Asked Questions about Collaboration Tools Market
What are the future trends expected in the collaboration tools market?
Introduction of new technologies such as machine learning, artificial intelligence, virtual reality, and augmented reality in various collaboration tools is anticipated to create lucrative opportunities for players in the collaboration tools market.
What are the challenges that are restricting the growth of the collaboration tools market?
Lack of enterprise-wide collaboration strategy, high deployment and maintenance costs, and data security issues are restricting the growth of the collaboration tools market.
Which industry will have significant revenue growth during the forecast period?
The IT & telecom industry dominates the collaboration tools market, as most IT & telecom companies are adopting the BYOD trend and collaboration solutions with increasing usage of Voice over Internet Protocol and video conferencing.
What are the factors that are driving the growth of the collaboration tools market?
Increasing demand for digitizing the workspace, adoption of unified communication and collaboration, growing mobile workers and cloud communication solutions, and increasing penetration of smart devices and Internet are the factors that are responsible for the growth of the collaboration tools market.
Which collaboration platform holds potential growth opportunities during the forecast period?
Unified messaging platforms hold significant growth opportunities, as unified messaging tools help employees work together more efficiently and productively through a variety of channels, with flexibility in deployment, cost effectiveness, and convergence of various applications.
Which region is expected to dominate the collaboration tools market?
Asia Pacific excluding Japan is expected to offer significant growth opportunities for players in the collaboration tools market. Need for enhanced decision making across organizations and robust collaboration have significantly increased the adoption of collaboration tools by organizations in the region.
Who are the major players leading the collaboration tools market?
Prominent companies in the collaboration tools market include Google LLC, IBM Corporation, Microsoft Corporation, Slack Technologies, TeamViewer, Egnyte Oracle Corporation, Zoho Corporation, Diligent Corporation, Exo-platform, Dropbox, Hootsuite Inc., Cisco, Smartsheet Inc., and Atlassian, among others.
Stakeholders Place Bets on IT & Telecom Industry
Players allocating capital in the IT & telecom industry continue to thrive in the collaboration tools market. Growing popularity of the Bring Your Own Device (BYOD) trend that includes smartphones and tablets due to increasing usage of Voice over Internet Protocol (VoIP) services and video conferencing is enabling broader adoption of collaboration tools in the industry. Companies are investing in solutions and systems to secure, manage, and support these devices and collaboration tools. Moreover, market players are likely to generate substantial revenue from the banking, financial services, and insurance (BFSI) industry.
North America Takes the Lead, APEJ Closes In
North America and Western Europe continue to generate higher total returns to stakeholders in the global collaboration tools market. Being the test bed for novel technologies, market players are creating distinctive capabilities and unlocking growth opportunities in these developed regions to better serve customers and grow. In order to satiate the rising demand for enhanced communication and workforce productivity, incumbents are also tapping white spaces in Asia Pacific excluding Japan (APEJ), which is projected to outpace Western Europe by 2025.
Integrating VR and AR for Real-time Remote Collaboration Experience
Augmented reality (AR) and virtual reality (VR) allow real-time remote collaboration experiences for enterprises. Companies are leveraging these cutting-edge technologies to have location-based informational services. VR and AR are becoming beneficial for communication among employees regardless of their current location. AR and VR offer multi-user capabilities, wherein, users collaborate to work on product design and development in the digital arena. Moreover, they provide features such as immersive boardroom experiences, cataloging body language, supporting avatars, and changing backgrounds. For instance, Intel RealSense offers VR collaboration tools that change the background according to the content of the live streamer for better presentation.
Platforms account for higher market share
Services to see decline in adoption
Cloud deployment remains highly preferable
Demand for on-premise deployment to dip
Large enterprises hold greater demand share
Demand from small & medium enterprises to surge
IT & telecom industry remains immediate customer
Increasing adoption in BFSI industry
How Growth will Unfold
To secure revenue to compete on the global landscape, market players are reinventing their business models swiftly to the way customers prefer purchasing hardware and software - flexibly and no hefty upfront costs. This migration from upfront to a subscription-based model will portend well for cloud-based collaboration tools, which will capture over 60% of overall market value. Considered an operating expenditure, cloud-based collaboration software is becoming a top priority for small and medium enterprises (SME). By 2029, their value creation will be around thrice that of on-premise collaboration tools.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Collaboration Tools Market Analysis 2019-2029
A recent market study published by Future Market Insights (FMI) on the collaboration tools market includes global industry analysis of 2014-2018 and opportunity assessment for 2019-2029, and delivers a comprehensive assessment of the most important market dynamics. After conducting thorough research on the historical as well as current growth parameters, growth prospects of the market are obtained with maximum precision.
Collaboration Tools Market Taxonomy
The global collaboration tools market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to readers.
- Unified Messaging
- Enterprise File Sharing & Synchronization
- Portals & Intranet Platforms
- Project Management Platforms
- Enterprise Social Networks
- Integration Service
- Technical Support
- On- premise
- Small & Medium Enterprises
- Large Enterprises
- IT & Telecom
- Travel & Hospitality
- Retail & e-Commerce
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific excluding Japan
- Middle East & Africa
The report begins with the executive summary of the collaboration tools market, which includes a summary of the key findings and statistics of the market. It also includes the demand- and supply-side trends pertaining to the market.
Readers can find the definition and detailed taxonomy of the collaboration tools market in this chapter, which will help them understand the basic information about the market. Along with this, comprehensive information pertaining to collaboration tools and its properties are provided in this section. This section also highlights the inclusions and exclusions, which help readers understand the scope of the collaboration tools market report.
The collaboration tools market report provides key market trends that are expected to significantly impact market growth during the forecast period. Detailed end user trends are also provided in this section.
This section gives detail information of pricing analysis and global average pricing analysis benchmark on basis of different models of the collaboration tools.
This section explains the global market value analysis and forecast for the collaboration tools market during the forecast period. It includes a detailed analysis of the historical collaboration tools market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and an incremental $ opportunity for the forecast period (2019-2029) which has been provided in this section.
This chapter explains the key macroeconomic factors that are expected to influence the growth of the collaboration tools market during the forecast period. Along with macroeconomic factors, this section also highlights the supply chain, forecast factors, and value chain analysis of the collaboration tools market. Moreover, in-depth information about the market dynamics and their impact analysis on the market have been provided in the successive section.
This chapter explains the key use cases where collaboration tools are used by various industries for improving unified communication, for project management, to improve productivity, for transforming workforce.
Based on solution, the collaboration tools market is segmented into platforms (unified communication, enterprise file sharing & synchronization, portals & intranet, project management platform, enterprise social network), and services (integration, technical support, & consulting services). In this chapter, readers can find information about key trends and developments in the collaboration tools market and market attractiveness analysis based on solution.
Based on deployment, the collaboration tools market is segmented into on-premises and cloud models. In this chapter, readers can find information about key trends and developments in the collaboration tools market and market attractiveness analysis based on deployment.
Based on enterprise size, the collaboration tools market is segmented into small & medium enterprise and large enterprise. In this chapter, readers can find information about key trends and developments in the collaboration tools market and market attractiveness analysis based on enterprise size.
This chapter provides various details about the collaboration tools market based on industry, and has been classified into BFSI, IT & telecom, healthcare, travel & hospitality, retail & e-Commerce, manufacturing and others. In this chapter, readers can understand the market attractiveness analysis based on industry.
This chapter explains how the collaboration tools market is anticipated to grow across various geographic regions such as North America, Latin America, Western Europe, Eastern Europe, APEJ (Asia Pacific excluding Japan), Japan, and the Middle East & Africa.
This chapter includes a detailed analysis on the growth of the North America collaboration tools market, along with a country-wise assessment that includes the U.S. and Canada.
This chapter provides the growth scenario of the collaboration tools market in Latin American countries such as Brazil, Mexico, and the rest of Latin America. Along with this, assessment of the market across target segments has also been provided.
Important growth prospects of the collaboration tools market in several countries such as Germany, the UK, France, Spain, Italy, BENELUX, and the rest of Western Europe are included in this chapter.
This chapter provides the growth scenario of the collaboration tools market in Eastern Europe countries such as Russia, Poland, and the rest of Eastern Europe.
This chapter highlights the growth of the collaboration tools market in the APEJ region by focusing on China, India, ASEAN, Australia, New Zealand, and the rest of APEJ. This section also help readers understand key factors that are responsible for growth of the collaboration tools market in the APEJ region.
This section also help readers understand key factors that are responsible for growth of the collaboration tools market in Japan.
This chapter provides information about how the collaboration tools market is anticipated to grow in major countries in the MEA region, such as GCC countries, South Africa, North Africa, Turkey, and the rest of MEA, during the forecast period of 2019-2029.
In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the collaboration tools market, along with their market presence analysis by region and product portfolio.
In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the collaboration tools market, along with the detailed information about each company. This includes the company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Google LLC, IBM Corporation, Oracle Corporation, Zoho Corporation, Microsoft, Cisco, Hootsuite Inc, Dropbox, Atlassian, and Diligent Corporation, among others.
This chapter includes a list of acronyms and assumptions that provides a base to the information and statistics included in the collaboration tools market report.
This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the collaboration tools market.
How the research was conducted?
- C - Level Executives
- Marketing Directors
- Sales Heads
- Sales Executives
- Technical Advisors
- Collaboration Tools Providers
- End-user Experts
- End Users
- Current Market Dynamics and Challenges
- Market Characteristics
- Market Performance and Growth Quadrants
- Competition Structure and Market Structure
- Strategic Growth Initiatives
- Near Term and Long Term Market Growth Prospects
- Market Segment Splits and Authenticity
- Opinions on Market Projections and Validity of Assumptions
- Company White Papers
- Annual Reports and Investor Presentations
- Research Papers
- Company Press Release
- Government Websites and Publications
Primary Interview Splits