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.
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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.
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.
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