Collaboration Software Market size forecast to surpass USD 8.5 billion by 2024
Collaboration Software Market size will grow at 13% CAGR from 2016 to 2024 and exceed USD 8.5 billion by 2024. Connect unstructured and ad hoc collaboration with structured content-centric business process and technological innovations will drive growth.
These provide a private online platform for individuals to engage in team activity or connect & collaborate with others in single shared and centralized environment. It helps individuals to contact with co-workers in and outside business organization that includes business partners, workers, consultants and customers. Public cloud will experience strong growth in the coming years. Need to exchange information in and outside the organization in context of critical business process will contribute to collaboration software market size.
The industry will be fueled by benefits such as effective business process, proper management of different project size, time tracking & chat application, faster communications, administrative control and improved output. It helps to increase productivity, timely availability of information and updates. In addition, these helps the management to identify completion of work & bottlenecks and improves business efficiency.
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These solutions are not limited to any specific business department; different departments can use same tools to collaborate, integration & overlapping. This helps enable holistic tools, mobile and vendors next generation software to provide intuitive and convenient mobile applications.
Improved communication, division of work, less conflicts, creative input, better file sharing, project management & productivity, accessible & affordable, instant messaging, meeting management, mobile access, multi-platform, task scheduling, team conversation, ease of use, track update, to-do lists may have positive impact. In addition, seamless exchange data, greater innovative ability, less email reliance & overload, overall increased productivity, software release track, case track, and user access controls will fuel collaboration software market size.
Sluggish adoption rate, usability and scalability concerns, lower efficiency and integration are some hurdles that may hinder collaboration software market growth. In addition, lack of training & support, stiff competition and redesigning cloud network and lack of security may hamper industry growth.
Combining people, work & content in visual framework, mobile accessibility, cyber security, and consumption based pricing are some recent collaboration software market opportunities. Need for an application for each individual collaboration may make the organization less productive, change management, downtime, lack of IT infrastructure, issues in calculating ROI and cost are major challenges for this industry.
Analytics & business intelligence, human capital administration, content management, ecommerce, IT service management, customer relationship management, enterprise performance management represent key application areas. Other notable segments include ERP financial supervision, ERP services & operations management, PLM & engineering, project portfolio management, procurement, sales performance management, SCM and treasury & risk management.
Collaboration software market share by application also includes tools for web conferencing, social business platform, team collaborations, eSignature, event management online community sharing resource. In addition, conventional tool for email, group calendar & schedule and eased discussions.
U.S. collaboration software market size is expected to dominate revenue over forecast timeline due to presence of large number of vendors. Latin America offers potential growth opportunities as there are technological innovation and organization are focusing on better customer experience to gain competitive advantage.
Key players accounting for collaboration software market share are Microsoft, Cisco System, Citrix, Oracle, IBM, Box incorporation, Google, Intralinks Holdings Incorporations and Survey Monkey. Slack, Dropbox and Box are start-up that are adopting the concept with whole new approach to share knowledge, team collaborations and information filtering through smart messaging.
Merger & acquisitions, product innovation, and R&D are some strategies that are being adopted by key players. For instance, Microsoft announced to buy LinkedIn in a USD 26.2 billion deal to strengthen its service portfolio and bolster revenue. Cisco acquired Jasper for cloud based internet-of-things (IoT). Box Incorporation may enhance healthcare offering by providing Box DICOM Viewer that helps in view & share medical images and streamline referral management. Intralinks Holdings acquired Verilume for cloud infrastructure. IBM has adopted acquisition strategy in response to increasing cloud focus.
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