According to the globalcloud collaboration market research reportby IMARC Group, the market reached a value of US$ 42.9 Billion in 2022, and it is projected to reach a value of US$ 81.1 Billion by 2028, exhibiting a CAGR of 10.77% during 2023-2028.
How Big Is The Cloud Collaboration Market?
The global cloud collaboration market size reached US$ 42.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 81.1 Billion by 2028, exhibiting a growth rate (CAGR) of 10.77% during 2023-2028.
What are Cloud Collaboration?
Cloud collaboration represents communication systems that enable users to work simultaneously on documents and other data types. They involve several solutions, such as unified communication and collaboration, enterprise social collaboration, project and team management, document management system, etc. Cloud collaboration systems allow remote teams to collaborate and modify the documents in numerous ways, including editing, sharing, uploading, commenting, collaborating, etc., and assist in improving access to larger files, offering real-time updates and data access, streamlining workflow and scalability, reducing investments, and enhancing organizational communication and participation. Consequently, they find extensive applications across various sectors, such as healthcare, education, media and entertainment, telecommunications, banking, financial services, and insurance (BFSI), information technology (IT), etc.
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What Are The Growth Prospects And Trends In The Cloud Collaboration Industry?
The expanding (IT) industry across the globe and the emerging trend of automation are primarily driving the cloud collaboration market. In addition to this, the elevating employment of cloud-based data recovery systems and the escalating integration of machine learning (ML) and artificial intelligence (AI) for efficiently managing communications and collaboration between teams is acting as another significant growth-inducing factor.
Besides this, the growing adoption of bring-your-own-devices (BYOD) and work-from-home (WFH) policies and the increasing utilization of video conferencing and team meeting solutions by leading organizations to facilitate effective communication with partners, teammates, customers, etc., are also positively influencing the global market. Moreover, the rising usage of unified communication and solutions to boost productivity and efficiency and unlock innovation is further augmenting the market growth. Apart from this, the inflating demand for the solution in small- and medium-sized enterprises (SMEs) across countries is expected to propel the cloud collaboration market over the forecasted period.
What Is Included In Market Segmentation?
The report has segmented the market into the following categories:
Breakup by Solution:
- Unified Communication and Collaboration
- Enterprise Social Collaboration
- Project and Team Management
- Document Management System
Breakup by Deployment Mode:
- Public Cloud
- Private Cloud
- Hybrid Cloud
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End Use Industry:
- BFSI
- IT and Telecommunication
- Media and Entertainment
- Education
- Healthcare and Life Sciences
- Government and Public Sectors
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key Players Operating in the Industry?
The report covers the major market players including:
- Adobe Inc.
- Box Inc.
- Cisco Systems Inc.
- Citrix Systems Inc.
- Google LLC
- International Business Machines Corporation
- Intralinks Inc. (SSC Technologies Inc.)
- Jive Software (Aurea Software Inc.)
- Microsoft Corporation
- Mitel Networks Corporation
- Oracle Corporation and Salesforce.com Inc.
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