Dublin, Dec. 30, 2019 (GLOBE NEWSWIRE) -- The "Enterprise Collaboration Market by Component (Solutions (Enterprise Video, Enterprise Social Network, Project Management and Analytics, Unified Messaging), Services), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The global enterprise collaboration market size is projected to grow from USD 31.0 billion in 2019 to USD 48.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period.
The increasing use of networking websites and the use of mobile devices for collaboration are the key factors driving the enterprise collaboration market. However, high implementation costs and difficulty in countering eDiscovery and legal risks may hamper the growth of the overall market. Social networking websites and platforms enable cross-department collaboration, such as sales, marketing, Human Resources (HR), manufacturing, purchasing, and customer support, leading to increased productivity.
Portals and intranet platform segment to hold the second-largest market size during the forecast period
Portals and intranet platforms enable employees of an organization to transfer knowledge, distribute information, and increase interactions among themselves in a personalized environment to enhance employee productivity. Companies use the portals and intranet platforms to integrate business processes and their employees. The efficient and organized use of portals and intranet platforms provide total enterprise-wide information to organizations via a single platform. Intranet platforms reduce the time spent by employees in searching for enterprise information, thereby enabling them to channelize their valuable time in productive work. With the transformation of organizations into digital workplaces, intranet portals serve as central hubs to provide information and integrated applications for diversely dispersed employees.
Banking, Financial Services and Insurance vertical to hold the second-highest market share during the forecast period
Enterprise collaboration solutions offer Banking, Financial Services and Insurance (BFSI) companies a complete ubiquitous communication and collaboration environment, so that the users, such as bank branch employees, BFSI leaders and specialists, and call centre agents can benefit from real-time communication and data sharing. Hence, the BFSI vertical is looking toward being more innovative, agile, customer-centric, and collaborative to meet the changing customers' expectations by deploying enterprise collaboration solutions. According to data provided by Accenture in its report titled Master Change lead in the New - Financial Services Change Survey 2017, 80% of the financial services companies are investing in new digital technologies. BFSI companies are adopting innovative collaboration solutions, such as unified communication, video and audio conferencing, and intranet platforms, to improve employee efficiency, promote teamwork, and simplify communication and collaboration. According to Vidyo's 2019 Global Video Banking Report, more than 36% of the respondents felt that video banking was the most effective sales channel as compared to other channels. Live or on-demand videos enable BFSI companies to make announcements regarding executive messaging and policies, investor relations, external communication, and collaborations among their geographically dispersed teams.
Europe to be the second-largest revenue generator during the forecast period
Europe is the second-largest revenue generator in the enterprise collaboration market in 2019. Europe is witnessing an increase in the adoption of enterprise collaboration solutions across enterprises to enhance employee productivity. The practice of implementing these solutions by organizations has been extensively promoted by the Governments of European countries to maintain compliance with the rules and regulations related to the protection of crucial business data. Additionally, the enormous amount of data generated across various organizations in different countries of the region has led to an increase in the adoption of enterprise collaboration solutions. Furthermore, the region has witnessed a significant rise in the integration of enterprise collaboration solutions with cloud and mobile technologies for optimizing business processes. Enterprise collaboration suites offer several benefits to organizations, such as enhanced collaboration, content management, records management, document management, and content usage flexibility. Presently, large enterprises and SMEs in the UK, Switzerland, Austria, Germany, and France are investing in enterprise collaboration solutions to enhance their communication, content management, and streamline business operations as well as gain a competitive edge in the global market.
Reasons to Buy the Report
- It comprehensively segments the enterprise collaboration market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across enterprise collaborations regions.
- It would help stakeholders understand the pulse of the market and provide information about the key market drivers, restraints, challenges, and opportunities.
- It would help stakeholders understand competitor behaviour better and gain deeper insights to enhance their positions in the market. The competitive landscape section includes the competitor ecosystem, partnerships, and acquisitions.
Key Topics Covered:
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.4 Years Considered for the Study
1.5 Currency Considered
1.6 Stakeholders
2 Research Methodology
2.1 Research Data
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.4 Market Forecast
2.5 Assumptions for the Study
2.6 Limitations of the Study
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Enterprise Collaboration Market
4.2 Market in North America, By Component and Country
4.3 Market: Major Countries
5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.3 Industry Trends
5.4 Use Cases
6 Enterprise Collaboration Market, By Component
6.1 Introduction
6.2 Solutions
6.3 Services
7 Enterprise Collaboration Market, By Deployment Type
7.1 Introduction
7.2 Cloud
7.3 On-Premises
8 Enterprise Collaboration Market, By Organization Size
8.1 Introduction
8.2 Large Enterprises
8.3 Small and Medium-Sized Enterprises
9 Enterprise Collaboration Market, By Vertical
9.1 Introduction
9.2 IT and Telecommunication
9.3 Banking, Financial Services, and Insurance
9.4 Public Sector
9.5 Energy and Utilities
9.6 Manufacturing
9.7 Healthcare
9.8 Retail and Consumer Goods
9.9 Travel and Hospitality
9.10 Others
10 Enterprise Collaboration Market, By Region
10.1 Introduction
10.2 North America
10.3 Europe
10.4 Asia Pacific
10.5 Middle East and Africa
10.6 Latin America
11 Competitive Landscape
11.1 Competitive Leadership Mapping
11.2 Strength of Product Portfolio
11.3 Business Strategy Excellence
12 Company Profiles
12.1 Introduction
12.2 IBM
12.3 Microsoft
12.4 VMware
12.5 Atlassian
12.6 Cisco Systems
12.7 Google
12.8 Adobe Systems
12.9 Facebook
12.10 Igloo Software
12.11 Jive Software
12.12 Mitel Networks
12.13 Salesforce.Com
12.14 SAP
12.15 Slack Technologies
12.16 Tibco Software
12.17 Bynder
12.18 Axero Solutions
12.19 Kaltura
12.20 Zoho Corporation
12.21 Highfive
12.22 Synacor
12.23 Limeade
12.24 HighQ Solutions
12.25 Jostle
12.26 Fuze
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