Enterprise Collaboration Service Market

Rising Need to Share Documents and Information Accelerate Demand in Global Enterprise
Collaboration Service Market
Competition among the players operating in the global enterprise collaboration service
market is likely to increase considerably. Entry of new players is further expected to increase
competition among the players. Leading players are engaged in research and development
activities and are also focusing on using various organic and inorganic business development
strategies. Top few players are engaged in partnership, collaboration, and mergers and
acquisition to get a firm hold in the market. The prominent players in the market include
Polycom, Inc., Cisco System Inc., IBM Corporation, HP Corporation, Nokia Network, Polycom,
Inc., and Mitel Networks Corporation.
According to Transparency Market Research, the global enterprise collaboration service
market is expected to reach US$56.51 bn by the end of 2024. In 2015, the market earned
US$23.38 bn. To reach this valuation the market needs to progress at steady 10.3% CAGR
between 2016 and 2024.
Based on solution type, the demand for video conferencing is high as compared to various
other solutions. In 2016, this segment held 22.6% share in the global enterprise collaboration
service market. But there are high chances that the demand in the mobility and telephony
segment might over take video conferencing segment. Collaborative tools might also witness
high demand over the forecast period. On the regional front, Asia Pacific might over take North
America that held 41.8% share in 2015. High adoption of well-designed collaboration tools such
as audio and video conferencing software, application sharing tools, and web services that led
North America dominate the global enterprise collaboration service market. However,
increasing demand from small and medium sized enterprises for enterprise collaboration
service specifically in India and China are likely to increase Asia Pacific’s dominance.
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Growing Application in Various Industries to Bolster Market Performance
Significant rise of enterprise collaborative service in various end use industries including BFSI,
retail, government, media and entertainment, information technology, healthcare, and
education has boosted growth in the global enterprise collaborative service market. Moreover,
rising need to share documents and information in different geographies has led the demand
for enterprise collaborative services. Increasing trend of BYOD (bring your own device) and
enterprise mobility across various regions further accelerated demand for these solutions.
Nowadays, most enterprises plan to expand their business in different geographies; therefore,
they require effective collaboration solutions such as mobile collaboration, document
management, and social collaboration. These changing trends are also projected to boost
growth in the global enterprise collaboration service market. moreover, growing concentration
in emerging economies where the market are untapped and have huge potential for growth are
projected to offer lucrative growth opportunity in for enterprise collaboration services.
Rising Security Threats to Obstruct Growth in Enterprise Collaboration Service Market
Concerns related to cyber-attacks poses huge threat in expanding the global enterprise
collaboration service market. With the recent incidence where large number of data of millions
of people have been risked increased the threat. Growing incidence of phishing, breaches, and
malware attacks also increased the concern. Moreover, multiple organization across the globe
are shifting their regular operations with advance technology that included voice over internet
protocol and streaming media services, they get more vulnerable to cyber-attacks. High
implementation cost might further deter growth in this market.
But with growing use of artificial intelligence and more advanced technologies these hindrances
might be reduces. Moreover, increasing use mobile devices for collaboration and significant
rise in social networking websites might also boost growth in the global enterprise
collaboration service market.c