Surging Need for Enterprise Agility augments the Global Could Collaboration Market Growth

According to a new market research report published by Inkwood Research, the Global Could Collaboration Market is projected to register a CAGR of 15.11% in terms of revenue during the forecasting years of 2021-2028.

"Browse 49 Market Data Tables and 48 Figures spread over 190 Pages, along with an in-depth TOC on the Global Could Collaboration Market Forecast 2021-2028."

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The business requirements are changing, and the companies are looking for services that will offer easy access, along with an increase in productivity. Also, with the growing automation trends and evolving mobility, it becomes important for industries to seek out solutions that offer services at reduced infrastructure costs. Cloud collaboration aids in achieving high productivity and access to real-time data. It also offers high agility to companies, enabling easy data sharing among virtual and remote users.

Growing Need for Workforce Productivity Drives Market Growth

Many enterprises are expanding their presence in several locations. Thus, it becomes increasingly important to have unified access to data in order to maintain consistency. It is also crucial for frequent interaction between multiple endpoints, especially in the case of large organizations with multiple employees in several locations. The enterprise cloud collaboration tools provide real time access to data, notwithstanding the location. It also aids businesses in reducing the total cost of ownership.

Furthermore, there is growing adoption of cloud collaboration tools among SMEs in order to reach their revenue targets with minimum software and hardware maintenance and investment. The need for collaborative tools has become necessary with the advent of IoT with productivity. The integration of IoT systems with communications and collaboration tools would enable enterprises to analyze, monitor, and communicate information in real-time.

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BFSI dominated the End-User segment in 2020

According to Capgemini, cloud solutions will help the bank to drastically reduce the expenses by reducing infrastructure costs by a quarter. The major banks in North America are embracing the cloud as an integral part of their business and technology strategies. Serving segment one, commitment to Phygital Deliver, and expanding open banking are among the primary factors propelling the adoption of cloud collaboration solutions in the BFSI sector. Moreover, the increasing incorporation of AI-based predictive banking and advancing payment channels will require quick data access, unified platform, and cross-channel transferring, in which cloud collaboration will play a significant role.

North America is the Major Region

The North America region is evaluated to dominate the global market by the end of the forecast period, having garnered a considerable market share in 2020. Many businesses are adopting cloud computing in order to increase productivity and capacity. The presence of eminent startups with a robust BYOD policy is augmenting the growth of the market in the region. Further, the majority of the companies are using complex deployment models in the cloud, thereby resulting in their increased demands.

The eminent companies having their operations in the market include Google LLC, Oracle Corporation, IBM Corporation, Cisco systems Inc, Microsoft Corporation, etc. The market is fragmented, with various companies reputed for their cloud services. The market is deemed viable for acquisitions, with minimum barriers to exit.

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