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Enterprise 2.0 Technologies Market Set to Surge from $223.3 Billion by 2031 with a 26% CAGR
Enterprise 2.0 Technologies Market
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Covid-19 Scenario:
• The outbreak of the COVID-19 pandemic had a negative impact on the growth of the enterprise 2.0 technologies market due to lockdowns imposed by governments worldwide.
• However, it was assumed that the industry is expected to recover by the third quarter of 2022. This is attributed to significant investments made in advanced technologies such as cloud, Artificial Intelligence (AI), IoT and other smart technologies by governments and various government initiatives, such as smart cities, across Asia-Pacific countries, including China and India.
• With a considerable control achieved over the pandemic, various sectors such as retail, manufacturing, and automotive, are expected to witness increase in investments as enterprise 2.0 technologies solutions grow in prominence across various business functions.
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Rise in awareness about the benefits of enterprise 2.0, growing penetration of smartphones and the internet, and surge in trend in online shopping drive the growth of the global enterprise 2.0 technologies market. However, the risk of security incidents on networks, lack of technical proficiency, and lack of awareness regarding enterprise 2.0 hamper the market growth. On the other hand, increase in technological advancement is likely to present new growth opportunities for the global market in the coming years.
Based on the platform, the wikis segment was the largest market in 2021, contributing to more than half of the global enterprise 2.0 technologies market share, and is expected to maintain its leadership status during the forecast period. This is because wikis provide organizations to have absolute control over security & other connectivity issues and improve the scalability, speed, reliability, and connectivity of organizations. On the other hand, the online communities segment is projected to witness the fastest CAGR of 29.4% from 2022 to 2031, as it facilitates allowed users to easily publish content online and connect and network.
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Based on enterprise size, the large enterprise segment held the largest market share of nearly three-fifths of the global enterprise 2.0 technologies market in 2021, and is expected to maintain its dominance during the forecast period. This is because large enterprises are adopting enterprise 2.0 technologies to protect and enhance creativity, and secure information sharing.
On the other hand, the SMEs segment is projected to witness the largest CAGR of 27.1% from 2022 to 2031, as SMEs are adopting enterprise 2.0 technologies to streamline business processes while enhancing collaboration and connecting people through the use of social media tools.
Based on industry vertical, the IT and telecom segment held the largest market share of more than one-third of the global enterprise 2.0 technologies market in 2021, and is expected to maintain its dominance during the forecast period. This is because enterprise 2.0 provides a wider range of automated services, and improves customer service strategy in IT and telecom. On the other hand, the healthcare segment is projected to witness the largest CAGR of 27.5% from 2022 to 2031, as the technology configures, controls, monitors, and manages features of hospital operations.
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Based on region, North America was the largest market in 2021, capturing nearly half of the global enterprise 2.0 technologies market, and is likely to maintain noteworthy growth during the forecast period. This is due to the rise in the adoption of big data, AI, and other analytics technology by enterprises in the region to increase their production and enhance their market share. However, the Asia-Pacific market is expected to manifest the fastest CAGR of 28.6% during the forecast period, due to the rise in investments in enterprise 2.0 technologies in the region.
The key players that operate in the Enterprise 2.0 Technologies market are Avaya Inc, CafeX Communications Inc, Cisco System Inc, Dell Inc, Enghouse Systems., IBM Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, and Vonage Holdings Corp (Telefonaktiebolaget LM Ericsson). These players have adopted various strategies to increase their market penetration and strengthen their position in the enterprise 2.0 technologies industry.
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