2024 Enterprise Collaboration Market Report: Size, Share, Growth, Competitive Analysis And Forecast To 2033

The enterprise collaboration market size has grown rapidly in recent years. It will grow from $52.22 billion in 2023 to $58.74 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to globalization and remote work trends, rising need for real-time communication, focus on employee engagement and productivity, security and compliance concerns.

The enterprise collaboration market size is expected to see rapid growth in the next few years. It will grow to $98.6 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to hybrid work models, focus on employee experience, evolving cybersecurity landscape, integration with project management. Major trends in the forecast period include evolution of communication technologies, technological convergence, rise of remote work solutions, integration of artificial intelligence (AI) and machine learning (ML), increased security and compliance features.

Market Overview -
Enterprise collaboration refers to internal and external information system tools that collect, share, and store information between users by using a collaboration stage, communication instruments, the company intranet, file sharing tools, cloud storage, video conferencing, and whiteboards to interact and communicate across and beyond the work environment.

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Surge In Enterprise Collaboration Tools Amidst Increasing Cross-Geographical Collaboration
The increased collaboration and communication across multiple geographies is expected to propel enterprise collaboration. Large organizations' success is frequently dependent on their employees' ability to collaborate across time and distance. Greater collaboration boosts productivity, improves innovation, and shortens the cycle time. Numerous IT tools facilitate enterprise collaboration, such as file sharing, instant messaging, cloud storage, whiteboard, and other IT tools. These tools frequently have overlapping functionality and differing standards on a company's IT organization and infrastructure. For instance, during COVID-19, there was an increase in the use of collaborative software as companies adopted the hybrid and work-from-home working styles. According to a survey conducted by Gartner, a US-based Management consulting company revealed that, In August 2021, workers' use of collaboration tools has increased by 44% since 2019. Therefore, the increased collaboration across multiple geographies is expected to boost demand for enterprise collaboration tools during the forecast period.

Competitive Landscape -
Major companies operating in the enterprise collaboration market report are Google lnc., Microsoft Corporation, Huawei Technologies Co. Ltd., International Business Machines Corporation, Cisco Systems lnc., SAP SE, Salesforce.Com Inc., Adobe Systems Inc., Zoom Video Communications Inc., Atlassian Corporation plc, Polycom Inc., Mitel LLC, TIBCO Software Inc., Zoho Corporation Pvt. Ltd., Slack Technologies Inc., Blackboard lnc., Asana lnc., Gable.ai lnc., Jive Software, PreVu3D Inc., TestBox lnc., Rocketlane lnc., Pitch Software GmbH, HyperProof lnc., Sustainment Solutions Inc., Uplevel Ops Inc., MetaCX lnc., Axero Solutions LLC, Nobl9 lnc., Env0 lnc., Terzo Digital Inc., Dropbox Inc., Citrix Systems Inc., Box Inc.

Technological Advancements Driving Expansion In The Enterprise Collaboration Market
Technological advancement is a key trend gaining popularity in the enterprise collaboration market. The growing demand for AI and the increasing integration of enterprise collaboration solutions with cloud and mobile technologies to streamline business operations is projected to open possibilities for the enterprise collaboration market to expand. For instance, in June 2023, Qualcomm Incorporated, a US-based semiconductor company, launched a cutting-edge Video Collaboration Platform Suite, designed to enable digital transformation in various settings, including homes and enterprises. The platform aims to accelerate the future of work by offering greater and more immersive virtual meetings and collaboration experiences.

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Key Segments -
The enterprise collaboration market covered in this report is segmented -
1) By Type: Internal, External
2) By Deployment Type: Cloud-Based, On-Premise
3) By Enterprise: Small and Medium Enterprises (SME), Large Enterprises
4) By Component: Solutions, Services
5) By Industry: Information Technology (IT) and Telecommunication, Government, Energy and Utilities, Banking, Financial Services and Insurance (BFSI), Manufacturing, Retail and Consumer Goods, Healthcare, Travel and Hospitality

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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