Communication Software Global Market Report 2024 - By Growth, Size, Share, Trends, Outlook By 2033

The communication software market size has grown rapidly in recent years. It will grow from $1.18 billion in 2023 to $1.31 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to proliferation of smartphones and mobile devices, social media platforms, development of computer networks, adoption of the internet, increasing security concerns.

The communication software market size is expected to see rapid growth in the next few years. It will grow to $1.94 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to globalization, real-time communication, growing popularity of voice-controlled devices, adoption of standardized IP protocols, instant messaging platforms. Major trends in the forecast period include advances in computing technology, 5G technology, emergence of new technologies, proliferation of IoT devices, blockchain technology, augmented reality (AR) and virtual reality (VR) technologies.

Market Overview -
Communication software refers to applications or programs designed to pass information from one system to another, enabling remote access, file transfers, messaging, and other forms of communication between devices or users. These software facilitates the exchange of information between two or more systems or users, involving various types of media such as text, audio, and video.

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Impact Of Remote Collaboration On Communication Software Market
The need for remote collaboration is expected to propel the growth of the communication software market going forward. Remote collaboration refers to working with a team from different locations, utilizing technology to communicate and coordinate effectively. Communication software facilitates remote collaboration by providing tools for video conferencing, messaging, file sharing, and real-time collaboration on documents and projects. For instance, in September 2022, according to The Census Bureau, a US-based principal agency of the Federal Statistical System, in 2021, the number of people primarily working from home tripled, rising from 5.7% (about 9 million people) to 17.9% compared to the previous two years. Therefore, the increasing need for remote collaboration is driving the communication software market.

Competitive Landscape -
Major companies operating in the communication software market are Microsoft Corporation, Verizon Communications Inc., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Salesforce Inc., Adobe Inc., Xerox Corporation, Zoom Video Communications Inc., Twilio Inc., Open Text Corporation, Atlassian Corporation, Avaya Holdings Corp., RingCentral Inc., Genesys Cloud Services Inc., Mitel Networks Corporation, Quadient, Zoho Corporation, 8x8 Inc., Newgen Software Technologies Limited, MHC Automation, GuideSpark Inc., Simpplr Inc., Firstup Inc., Nudge Corporation

AI-Powered Employee Listening Solution For Enhanced Corporate Communication
Major companies operating in the communication software market are developing innovative products, such as AI-powered employee listening solutions, to improve efficiency and effectiveness in communication processes. AI-powered employee listening solution is a communication software that improves corporate communications and enhances employee experiences. For instance, in April 2023, Simpplr, a US-based AI-powered platform, launched an AI-powered employee listening Solution, providing real-time insights into employee experiences to enhance company culture. This solution combines active and passive listening to provide AI-driven insights that help organizations improve their employee experience, enabling them to listen better, learn faster, and lead smarter. The technology includes real-time feedback analysis, active and passive listening capabilities, and a perception dashboard that identifies employee themes, sentiment patterns, and internal standards.

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Key Segments -
The communication software market covered in this report is segmented -
1) By Software Type: Unified Communications, Network Management, Customer Experience Management, Other Software Types
2) By Deployment Model: On-Premise, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises
4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Manufacturing, Retail, Healthcare, Information Technology (IT) And Telecommunications, Other Industry Verticals

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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