Document-Centric Collaboration Software Market Size, Share & Trends Analysis Report Forecast Period 2024-2031.

The global document-centric collaboration software market is anticipated to grow at a CAGR of 6.9% during the forecast period (2024-2031). The increasing focus of business organizations on increasing their productivity and efficiency has boosted the demand for such software leading to the market growth. The document-centric collaboration software offers functionality that supports team collaboration and boosts the results of their collateral. Its benefits can be seen in wide areas which include version control and real-time collaboration, document storage, and sharing, and document review which further helps in collecting accurate, in-context feedback from every stakeholder (internal and external). Such features provided by document-centric collaboration software boost accountability, speed things up and enhance the results of project, which in turn drive their demand in medium and big-size organizations. However, the management and maintenance of a large volume of different file formats is the major challenge associated with this software that can restrain its adoption on a wider level and among small business organizations.

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The document-centric collaboration software market has registered growth owing to the COVID-19 pandemic. Due to restrictions on mobility, and the lockdown imposed by the government organizations across the globe were using online collaboration tools to get connect effectively with colleagues and to increase productivity. This made the adoption of such software on a larger level which led to the increase in demand during the pandemic.

North America Region Expected to Hold Highest Share in the Global Document-Centric Collaboration Software Market

Geographically, the North American region is predicted to hold the highest share in the market during the forecast period. The presence of prominent market players such as IBM Corporation, OpenText, Microsoft Corporation, 5i Solution, and others is the key factor in the region showing an impressive growth rate. The rising focus and contribution of these companies towards the development of advanced and cost-effective collaboration software for all types of business organizations with additional benefits enhancing the overall market growth. For instance, IBM Content Manager Enterprise Edition 8.7 provides new features and enhanced functionality that support easier integration with data repositories. Moreover, the company also offers another content management solution, Content Manager for z/OS which enables organizations to manage the growing volume of enterprise content that is required to run critical business and support document-centric business processes on a variety of operating system platforms. Considering such development, considerable growth can be expected in the region during the forecast period.

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by Deployment (Cloud-Based and On-Premises) by Application (BFSI, Healthcare, IT & Telecommunication, Public Sector, and Others)

Market Players Outlook

The key players in the document-centric collaboration software market contribute significantly by providing different types of products and increasing their geographical presence across the globe. The key players in the market include IBM Corp, Microsoft Corp, and OpenText Corp, among others. These market players are adopting several market strategies including product launch and approvals, merger and acquisition, partnership collaboration, business, and capacity expansion, and others. For instance, in February 2022, IBM and SAP partnered to provide technology and consulting expertise to clients to embrace a hybrid cloud approach and move mission-critical workloads from SAP solutions to the cloud for regulated and non-regulated industries.
The Report Covers

Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global document-centric collaboration software market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying 'who-stands-where' in the market.

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