Enterprise Collaboration Service Market will Reach US$56.51 bn by the end of 2024, TMR Reports

Global Enterprise Collaboration Service Market: Snapshot

With enterprises aiming for business expansion, the demand for efficient collaboration solutions is at all-time high. Mobile workforce and efficiency in enterprise mobility are the two major aspects required by organizations to achieve this. Considering the scenario, the global enterprise collaboration service market is forecast to report a CAGR of 10.3% between 2016 and 2024. Transparency Market Research (TMR) forecasts the market to reach US$56.51 bn by the end of 2024. In 2015, overall valuation of the global enterprise collaboration service market stood at US$23.38 bn.

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In addition, the market is also expected to gain from the increasing demand for integrated and comprehensive enterprise collaboration services. Also the rising use of SIP trunking and the increasing uptake of WebRTC across KPOs and BPOs will widen the scope for the market’s expansion. As a result of the development of advanced collaboration solutions companies can now offer better connectivity among stakeholders. Driven by these factors, the global enterprise collaboration service market will exhibit strong growth over the course of the forecast period.

Market to Witness Lucrative Opportunities in Asia Pacific

Regionally, North America emerged dominant in the global enterprise collaboration services market, holding a share of 41.8% in 2015. With multinational companies in the U.S. and Canada aiming from expanding their regional footprint, collaborations have become a common activity in this part of the world. Evidently, North America realizes some of the most lucrative opportunities for the overall market. Moreover, the region for years has remained at the fore of adopting well-designed collaboration tools such as application sharing tools, video and audio conferencing software, and web services. This has further helped the North America enterprise collaboration service market gain traction.

However, TMR projects the Asia Pacific market to report a higher CAGR compared to its counterpart in North America and elsewhere. Growth witnessed in the region is primarily driven by the increasing number of small and medium enterprises in countries such as India, Japan, and China. Moreover, the rapid expansion of the IT industry witnessed in Asia Pacific in the last few years, will fuel the demand for automation across industries thus bolstering opportunities for the enterprise collaboration service market.

Focus to Shift from Video Conferencing to Mobility/telephony and Collaboration Tools

By solution, video-conferencing, messaging, contact center, collaboration tools, and mobility/telephony are the key market segments. Of these, video conferencing held the dominant share of 22.6% in the overall market in 2016. However, in the forecast period the segment is forecast to lose shares to mobility and telephony. Rise in demand for collaborative tools will also shift focus from video conferencing in the coming years. Moreover, the segment is projected to gain from recent developments in business intelligence as an interactive collaboration tool. Considering growth witnessed across its key segments, favorable opportunities are prophesized for the overall enterprise collaboration service market.

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Service Segment to Exhibit Highest CAGR

Based on type, hardware, software, and services constitute the key market segments. Among these, the demand for services is expected to rise at the highest pace during the forecast period. Growth witnessed in the segment is steered by the rising adoption of collaboration services especially among small and medium businesses. Deploying these services has helped organizations in delegating activities such as maintenance as well integration operations to third parties so that they can focus on their core competencies. Besides this, the software segment is expected to gain significant traction in the coming years.

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