Cloud Collaboration Market Outlook
The Cloud Collaboration Market size was USD 42.90 Billion in 2022 and is likely to reach USD 107.10 Billion by 2031, expanding at a CAGR of 10.7% during 2023 - 2031. The growth of the market is attributed to rising demand for solutions to improve employees productivity and access real-time data.
Cloud collaboration uses cloud technology to share and use computer-based networks. The document uploaded to the desired or central server can be made available to many authorized users. It lets users to edit, upload, comment, and collaborate on the content in a variety of ways. Cloud collaboration is a crucial tool for enterprises as it allows to enhance productivity, increase employee participation in remote projects, improve data access, and provide real-time updates on current projects.
Market Trends, Drivers, Restraints, and Opportunities
- The expansion of the organizations across the sea projects is propelling the market expansion during the forecast period
- Rising trend of bring your own device (BYOD) is estimated to drive the growth in the cloud collaboration market.
- High redesigning cost of the network can hamper the growth of the cloud collaboration market.
- Low installation and operating cost of cloud collaboration among small and medium organizations can create huge opportunities for the market.
Scope of Cloud Collaboration Market Report
The report on the global cloud collaboration market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Cloud Collaboration Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Solutions (Project & Team Management, Document Management System, Unified Communication & Collaboration, Enterprise Social Collaboration, and Support Services), Deployment Types (Public Cloud, Private Cloud, and Hybrid Cloud), End-users (Telecommunication & ITES, Media & Entertainment, Education, Healthcare & Life Sciences, Banking & Financial System, and Government & Public Sectors)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Cisco Systems Inc.; Oracle Corporation; Microsoft Corporation; HighQ Solutions; and IBM Corporation
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Cloud Collaboration Market Segment Insights
Unified communication & collaboration segment is expected to grow at a rapid pace
Based on solutions, the market is divided into project & team management, document management system, unified communication & collaboration, enterprise social collaboration, and support services. The unified communication & collaboration segment is expected to grow at a rapid pace during the forecast period owing to rising number of businesses integrating collaboration and communication tools into their business applications and processes.
Hybrid cloud segment is projected to expand at a considerable CAGR
On the basis of deployment types, the market is segregated into public cloud, private cloud, and hybrid cloud. The hybrid cloud segment is projected to expand at a considerable CAGR during the forecast period due to rapidly increasing demand for hybrid cloud in large enterprises. On the other hand, the private cloud segment is expected to grow at a rapid pace in the projected timeline.
Healthcare & life sciences segment is anticipated to account for a significant market share.
Based on end-users, the market is divided into telecommunication & ITES, media & entertainment, education, healthcare & life sciences, banking & financial system, and government & public sectors. The healthcare & life sciences segment is estimated to account for a significant market share during the forecast period. Most of healthcare organizations deals with a large amount of data, ranging from patient data (EHRs) to administrative data (ERPs), and thereby cloud adoption is widespread in the industry.
Moreover, cloud collaboration requires the implementation of controlled file transfer protocols that provide simple access and consistency in healthcare companies.
Europe is anticipated to constitute a key market share
In terms of regions, the global cloud collaboration market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is expected to constitute a key share of the market during the projected period due to the players of this region are highly focused on developing encryption tools to secure the cloud collaboration platform.
However, Latin America is anticipated to expand at a rapid pace during the forecast period owing to the growing requirement for increased productivity and efficiency related to cloud collaboration. Moreover, companies in the region are actively pursuing strategic mergers and acquisitions in order to capitalize on the increased demand for cloud collaboration.
Segments
The global cloud collaboration market has been segmented on the basis of
Solutions
- Project & Team Management
- Document Management System
- Unified Communication & Collaboration
- Enterprise Social Collaboration
Support Services
- Deployment Types
- Public Cloud
- Private Cloud
- Hybrid Cloud
End-Users
- Telecommunication & ITES
- Media & Entertainment
- Education
- Healthcare & Life Sciences
- Banking & Financial System
- Government & Public Sectors
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global cloud collaboration market are Cisco Systems Inc.; Oracle Corporation; Microsoft Corporation; HighQ Solutions; and IBM Corporation.
In May 2020, Microsoft's Teams collaboration and communication tool has received a host of improvements. The Shifts app was integrated with additional features, such as new triggers and templates, to enable auto-approvals for shift requests.
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