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According to the latest report by IMARC Group, titled “Cloud Collaboration Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global cloud collaboration market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global cloud collaborationmarket size reached US$ 37.36 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 72.99 Billion on by 2027, exhibiting a growth rate (CAGR) of 11.20% during 2022-2027.
Cloud collaboration represents communication systems that enable users to work simultaneously on documents and other data types. They involve several solutions, such as unified communication and collaboration, enterprise social collaboration, project and team management, document management system, etc. Cloud collaboration systems allow remote teams to collaborate and modify the documents in numerous ways, including editing, sharing, uploading, commenting, collaborating, etc., and assist in improving access to larger files, offering real-time updates and data access, streamlining workflow and scalability, reducing investments, and enhancing organizational communication and participation. Consequently, they find extensive applications across various sectors, such as healthcare, education, media and entertainment, telecommunications, banking, financial services, and insurance (BFSI), information technology (IT), etc.
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What are the key factors driving in a cloud collaboration market?
The expanding (IT) industry across the globe and the emerging trend of automation are primarily driving the cloud collaboration market. In addition to this, the elevating employment of cloud-based data recovery systems and the escalating integration of machine learning (ML) and artificial intelligence (AI) for efficiently managing communications and collaboration between teams is acting as another significant growth-inducing factor.
Besides this, the growing adoption of bring-your-own-devices (BYOD) and work-from-home (WFH) policies and the increasing utilization of video conferencing and team meeting solutions by leading organizations to facilitate effective communication with partners, teammates, customers, etc., are also positively influencing the global market. Moreover, the rising usage of unified communication and solutions to boost productivity and efficiency and unlock innovation is further augmenting the market growth. Apart from this, the inflating demand for the solution in small- and medium-sized enterprises (SMEs) across countries is expected to propel the cloud collaboration market over the forecasted period.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
being Adobe Inc., Box Inc., Cisco Systems Inc., Citrix Systems Inc., Google LLC, International Business Machines Corporation, Intralinks Inc. (SS&C Technologies Inc.), Jive Software (Aurea Software Inc.), Microsoft Corporation, Mitel Networks Corporation, Oracle Corporation and Salesforce.com Inc.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Solution:
- Unified Communication and Collaboration
- Enterprise Social Collaboration
- Project and Team Management
- Document Management System
Breakup by Deployment Mode:
- Public Cloud
- Private Cloud
- Hybrid Cloud
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by End Use Industry:
- BFSI
- IT and Telecommunication
- Media and Entertainment
- Education
- Healthcare and Life Sciences
- Government and Public Sectors
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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