The global Cloud Collaboration market is projected to grow at a CAGR of 18.01% to reach a value of US$89.789 billion by 2025, from US$33.249 billion in 2019. The enterprises and end-user industries are generating large amounts of data, which includes employee data, operations data, consumer data, which is increasing the complexities involved in the storage required to safely and effectively store data that is being generated for future uses. In addition to this, an increasing number of large enterprises in many regions across the globe, and huge losses associated with loss of productivity due to lack of effective communication and collaboration between different teams and departments are pushing companies towards more advanced solutions for business management. This is encouraging the end-user industries to adopt cloud collaboration solutions so that an organization cannot only facilitate proper communication but securely and effectively share files, which can be accessed by different teams, thus driving the market growth. In addition, due to the growing adoption of advanced solutions such as Enterprise Content Management (ECM), which facilitates the delivery of content and documents across different organizational processes and departments, is able to manage and store the data effectively, the market growth is being bolstered further.
Moreover, the adoption of cloud collaboration is able to improve the organization of files, content and important data as the files are in a centrally accessible location, which allows employees to work on any file, without continuously having to send over the updated file, gives improved access to larger files and provides real-time updates to keep the solution on track, efficient and effective as always. Cloud collaboration also increases the participation levels of the employees in the organization, as every employee is able to provide essential inputs., these factors encourage the market players to adopt such cloud collaboration to maximize their profits and increase their market share, in turn contributing to the market growth.
Furthermore, the players are increasingly involved and are participating in the market through enhanced product offerings in order to boost the adoption of Cloud Collaboration to cater to the growing needs of the rapidly advancing industries. For example, Citrix, a multinational software company, based in America and dealing in the provision of server, application and desktop virtualization, cloud computing technologies and software as a service, offers their product called “Podio”. By using Podio, different end-user industries, businesses are able to aid different teams in the organizations to work in sync seamlessly as different features are made available through one tool. It is able to facilitate faster communication, provide easy customization of the structure to provide better collaboration and increase the durability. It supports other features such as being available as both the mobile application and web application, providing data visualization, project management, integrated chats, social collaboration, unlimited storage, and granular access. It also holds the ability to automate workflows and manage tasks. ATLASSIAN, an enterprise software multinational company dealing in the development of products for the management of projects, content management, and software development, offers their product called “Trello”. Trello is a cloud collaboration service that allows the organization to work with any team, allows organizations to seamlessly attach comments, attachments, and due dates to the Trello cards, making it easier for teams and people within the organization to collaborate effectively. Some of the other features it offers are a built-in automated workflow with Butler, which facilitates the removal of tedious tasks from to-do lists by making the use of rule-based triggers, custom cad and board buttons and due date commands. In addition, it also can be integrated with major apps such as Google Drive, Dropbox, and Evernote among others in order to increase the workability and range of the service. Microsoft, one the of the leading companies that provide, offer their product called “Yammer”. This loud collaboration tool allows open and dynamic communication, i.e it is able to improve the engagement of employees and enhance the communication across different organizations, it is able to facilitate better and seamless integration by allowing the user to edit, create and share files directly from the Yammer conversations with the help of Office for the web. It also provides enterprise-level security, compliance and management features associated with Office 365, in order to protect data and provide insights regarding the activity impact via the help of analytics tools. HighIQ Solutions Limited, one of the leading companies dealing in digital transformation solutions, offers its product called “HighQ”. This product is offered for adoption in corporate and law firms. For law firms, HighQ is able to increase efficiency in legal service delivery, project management and process automation, and client engagement. Apart from this, it is able to facilitate the management of transactions, legal projects, litigation and manage extranets and client portals, and intranets and team collaboration. For corporate legal firms, it is able to aid in the streamlining of different team operation such as the simplification of matter management, management of vendors and contract life cycles. Additionally, it is able to facilitate document management and enterprise legal management.
The North American region to show considerable growth over the forecast period
Geographically, the North American region is expected to hold a noteworthy market share and grow at a significant pace over the forecast period. This is attributable to the fact that there is widespread and faster adoption of advanced technologies the countries such as the US. In addition, some of the major players based in the US are involved in collaborations to provide enhanced and better cloud collaboration solutions. For instance, in June 2019, Microsoft Corporation announced that they have entered into strategic ‘cloud interoperability” partnership with Oracle Corporation. This partnership is going to enable customers to migrate and run mission-critical workloads in the enterprise across Microsoft Azure and Oracle Cloud. This will also allow enterprises to connect Azure services such as Analytics and Artificial Intelligence to Oracle Cloud services such as Autonomous Database.
Some of the major players covered as a part of this report are Microsoft, Google, Cisco, Cloud Business, Evernote Corporation, LogMeIn, Inc., Zoho Corporation Pvt. Ltd., Slack Technologies, Inc., Asana, Inc. and Citrix Systems, Inc.
The cloud collaboration market has been segmented based on deployment type, industry vertical, and geography. By deployment type, the market has been segmented as public cloud, private cloud, and hybrid cloud. By industry vertical, the market has been segmented as BFSI, manufacturing, education, government, communication and technology, media and entertainment, and others.