Cloud Collaboration Market

Global Cloud Collaboration Market Size (2024 to 2029)

The global cloud collaboration market is predicted to grow from USD 67.81 billion in 2024 to USD 123.29 billion by 2029, garnering a CAGR of 15.43% during the forecast period from 2024 to 2029.

Collaboration in the cloud provides a secure environment for colleagues to share and work on a single document simultaneously. This service works using cloud computing and extends its services to other managed cloud services, such as a communication channel. Collaboration in the cloud enables access to large files and enables real-time updates, improving organizations. Collaboration solutions in the cloud also offer great agility to businesses while allowing easy sharing of data between remote and virtual users. Companies are now looking for services that offer easy access and increased productivity with changing business demands, meeting the growing need for agile support.

With increasing automation trends, coupled with changing mobility, it has become increasingly important for organizations to seek solutions capable of delivering services, thereby reducing overall infrastructure costs. Additionally, companies adopting mobile services are implementing new policies to increase employee engagement and ease of use, which has become essential for providing data access across multiple devices.

Global Cloud Collaboration Market Drivers:

Factors such as increased mobility and growing trend to bring your device, growing savings and staff productivity, reduction of investments and operating expenses and high rate of adoption in small and medium-sized companies are primarily driving the growth of the cloud collaboration market. Unified communications and solutions, since their inception, have become a cost-effective solution for many organizations in various industries, such as healthcare and education. In addition, the cloud delivery of these unified communications from companies such as Mitel Networks Corporation and IBM shapes the way organizations manage their communications networks. According to AT&T, business leaders are increasingly looking for ways to change the workplace. The market is experiencing strong growth in the adoption of cloud-hosted collaboration solutions due to the increase in the mobile workforce associated with the BYOD trend. Unified communications and collaboration solutions occupy a significant portion of cloud-based deployments.

Unified communication and solutions made it easy for employees to stay connected with other employees and for customers and clients to communicate with them wherever they were. With the need to make businesses more efficient and collaborative, recent years have seen a steady rise in collaboration solutions. These tools have increased productivity and unlocked innovation by enabling virtual teams to work together across geographies. Another trend driving the demand for cloud-based solutions is the desire of companies to incorporate collaboration and communication tools into their business applications and the integration of workflows.

Global Cloud Collaboration Market Restraints:

Fierce competition between suppliers, redesigning the network for the cloud involves costs, lack of security and great dependence on the Internet are majorly hampering the growth of the cloud collaboration market.

Impact of COVID-19 on the global cloud collaboration market:

The coronavirus outbreak has forced several organizations to review their IT strategies as a top priority. Several organizations also highlighted the importance of having the right cloud-based collaboration tool that will allow employees to work remotely to limit the impact on productivity. Cloud solutions have provided vital connectivity to businesses and populations. Supportive efforts to ensure that employees can access critical business information while enabling secure, real-time collaboration between colleagues is a primary reason for the increased adoption of these solutions.

REPORT COVERAGE:

This research report on the global cloud collaboration market has been segmented and sub-segmented based on the component, deployment model, organization size, vertical industry, and region.

Global Cloud Collaboration Market - By Component:

• Solutions
• Services

The solutions segment is further classified into unified communication and collaboration, document management system, project and team management, and corporate social collaboration. Services include training, consulting, and onboarding, as well as support and maintenance.

Global Cloud Collaboration Market - By Deployment Model:

• Public
• Private
• Hybrid

Global Cloud Collaboration Market - By Organization Size:

• Small and Medium Enterprises
• Large Enterprises

Global Cloud Collaboration Market - By Vertical Industry:

• Banking
• Financial Services and Insurance (BFSI)
• Consumer Goods and Retail
• Education
• Public Sector
• Health and Life Sciences
• Manufacturing, Media, and Entertainment
• IT and Telecommunications

Global Cloud Collaboration Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Of these, North America accounts for the lion’s share in the international market due to the presence of leading companies, which is followed by areas like Europe, Asia Pacific, and others. Nevertheless, the Asia Pacific with nations like Japan, Singapore, Australia, China, India, and others, is likely to offer numerous growth opportunities for the cloud collaboration market to expand in the coming years. Players are heavily focused on developing encryption tools to secure the collaboration platform in the cloud. In December 2019, JetBrains released the Space collaboration tool for DevOps teams. The DevOps collaboration tool can integrate communication, team, and project management, all under a single environment. The software enables the automation of any workflow, from onboarding any new employee to setting up request merge rules in DevOps integration and continuous delivery channels. It also offers a calendar of meetings, projects, tasks, confirmations, code reviews, and an internal blog feed.

KEY MARKET PLAYERS:

Microsoft Corporation, IBM Corporation, Cisco System Inc., Google Inc., Oracle Corporation, Salesforce.com Inc., Intralinks Holdings Inc., and Mitel Network Corporation are some of the prominent companies in the cloud collaboration market.

RECENT DEVELOPMENTS IN THE MARKET:

• In May 2016, Intralinks announced new integration and security capabilities to enhance its content collaboration network, which would address three key challenges for its customers: global regulatory compliance, data privacy, and acceleration of activities beyond geographic borders.
• In March 2016, Oracle added Oracle Content and Process Cloud to its existing SaaS portfolio. This would allow users to easily collaborate from anywhere, streamline business automation, and communicate more effectively.
• In January 2016, Box and Microsoft partnered to deliver seamless cloud experiences. Box introduced new integrations like Box for Office Online, Box's integration with Office for iOS, and Box's integration with Outlook.com, with Microsoft enabling seamless collaboration between devices and platforms.