New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- As per a recent report published by Persistence Market Research, the global cloud collaboration market is poised to grow at a CAGR of 11.1% from 2022 to 2032. During the said forecast period, the industry is likely to yield a dollar opportunity worth US$ 89.3 Billion, expected to reach at a growth of US$ 137.3 Billion in 2032, from US$ 48 Billion in 2022.
The expansion of the organizations across the sea projects, increased productivity, and growth in trend of bring your own device (BYOD) are some major factors that are expected to boost the growth of the cloud collaboration market during the forecast period. Moreover, rapid development of the IT sector positively impacts the market positively, as novel solutions are launched by the key industry players. Strategic moves and developments such as partnerships, agreements, collaborations, and mergers give a competitive edge to the market.
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Additionally, factors such as increased mobility, increased savings and staff productivity, reduction of investment and operating expenses, and high rate of adoption in small and medium-sized companies are some other factors that are anticipated to propel the market growth in the forthcoming years.
Furthermore, the growing demand for the application of the Internet of Things (IoT) across various sectors in emerging economies is also boosting viability, thereby providing relevant and cloud security solutions. As most enterprises across regions engage in these technology services, the usage of the Cloud Collaboration Market expands and drives the growth of the overall market.
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Key Takeaways from the Market Study
- Global cloud collaboration market to flourish at a value of US$ 137.3 Bn from 2022-2032
- Unified communication and collaboration to be top selling solution category, flourishing at a 10.7% CAGR until 2032
- By application, cloud collaboration for BFSI to expand at a CAGR of 10.5%
- U.S to emerge as the fastest growing cloud collaboration market, documenting a 10.8% CAGR
- China to be the second most opportunistic market, expected to be valued at US$ 10 Billion in 2032
- Japan, U.K & South Korea to yield $ opportunities worth US$ 8 Billion, US$ 5.8 Billion and US$ 5 Billion respectively
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“The growth of the cloud collaboration market is driven by the growth of organizations all across sea projects, and higher productivity, which in turn bring ample opportunities for the market growth," comments a PMR analyst.
Competitive Landscape
The global market for cloud collaboration is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage upgradation and product differentiation to gain an edge over other competitors in the market.
- In May 2020, Microsoft had published several updates to its Teams partnership and communication platform. Teams’ Shifts app is getting some new features, including new triggers and templates, to allow auto-approvals for shift requests.
- In April 2020, TrackingTime announced its new collaboration with Microsoft Teams. It is for team users, freelancers, and the employers and employees of even the largest corporations to track the time spent on any specific project. Besides task and project management, the software includes attendance and team management, timesheets, and client reports. As teams work on projects, the hours are stored to make reports easier than ever to complete.
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More Valuable Insights
Persistence Market Research, in its new offering, presents an unbiased analysis of the global Cloud Collaboration Market, presenting historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of solution (unified communication and collaboration, document management system, project and team management, and enterprise social collaboration), services (training, consulting & integration, and support and maintenance), deployment type (private cloud, public cloud and hybrid cloud), organization size (large enterprises, and small and medium enterprises (SMEs)) and vertical (BFSI, consumer goods and retail, education, government and public sector, healthcare and life sciences, manufacturing, media and entertainment, telecommunication and ITES, and others) across five major regions (North America, Latin America, Asia Pacific, Europe and Middle East & Africa).
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