"The growing popularity of 5G & IoT technology will spur the market growth"
The global enterprise collaboration services market is growing competently, and accounted for US$ 41.10 Bn in 2021 and is expected to grow at a CAGR of 8.5% throughout the forecast period 2023 to 2030.
Enterprise collaboration services market is presently seeing a rush towards innovation, which has led to several new methodologies that have actual latency of a digital workplace breakthrough. The demand for cloud-based enterprise collaboration services is growing in organizations, due to its scalability functions. Artificial intelligence, 5G technology, Internet of Things, and data collaboration are changing the way that enterprises conduct business.
The growing popularity of smartphones, and cloud technology among others are some of the major driving factors of the market and create a promising impact on the growth of enterprise collaboration services market. However, usage of many collaboration tools leads to security apprehensions in data collaboration, as many tools are comprehended, which makes it difficult for organizations to keep the data and information safe from an impending risk, which is a major challenge for the market.
"Adoption of managed services due to the benefits offered will spur the market growth"
The managed services segment is the major revenue contributor with more than 60% of market share. These are services offered by the third-party service provider which aids in managing operational challenges of businesses. Managed services provide various benefits including increasing overall revenue, risk protection, reduced costs, and improving employee performance. Organizations are adopting managed services in order to overcome certain challenges including budget constraints and technical expertise, which can be overcome easily using services of managed service providers.
"Increasing adoption of technologically advanced solutions including Cloud, Artificial Intelligence and IoT holds the U.S. in dominant position"
In 2021, North America dominated the enterprise collaboration services market with more than 30% of revenue share. North America is projected to grow steadily throughout the forecast period. This is due to an increase in the adoption of cloud, big data, and other (AI) technologies. Companies in North America are advancing outside the public cloud and are pacing towards new age of hybrid IT, which is a combination of modern IT, private cloud, and public cloud.
In contrast, the Asia Pacific region is set to record the highest growth during the forecast period. Owing to the emerging demand for robust collaboration and improved decision-making athwart organizations. Many technological service providers in the region are collaborating with solution providers in order to augment and provide customized offerings as per the business requirements of clients.
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Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Enterprise Collaboration Services market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Key questions answered in this report
