In 2021, the market for collaboration tools was estimated to be worth about US$ 32,307 million, and by 2029, it is anticipated to reach US$ 75,508 million at a CAGR of 11.3%. Collaboration software accounted for 15% or more of the market for enterprise software.
Unified communication and collaboration refer to a group of business communication technologies that have been assembled and integrated into a single management system. The market for collaboration tools is expected to be significantly benefited from the use of these technologies. Unified communication and collaboration tools offer a seamless user experience by combining various technologies and tools, such as voice, instant messaging, desktop sharing, video and audio conferencing, and cloud architects, to enable people to collaborate more successfully anywhere and on any device.
Key market players can generate sizable profits and enable a virtual team experience across various locations by providing cognitive intelligence-based collaboration technologies that deliver artificial intelligence, machine learning, and deep learning capabilities.
Key Takeaways of Collaboration Tools Market Study
Because these portals act as a central hub for disseminating information and integrating apps for employees, they are anticipated to hold a sizeable market share in the collaboration tools market over the forecast period.
The cloud segment is anticipated to experience a significant CAGR in terms of implementation. SMEs are utilizing SaaS collaboration software, which is scalable and adaptable to the needs of a large workforce and available on a subscription basis.
As demand for effective collaboration grows across numerous enterprises in nations like China and India, the Asia Pacific region, excluding Japan, is predicted to dominate the global market for collaboration tools.
The demand for collaboration tools to protect, manage, and support devices are anticipated to rise as the Bring Your Device (BYOD) trend (smartphones, tablets, etc.) becomes more widely adopted in the IT and telecom sectors.
Virtual Reality and Augmented Reality for Real-Time Remote Collaboration
Virtual reality and augmented reality enable real-time remote collaboration experiences for businesses. Businesses use these technologies to offer location-based informational services. Additionally, QR codes give users access to information about the products and services that a business offers.
Given that distributed teams are increasingly common in businesses, VR and AR technologies are beneficial for employee collaboration even when the employees are not physically present in the same place. Immersive boardroom experiences, tracking body language, supporting avatars, and changing backgrounds are some of the features that AR and VR make possible. Using the multiuser capabilities of AR and VR, users can collaborate to work on product design and development in the digital environment.
For example, RealSense provides VR products that can alter the background of the live streamer’s content to improve presentations for all.
Collaboration Tools Market Outlook by Category
- Unified Messaging
- Enterprise File Sharing & Synchronization
- Portals & Intranet Platforms
- Project Management Platforms
- Enterprise Social Networks
- Integration Service
- Technical Support
By Enterprise Size:
- Small & Medium Enterprises
- Large Enterprises
- IT & Telecom
- Travel & Hospitality
- Retail & e-Commerce
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- the Middle East and Africa