Apr 09, 2020 (AmericaNewsHour) --
Global Cloud Collaboration Market is expected to grow to US$46.089 billion at a CAGR of 13.68% by 2021.
One of the key trends is virtualization of workplace for market growth. Nowadays, employees need dynamic digital workspace with facilities for calling, messaging, video conferencing along with interactive systems and thus there is a need to replace the traditional desktop. One of the key drivers to increase the demand of cloud collaboration is increased internet penetration and speed. The effectiveness depends upon its cost control and compatibility with any web browser.
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Transformation in work culture allowing the use of BYOD (Bring your own device) is one of the key drivers for this market. The growth in this market is hindered by data security concerns, as the files are stored outside the company firewall, which is a serious threat to intellectual rights of an organization as well as its extreme dependence on internet services. The expansion of overseas projects is also among the factors driving the growth of this market. Cloud computing is a rapidly growing solution for data storage and collaboration related issues.
The Cloud itself is just a virtualization of resources such as servers or storage working in tandem to allow access to information on-demand. Cloud collaboration is not just the creation of a secure collaborative environment where colleagues can access, share, work on a single instance of a file but it provides accessible, affordable and configurable toolset for users to exchange, interact and cooperate and communicate across a full range of communication channels with a surety of an authorized and properly regulated system.
The uncontrolled use of external storage is a major threat to an organization's security however; it cannot be eliminated owing to the benefits it offers. A cloud collaboration project begins when one user creates the file or document and then gives access to other individuals to view and edit it. Changes can be made run time that are immediately synced and saved to cloud.
Based on components, the cloud collaboration market is segmented into solutions and services. Based on Cloud Collaboration solutions the market is segmented into Enterprise social collaboration, Unified communication and Collaboration,Document Management System and Project and Team management. The services further include training, consulting & integration, and support & maintenance.
Enterprise and Social collaboration is estimated to grow at the highest rate while Unified communication and collaboration is estimated to hold the majority market share. By end user industry vertical the market is segmented into Media and Entertainment, Telecommunication and ITES, Retail and Consumer goods, Education Healthcare, Banking Financial systems & Insurance and Life Sciences and others.
Banking, Financial Services and Insurance sector dominates the current market. Based on deployment model, it is classified into private, public and hybrid. Lastly on Industry size, it is divided into small, large and medium scale industries.
The market is studied across four regions, which include North America, Europe, Asia-pacific, and LAMEA.Asia Pacific is expected to observe the highest growth of cloud collaboration market due to increasing number of smartphone users in emerging economies like China, India and South Korea.
Some of the key players in the Industry are Microsoft Corporation, Cisco System Inc., IBM Corporation, Google Inc., Salesforce.com Inc., Citrix Systems Inc., Highq Solutions Limited, Dell, Hewlett Packard, Mindtree, Orange, Broadsoft, Oracle Corporation, Mitel Network Corporation and Intralinks Holdings Inc.
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