May 9, 2018   SOURCE: PR NewsWire

Enterprise Collaboration Market Worth 59.86 Billion USD by 2023

PUNE, India, May 9, 2018 /PRNewswire/ --

According to a new market research report "Enterprise Collaboration Market by Component (Solutions (Enterprise Video, Enterprise Social Network, Project Management & Analytics, Unified Messaging), Services), Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets(TM), the market is expected to grow from USD 34.57 Billion in 2018 to USD 59.86 Billion by 2023, at a CAGR of 11.6% from 2018 to 2023.

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The growth of the Enterprise Collaboration Market is primarily driven by the widespread usage of social networking websites and increasing usage of mobile devices for collaboration.

Based on deployment type, the cloud segment of the Enterprise Collaboration Market is projected to grow at a higher CAGR than the on-premises segment during the forecast period. 

Based on deployment type, the cloud segment of the Enterprise Collaboration Market is projected to grow at a higher CAGR than on-premises segment during the forecast period. The demand for cloud-deployed enterprise collaboration solutions is increasing in organizations, as these solutions are easy to deploy, are agile, and they provide more scalability functions than on-premises solutions at an affordable cost. Majority of the SMEs are adopting cloud deployment, as these solutions help SMEs in avoiding costs related to hardware, software, storage, and technical staff.

Based on organization size, the small & medium enterprises segment of the Enterprise Collaboration Market is projected to grow at a higher CAGR than the large enterprises segment from 2018 to 2023. 

Based on organization size, the small & medium enterprises segment of the Enterprise Collaboration Market is expected to witness a higher growth than the large enterprises segment during the forecast period. Cost-effectiveness is important for Small & Medium Enterprises (SMEs), as they have limited budgets. Hence, the implementation of cloud-based enterprise collaboration solutions is expected to result in increased revenue, desired business outcome, and improved business efficiency for SMEs. Enterprise collaboration solutions help SMEs reduce travel cost and the need for face-to-face meetings.

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The North American region is expected to lead the Enterprise Collaboration Market in 2018.

The North American region is expected to lead the Enterprise Collaboration Market in 2018, as North America is the earliest adopter of cloud technologies and has advanced infrastructure capabilities, and is the largest revenue generator region for the market. North America, especially the US and Canada, is witnessing the widespread adoption of cloud-based enterprise collaboration solutions and services in large enterprises and SMEs across multiple verticals.

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