Enterprise Collaboration Software Global Market Report 2024

The enterprise collaboration software market size has grown rapidly in recent years. It will grow from $57.22 billion in 2023 to $63.85 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth observed in the historical period can be attributed to several factors, including a heightened demand for project and task management solutions, the imperative to enhance competitive advantage, an increasing adoption of video conferencing and webinar tools, a growing reliance on social media for collaboration, and the escalating use of instant messaging as a collaborative tool.

The enterprise collaboration software market size is expected to see rapid growth in the next few years. It will grow to $97.98 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The anticipated growth in the forecast period can be attributed to the increasing usage of mobile devices, a surge in generated data, a rising demand for mobile collaboration tools, the adoption of cloud-based services, and a growing need for real-time and remote collaboration. Key trends in the forecast period encompass the implementation of advanced technologies such as AI, IoT, and ML, continuous product innovation, technological advancements, the development of workplace connectivity platforms, and a noticeable increase in investments in remote working environments.

The anticipated growth in the enterprise collaboration software market is expected to be propelled by the increasing usage of mobile devices. Mobile devices, designed for portability, compactness, and lightweight characteristics, have seen rising adoption due to factors such as easy access to information and communication, widespread availability of high-speed internet connections, and the proliferation of Wi-Fi networks. The growing use of mobile devices enhances workplace collaboration software by providing users with increased flexibility, mobility, and accessibility, allowing for successful interaction and productivity regardless of location or device. In February 2023, a report from Uswitch Limited revealed 71.8 million active mobile connections in the UK in 2022, indicating a 3.8% increase from the previous year. The projection that 95% of the UK's 68.3 million population will possess smartphones by 2025 underscores the significant role of mobile devices in driving the growth of the enterprise collaboration software market.

Key players in the enterprise collaboration software market are actively developing advanced technologies, including cloud migration platforms, to enhance customer service with advanced features. Cloud migration platforms, facilitating the movement of data, applications, or other business elements from on-premises data centers to cloud computing environments, are becoming essential. In March 2023, Flexera, a US-based computer software company, launched Flexera One FinOps, a suite of enterprise collaboration tools and solutions. Designed to help cloud teams collaborate with partners and stakeholders across organizations, Flexera One FinOps integrates IT asset management (ITAM) and FinOps, elevating visualization and allocation of cloud usage and billing. The solution enables efficient management of hybrid IT estates and the operation of cloud services at scale, offering an integrated view of the entire technology ecosystem to enhance collaboration among various teams within the organization.

In July 2021, Salesforce Inc., a US-based software company, completed the acquisition of Slack Technologies Inc. for an undisclosed amount. This strategic move reshapes the enterprise software landscape, envisioning a digital headquarters that empowers organizations to achieve customer and employee success regardless of location. Slack, as part of Salesforce, aims to accelerate and broaden its mission to simplify and enhance work life, providing seamless collaboration and communication. Slack Technologies Inc. is a US-based provider of enterprise collaboration software, and its integration into Salesforce signifies a significant development in the enterprise collaboration software market.

Major companies operating in the enterprise collaboration software market are Google LLC, Microsoft Corporation, Huawei Technologies Co. Ltd., IBM Corporation, Cisco System Inc., Oracle Corporation, SAP SE, Salesforce Inc., Adobe Systems Inc., Workday Inc., Zoom Video Communications Inc., Atlassian Corporation PLC, RingCentral Inc., Polycom Inc., Mitel LLC, TIBCO Software Inc., Zoho Corporation Pvt. Ltd., Slack Technologies Inc., Dialpad Inc., Wrike Inc., Figma Inc., Calendly LLC, Airtable, Workfront Inc., Notion Labs Inc., ProofHub LLC, Chanty Inc., Axero Solutions LLC, Aurea Software Inc., Nextcloud GmbH.

North America was the largest region in the enterprise collaboration software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise collaboration software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the enterprise collaboration software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Enterprise collaboration software comprises digital platforms and tools designed to facilitate communication and teamwork among employees within an organization. This technology enables effective collaboration on projects irrespective of physical location, fostering seamless information sharing, heightened productivity, and a positive work environment. By establishing a structured framework for managing communication and sharing information across the entire company, enterprise collaboration software enhances overall efficiency and teamwork.

Enterprise collaboration software is deployed through two main methods, on-premise and cloud-based. On-premise deployment involves installing software or IT infrastructure hardware and applications within a company's own facilities, and the company is responsible for maintaining them. This deployment method is utilized across various applications, including communication tools, conferencing tools, and coordination tools, and it is employed by diverse end-user industries such as telecommunications and IT, travel and hospitality, banking, financial services and insurance (BFSI), retail and consumer goods, education, transportation and logistics, healthcare, and others.

The enterprise collaboration software market research report is one of a series of new reports that provides enterprise collaboration software market statistics, including enterprise collaboration software industry global market size, regional shares, competitors with a enterprise collaboration software market share, detailed enterprise collaboration software market segments, market trends and opportunities, and any further data you may need to thrive in the enterprise collaboration software industry. This enterprise collaboration software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The enterprise collaboration software market includes revenues earned by entities by providing security and access controls, knowledge management, integration with productivity tools, video conferencing and webinars, messaging and chat, and others. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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