According to a new market research report published by Inkwood
Research, the Global Could
Collaboration Market is projected to register a CAGR of 14.21% in
terms of revenue during the forecasting years of 2019-2028.
"Browse 47 Market Data Tables and 48
Figures spread over 173 Pages, along with an in-depth TOC on the Global Could Collaboration Market Forecast
2019-2028.”
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The business requirements are changing, and the companies
are looking for services that will offer easy access, along with an increase in
productivity. Also, with the growing automation trends and evolving mobility,
it becomes important for industries to seek out solutions that offer services
at reduced infrastructure costs. Cloud collaboration aids in achieving high
productivity and access to real-time data. The employees across several organizations
are using cloud-based collaboration platform for sharing and working on
projects at once. Cloud collaboration also offers high agility to companies,
enabling easy data sharing among virtual and remote users.
Growing
Need for Workforce Productivity Drives Market Growth
Many enterprises are expanding their presence in several
locations. Thus, it becomes increasingly important to have unified access to
data in order to maintain consistency. It is also crucial for frequent
interaction between multiple endpoints, especially in the cast of large
organizations with multiple employees in several locations. The enterprise
cloud collaboration tools provide real time access to data, notwithstanding the
location. It also aids businesses in reducing the total cost of ownership.
There is a growing adoption of cloud collaboration tools among SMEs in order to
reach their revenue targets with minimum software and hardware maintenance, and
investment. The need for collaborative tools has become necessary with the
advent of IoT with productivity. The integration of IoT systems with
communications and collaboration tools would enable enterprises to analyze,
monitor, and communicate information in real-time.
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BFSI segment
is evaluated to dominate the End-user Category
According to Capgemini, cloud solutions will help the bank
to drastically reduce the expenses by reducing infrastructure costs by a
quarter. The major banks in North America are embracing the cloud as an
integral part of their business and technology strategies. The serving a
segment of one, commitment to Phygital Deliver, and expanding open banking, are
among the primary factors propelling the adoption of cloud collaboration
solutions in the BFSI sector. The increasing incorporation of AI-based
predictive banking and advancing payment channels will require quick data
access, unified platform, and cross-channel transferring, in which cloud
collaboration will play a significant role.
North
America – The Dominating Region with the Largest Market Share
The North America region is evaluated to dominate the global
market by the end of the forecast period, having garnered a considerable market
share in 2019. Many businesses are adopting cloud computing in order to
increase productivity and capacity. The presence of eminent startups with a robust
BYOD policy is augmenting the growth of the market in the region. The majority
of the companies are using complex deployment model in the cloud, thereby
resulting in their increased demands. The companies are also involved in
strategic acquisitions and mergers for leveraging the rising demand for the
cloud collaboration market.
The major companies, having their operations in the market
include, Google LLC, Oracle Corporation, IBM Corporation, Cisco systems Inc,
Microsoft Corporation, etc. The market is fragmented, with various companies
reputed for their cloud services. The market is deemed viable for acquisitions,
with minimum barriers to exit.
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objective comprehension that acknowledges the business environments. Our
geographical analysis comprises of North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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