Digital Collaboration Tools and Services Market Size, Trends, Opportunities, and Forecast To 2027
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Online or digital collaboration tools are platforms, apps, or software that provide better and more productive communication and collaboration between businesses and their employees. These instruments, also referred to as team collaboration tools, give managers and staff members the ability to assign tasks, track progress, report results, and overall enhance workflows and communication internally and outside.
Due to societal changes, developed technologies, and the increasing significance of corporate end-user experience, the market for digital collaboration tools and services is booming. Low entry hurdles have led to a large number of competitors establishing themselves in this market and using various development methods.
Market Dynamics
Many factors, including increasing internet penetration and enterprise digital transformation, are blamed for the market expansion. Companies are focusing on giving employees access to readily available market applications from which they may freely choose as a result of the pervasive consumerism of IT. As a result, CIOs and IT departments choose digital collaboration platform options with essential features and apps, as well as a seamless user experience.
Growing other security concerns and the threat of cyberattacks are impeding business expansion. The use of collaborative tools may open an insecure channel that can introduce malicious malware or other types of ransomware, depending on how the network security is configured. Also, it could provide a way for hackers to enter the network and compromise critical data or personally identifiable information (PII), which could hurt business operations.
The industry gains further advantages from the combination of team collaboration software solutions and technologies like artificial intelligence (AI), which facilitates automation and enhances internal communication inside an enterprise. AI may improve the precision of voice and chat assistants and aid in real-time message translation. It can also give newly emerging conversational workplace platforms like Cisco Spark, Slack, Microsoft Teams, Workplace by Facebook, Inc., and IBM Watson access to enhanced collaboration features.
Segmentation Summary
Component Segment Insights
In 2020, the software component segment accounted for a major share of the global digital collaboration tools and services and industry, and the segment will remain dominant during 2021-2027. The increased demand for visual meetings across the board in all multinational corporations and increased awareness of the benefits of team collaboration software among organizations are the key drivers of this expansion.
Deployment Model Segment Insights
In 2020, the on-premise segment maintained a leading position in the global digital collaboration tools and services industry. Collaboration tool deployment on-premises ensures low latency at data transfer levels, enabling businesses to take ownership of their data.
Whereas, the cloud segment is likely to project a lucrative growth rate from 2021 to 2027. The tools used for team collaboration in cloud settings are included in this area. For instance, ProofHub, a team communication solution provided by ProofHub LLC, is placed on the cloud and offers a streamlined experience with a simple job management system.
Organization Size Segment
In 2020, the large enterprise segment dominated the global digital collaboration tools and services industry. This market is expanding as a result of the necessity to start digital cooperation among big, scattered teams and effectively manage projects.
Contrary, the SME segment will hold a dominant growth rate in the coming years. Small and medium-sized businesses are becoming increasingly digital, which is the cause of this increase. The rise of virtual commerce has made it possible for SMEs to employ collaborative software to improve business-to-business communication.
Application Segment Insights
In 2020, the IT and telecommunication segment hold the highest share. The rising need for video conferencing solutions among businesses to encourage information exchange is also a key factor in the segment's rise.
As healthcare professionals and clinicians use advanced communication tools to share data among departments in real-time, the healthcare sector is likely to pave the way for a high share in terms of revenue during the forecast period. Also, the growing trend of digitization in the healthcare industry will fuel market expansion during the anticipated period.
Regional Synopsis
Due to increased demand for better cooperation and collaboration among the numerous employees of US businesses and the modernization of workplaces in Canada, the North America market for digital collaboration tools and services currently dominates the global market. It is also predicted that nations like the U.S. and Canada will see an increase in the number of partnerships and efforts that extend unified communication (UC) and web conferencing solutions and add cutting-edge features to their software to simplify businesses of all sizes in these nations. As a result, in March 2020, Google LLC, a U.S. company, announced roll-free access to cutting-edge or novel features for hangouts meetings to all G Suite customers globally, which will support market expansion.
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Leading Competitors
The well-established companies in the global digital collaboration tools and services market are:
Amazon
Basecamp
Asana
Github
Gitlab
IBM
Microsoft
Invision
Trello
Time Doctor
Zoho Projects
Slack
Others
Segmentation Outline
The global digital collaboration tools and services market segmentation focuses on Component, Deployment, Organization Size, Application, and Region.
By Component
Software
o Conferencing
o Communication and Coordination
o Portals and Intranet Platforms
o Project Management and Analytics
o Others
Services
o IT Consulting and Development
o Integration and Implementation
o Support and Maintenance
By Deployment Model
On-Premise
Cloud
By Organization Size
Small and Medium-Sized Enterprises
Large Enterprises
By Application
BFSI
IT and Telecommunications
Manufacturing
Retail and Consumer Goods
Healthcare
Transportation and Logistics
Education
Others
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
South Korea
ASEAN
Rest of Asia Pacific
Middle East & Africa
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Argentina
Brazil
Rest of South America
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