In a recent published report, Kenneth Research has updated the market report for Cloud-Based Collaboration Software Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Cloud-Based Collaboration Software Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Software Industry has a huge demand for cloud based collaboration software. Developers work with different types of programming languages and source codes using this software widely. One of the advantages of cloud based collaboration software is that it can integrate with several services that are provided by the third party such as Google drive and drop box. Cloud based collaboration software allows the users to connect effectively which will help to eliminate application slowness associated while using numerous communication application.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Due to the increase in the adoption rate of cloud based solutions among small to medium enterprises cloud based collaboration software market is expected to grow during the forecasted period. Increasing data flow and changing data structures has made a tough job for the organizations to manage it. Apart from this, increasing storage capacity is an expensive task as they need computing power and new infrastructure. Therefore companies are adopting cloud based collaboration software and other cloud base services since they can offer great storage capacity, increased productivity and easy access.
Market Size and Forecast
The cloud based collaboration software market, in terms of value, is expected to grow rapidly during the forecasting period at a CAGR of around 11.19%. Business enterprises install cloud infrastructure which creates market opportunity for infrastructure as a service providers to establish their presence in cloud based collaboration software market. Cloud based collaboration software increases the productivity of the business, makes business information system more flexible and increases the efficiency of service. Cloud based collaboration software provides communication system which allows the real time exchange of information and data and is also very cost effective in information sharing. North America holds the largest market share in terms of revenue due to the presence of large number of cloud based solution provider.
Most of the companies are driving towards cloud computing to increase productivity and data & information storage capacity. Automation is one of the key factors catching on in this region due to which businesses do not require a team to handle system updates and back-ups. Most of the world’s largest technology companies are located in this region which makes the North America as the leading market for cloud based collaboration software.
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Asia Pacific is anticipated to be the fastest growing market among other regions. This growth can be attributed to the increasing demand for the advanced technology in different sectors. Companies are adopting cloud based collaboration software in order to offer better services to their customers. Increasing small and medium enterprises in developing countries such as China and India helps to grow the market of cloud based collaboration software in this region. Increasing demand for BYOD (Bring your own device) policy among enterprises also contributing to the growth for cloud based collaboration software market in this region. Latin America and Middle East region showcase a significant growth due to the explosion of new technologies and increasing opportunities for industry participants.
Slack Technologies Inc.
Jive software Inc.
Mitel Networks Corporation
Growth Drivers and Challenges
The benefit of cloud based collaboration software is that the documents are kept within same workplace which avoids keeping a track of different versions of attachments. Software services such as Software-as-a-service (SaaS) are implemented by enterprises which is consider as a major factor which stimulate the growth of the cloud based collaboration software market. Software as a service eliminates the need for enterprises to install and run applications on their own systems, which further helps in reducing the expense of hardware acquisition. Bring your own device and the growing trend of mobility also contributing to the growth of cloud based collaboration software market globally.
Cloud based collaboration software helps the enterprise to increase the workforce productivity. Accessibility is one of the benefits of cloud based collaboration software. As cloud based software helps the enterprises or the user to access their data from anywhere and anytime. Cloud based collaboration software are assets to businesses working remotely or from overseas as the data is stored on the cloud which can be access from anywhere and anytime.
With the help of cloud servers, several networks can be interconnected to deliver data storage services across the globe. Key attraction of cloud based collaboration software is automation as it helps to release essential internal resources for other high-priority work. Increase in usage of smartphones and tablets also trigger the growth of cloud based collaboration software. Security is the major concern as the data can be easily accessible from anywhere and anytime, therefore many companies do not want to take the risk of using cloud based collaboration software. High internet is required to access data from the cloud which acts as one of the restraint for cloud based collaboration software market.
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