The market for cloud collaboration is witnessing robust growth over the past few years, as per the analysis. It is identified that there is an approximate rise of US$ 4.18 Billion from the base year to the current.
The global R & D cloud collaboration market is projected to have a CAGR of 11.20% during the forecast period. The current valuation of the market is US$ 41.54 Billion in 2022. The market value of the market is anticipated to reach US$ 120.10 Billion by the year 2032.
Cloud collaboration is an enterprise collaboration technique that facilitates employees to work with the documents and other data types, stored off-premises and outside the company's firewall. Employees of an enterprise utilize the cloud-based collaboration platforms to share, edit and work together on projects.
The cloud collaboration is used as a tool for collaboration internally among different departments in a firm, as well as externally for sharing documents with clients for receiving feedback.
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Cloud collaboration is integrating new advances in cloud computing and their collaboration that are becoming necessary for the firms operating in this increasingly globalised world. The advent of cloud computing and its subsequent benefits have paved the way for collaborative cloud-based services, in turn reshaping the concept of how employees work together over the internet.
Cloud collaboration offers several benefits such as facilitate better communication among the members of organization, facilitating higher participation levels, improved access to larger files, and real time updating.
Market Overview:
Cloud collaboration market space has become highly sophisticated with vendors trying to attract customers. Earlier, cloud collaboration tools were quite basic having limited features. However, the advanced packages are much more document-centric in their approach. For instance the new sophisticated collaboration tools allow users to "tag" specific areas of a document for comments which are delivered real time to the viewers.
Although, the cloud collaboration market is growing swiftly, it has been observed that the adoption of cloud collaboration solutions has reached a stage where it is more dependent on the reluctance of workers to collaborate as compared to the ability of current technology.
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Market Dynamics:
Major factors driving the growth of global R&D cloud collaboration market include emerging trend of mobility & BYOD (Bring Your Own Device), and the demand for secure & efficient solutions to enhance the employee's productivity. Additionally, the market growth is also propelled by the trend to employ a single software tool to solve all the collaboration needs within the enterprises, instead of relying on multiple tools. With the rising adoption of cloud-based solutions among enterprises, cloud collaboration market is expected to witness potential growth opportunities during the forecast period.
However the factors such as reluctance of in sharing their knowledge, challenges in maintaining the information security, and maintaining auditable trails across organizations, are restraining the growth of the market.
Market Segmentation:
Global R&D Cloud Collaboration market is mainly classified on the basis of deployment model, enterprises, verticals and geographies.
On the basis of deployment model, global R&D cloud collaboration market is segmented into public, private and hybrid cloud.
On the basis of enterprises, the market is segmented into SMEs & large enterprises.
On the basis of verticals, the market is segmented into BFSI, government institutions, healthcare & life sciences, media & advertising, IT & telecommunication, managed & business service providers and others.
On the basis of geographies, global market of R&D cloud collaboration is segmented into 7 key regions:
North America
Latin America
Western Europe
Eastern Europe
Asia Pacific Excluding Japan
Japan
Middle East & Africa
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Key Market Players
The major players active in the global R&D cloud collaboration market include IBM Corporation, Huddle, Microsoft Corporation, Cisco Systems, Google Inc., Oracle Corporation, Salesforce.com, Jive Software, Mitel Networks, Citrix Systems, Inc., Broadsoft, Inc. and HighQ Solutions Limited.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Jan 18, 2023
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