- Cloud meetings and team collaboration services enable enterprises to enhance their work effectiveness & efficiency, allowing employees to easily collaborate & communicate with everyone. Cloud meetings and team collaboration services provide a constant connected experience with a comprehensive suite of collaborative services for enterprises.
Impact of Coronavirus (COVID-19) on the Cloud Meetings and Team Collaboration Services Market
Lockdowns across major regions (Europe, Asia, and North America) due to an increase in the spread of Coronavirus (COVID-19), has a positive impact on the cloud meetings and team collaboration services market. Increasing demand to enforce social distancing from governments due to the highly contagious nature of Coronavirus (COVID-19) has encouraged enterprises to deploy work-from-home (WFH). Therefore, enterprises are focusing more on video conferences or live meetings to ensure efficient business processes, which is positively impacting the adoption of cloud meetings and team collaboration services worldwide.
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Increased Mobility and Growing Trend of BYOD Driving the Global Cloud Meetings and Team Collaboration Services Market
- Growing BYOD and enterprise mobility are the developing trends that allow users to connect from any remote location worldwide. These emerging trends along with the availability of smart devices such as smartphones, tablets, and laptops, enable employees to give live presentations, conduct live meetings, and provide training from any remote location by using a device. This allows users to maintain connections with their clients, employees, and also to respond rapidly as they can have quick access to the devices. Therefore, organizations are significantly focusing on adopting enterprise mobility and BYOD for several reasons such as reduced IT expenses, increased efficiency, and real-time responses. Consequently, organizations can collaborate efficiently and quickly, with the easy accessibility of cloud collaboration solutions through conferencing, telephony, as well as social collaboration software. This has also empowered enterprises to exercise better control and make quick decisions by connecting with partners and suppliers at any time as per necessity. It is expected that by 2020, more than half of North American and European enterprises will implement BYOD to decrease the investment on buying new tablets or laptops.
- Therefore, increased mobility and growing trend of BYOD across enterprises worldwide is driving the cloud meetings and team collaboration services market.
Low Awareness and Adoption of Cloud Hosting Services across Developing Nations to Hamper the Market
- Low awareness regarding advantages of cloud hosting services specifically across developing nations as compared to developed economies such as the U.S., U.K., Japan, and Canada is expected to hinder the global cloud meetings and team collaboration services market during the forecast period.
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North America to Account for Major Share of the Global Cloud Meetings and Team Collaboration Services Market
- In terms of region, the global cloud meetings and team collaboration services market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global cloud meetings and team collaboration services market during the forecast period due to increasing IT budgets to enhance employee productivity and transform legacy communication systems, indicating potential growth of the market in the region. Europe is expected to be the second largest market for cloud meetings and team collaboration services from 2020 to 2030.
- Asia Pacific is projected to be a rapidly growing market for cloud meetings and team collaboration services during the forecast period due to increasing cloud-based solutions and increasing industrialization, specifically in India, Japan, and China.
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Key Players Operating in the Global Cloud Meetings and Team Collaboration Services Market Include:
- Cisco Systems, Inc.
- Citrix Systems, Inc.
- GENBAND, Inc.
- Hewlett-Packard Development Company, L.P.
- IBM Corporation
- Microsoft Corporation
- Polycom, Inc.
- Unify, Inc. (Atos SE)
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