Competition among the players operating in the global enterprise collaboration service market is likely to increase considerably. Entry of new players is further expected to increase competition among the players. Leading players are engaged in research and development activities and are also focusing on using various organic and inorganic business development strategies. Top few players are engaged in partnership, collaboration, and mergers and acquisition to get a firm hold in the market. The prominent players in the market include Polycom, Inc., Cisco System Inc., IBM Corporation, HP Corporation, Nokia Network, Polycom, Inc., and Mitel Networks Corporation.
According to Transparency Market Research, the global enterprise collaboration service market is expected to reach US$56.51 bn by the end of 2024. In 2015, the market earned US$23.38 bn. To reach this valuation the market needs to progress at steady 10.3% CAGR between 2016 and 2024.
Based on solution type, the demand for video conferencing is high as compared to various other solutions. In 2016, this segment held 22.6% share in the global enterprise collaboration service market. But there are high chances that the demand in the mobility and telephony segment might over take video conferencing segment. Collaborative tools might also witness high demand over the forecast period. On the regional front, Asia Pacific might over take North America that held 41.8% share in 2015.
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Growing Application in Various Industries to Bolster Market Performance
Significant rise of enterprise collaborative service in various end use industries including BFSI, retail, government, media and entertainment, information technology, healthcare, and education has boosted growth in the global enterprise collaborative service market. Moreover, rising need to share documents and information in different geographies has led the demand for enterprise collaborative services. Increasing trend of BYOD (bring your own device) and enterprise mobility across various regions further accelerated demand for these solutions.
Nowadays, most enterprises plan to expand their business in different geographies; therefore, they require effective collaboration solutions such as mobile collaboration, document management, and social collaboration. These changing trends are also projected to boost growth in the global enterprise collaboration service market. moreover, growing concentration in emerging economies where the market are untapped and have huge potential for growth are projected to offer lucrative growth opportunity in for enterprise collaboration services.
Rising Security Threats to Obstruct Growth in Enterprise Collaboration Service Market
Concerns related to cyber-attacks poses huge threat in expanding the global enterprise collaboration service market. With the recent incidence where large number of data of millions of people have been risked increased the threat. Growing incidence of phishing, breaches, and malware attacks also increased the concern. Moreover, multiple organization across the globe are shifting their regular operations with advance technology that included voice over internet protocol and streaming media services, they get more vulnerable to cyber-attacks. High implementation cost might further deter growth in this market.
But with growing use of artificial intelligence and more advanced technologies these hindrances might be reduces. Moreover, increasing use mobile devices for collaboration and significant rise in social networking websites might also boost growth in the global enterprise collaboration service market.