Global Social Collaboration Software Market – Introduction
- A social collaboration software or platform is specifically designed to help individuals or groups interact and share information to accomplish common goals. Nowadays, enterprises are focusing on using social collaboration platforms to communicate one-to-one, or one-to-many.
- Social collaboration software or platform is a single platform that provides virtual or collaborative work environment for entire organization, department.
- Social collaboration software or platform enable enterprises to enhance their work effectiveness & efficiency, allowing employees to easily collaborate & communicate with everyone. Cloud meetings and collaboration services provide a constant connected experience with a comprehensive suite of collaborative services for enterprises.
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Impact of Coronavirus (COVID-19) on the Social Collaboration Software 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 social collaboration software market. Increasing demand to enforce social distancing due to the highly contagious nature of Coronavirus (COVID-19) has encouraged enterprises to deploy work-from-home (WFH). Therefore, enterprises are focusing on video conferences or live meetings to ensure efficient business processes, which is positively impacting the adoption of social collaboration software worldwide.
Growing Trend of BYOD and increasing Enterprise Mobility Driving the Global Social Collaboration Software 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 and employees, and also respond rapidly as they 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 2024, 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 social collaboration software market.
Low Awareness and Low Adoption of Cloud-based Software 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 social collaboration software market during the forecast period.
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North America to Account for Major Share of the Global Social Collaboration Software Market
- In terms of region, the global social collaboration software 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 social collaboration software market during the forecast period due to huge adoption of cloud deployment practices, indicating potential growth of the market in the region. Europe is expected to be the second largest market for social collaboration software from 2024 to 2030.
- Asia Pacific is projected to be a rapidly growing market for social collaboration software during the forecast period due to increasing requirement for digitization & visual data exchange, specifically in India, Japan, and China.
Key Players Operating in the Global Social Collaboration Software Market Include:
- Bitrix, Inc.
- monday.com
- Wrike, Inc.
- Zoho Corporation Pvt. Ltd.
- Xoxoday
- Ryver, Inc.
- HyperOffice
- Others
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Global Social Collaboration Software Market: Research Scope
Global Social Collaboration Software Market, by Component
- Software
- Video Conferencing
- Contact Centers
- Messaging
- Others
- Services
Global Social Collaboration Software Market, by Software Deployment
- Cloud
- Private
- Public
- Hybrid
- On-premise
Global Social Collaboration Software Market, by Enterprise Size
- Small and Medium Enterprises (SMEs)
- Large Enterprises
Global Social Collaboration Software Market, by End-user
- Banking Financial Services & Insurance
- Retail
- Healthcare
- Government
- IT and Telecom
- Media & Entertainment
- Other ( Transportation, Manufacturing)
Global Social Collaboration Software Market, by Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Russia
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- Singapore
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
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