Cloud meetings and team collaboration services empower undertakings to upgrade their work adequacy and effectiveness, permitting representatives to handily team up and speak with everybody. Cloud meetings and team collaboration services furnish a steady associated insight with a far-reaching set-up of cooperative administrations for ventures.
Covid Impact & Market Status
Lockdowns across significant districts because of the expansion in the spread of Coronavirus (COVID-19), emphatically affected the cloud gatherings and group joint effort administrations market. Expanding requests to authorize social separating from legislatures because of the profoundly infectious nature of Coronavirus (COVID-19) has urged undertakings to send telecommute (WFH). Accordingly, endeavours are zeroing in more on video gatherings or live gatherings to guarantee effective business processes, which are emphatically affecting the reception of cloud meetings and team collaboration services around the world.
Collaborative tools to become the most rendering segment in the global cloud meetings and team collaborative services market
Based on the application segment, the entire global cloud meetings and team collaborative services market is categorized into video conferencing, messaging, mobility, contact centers and collaboration tools. Out of all these, the collaborative tools segment is expected to project the maximum growth in the global market. These are the most commonly as well as widely used cloud meeting tools by various companies and business organizations. These tools allow the organizations to strategize and manage certain project phases and details, minutely.
IT & Telecommunications to be the most lucrative market segment
Based on the end-user segmentation, the global cloud meetings and team collaborative services market is categorized into IT and Telecom, Retail, Banking Financial Services & Insurance, Government, Healthcare, and Media & Entertainment. The information technology and telecommunications industry is currently expanding on the global market and is anticipated to be the most profitable market during the time of forecasting. The need for efficient and effective cooperation and communication has resulted in the growth of this sector in the global cloud meetings and team collaborative services market.
North America: The Global Leader
As far as locale, the universal online meetings and team association/ collaboration services market can be fragmented into North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America is expected to represent a significant portion of the worldwide cloud meetings and team collaboration services market during the gauge time frame because of expanding IT financial plans to improve worker efficiency and change heritage correspondence frameworks, showing likely development of the market in the area. Europe is supposed to be the second biggest market for cloud gatherings and group joint effort administrations during the forecast period.
Developing BYOD and venture portability are the creating patterns that permit clients to associate from any distant area around the world. These arising patterns alongside the accessibility of brilliant gadgets, for example, cell phones, tablets, and PCs, empower representatives to give live introductions, direct live gatherings, and prepare from any far-off area by utilizing a gadget. This permits clients to keep up with associations with their clients, workers, and furthermore to answer quickly as they can have fast admittance to the gadgets.
Consequently, associations are fundamentally zeroing in on embracing venture versatility and BYOD because of multiple factors, for example, expanded proficiency, diminished IT costs, and constant reactions. Thus, associations can work together effectively and rapidly, with the simple openness of cloud cooperation arrangements through conferencing, communication, as well as friendly coordinated effort programming.
Typical features of cloud meetings include whiteboarding and annotation, polls and surveys, recording and archiving, integrated audio options, broadcasting, presentation, application, screen, and file sharing, point-to-point and multi-point video meetings, among users and rooms, public and private chat, join via mobile, browser, and desktop options, and these features are just the tip of the iceberg. Cloud meetings and team collaboration services market size is expected to reach $39.78 billion by 2029, at a CAGR of 12.89% over the forecast period 2022-2029, pushed by the requirement for computerized change and vertical-explicit encounters.
For both informal and official meetings, these services combine cloud video conferencing with content sharing. The service provider owns and manages the accompanying software as well as the video bridging infrastructure (bridges, multipoint control units, gateways, etc.) that are housed in the cloud environment of the service provider. A cloud-computing server's on-demand services, applications, or resources are referred to as "cloud-based" when made available to consumers online.
The greater part of North American and European undertakings will carry out BYOD to diminish the speculation on purchasing new tablets or workstations. Hence, expanded portability and the developing pattern of BYOD across ventures overall is driving the Cloud meetings and team collaboration services market.
The most significant and commonly acknowledged disadvantage of cloud computing is downtime. Because cloud computing systems are internet-based and can occur for any reason, there is always a risk of service interruptions. The benefits of online meetings and team collaboration technologies, however, outweigh the disadvantages. The new features and capabilities include increased security, live reactions, adaptive or intelligent audio, high definition (HD) video, speech, and content.
The leading players in the Global Cloud Meetings and Team Collaboration Services Market are – Microsoft Corporation, Adobe, Google LLC, Oracle, Slack Technologies, LLC, Zoom Video Communication, Inc, Asana, Inc, Avaya Inc, AT&T, Inc, OpenText Corporation, Unify, Citrix Systems, IBM Corporation, Cisco Systems, Hewlett-Packard Development Company, GENBAND, Polycom, and many Others.
Latest Innovations in the Global Cloud Meetings and Team Collaboration Services Market: A Snapshot
- Slack Technologies LLC, a sales force start-up, introduced Slack Connect in June 2020 to streamline business interactions. To assist businesses in transferring interactions with customers, suppliers, and external partners into Slack solutions, the firm provides Slack Connect, a secure communications environment.
- In 2020, Adobe Inc, acquired a renowned company that provides web-based management software called Workfront.
- Cisco System, Inc. announced partnership with Google LLC in 2020 in order to provide compatibility for addressing the increasing demands of team collaboration.
Cloud Meetings and Team Collaboration Services Market Scope
|Revenue forecast in 2029
|CAGR of 12.89 % during 2021-2029
|Applications, End- User, Regions
|North America, Europe, Asia Pacific, South America, Middle East and South Africa
|Key Players Profiled
|Microsoft Corporation, Adobe, Google LLC, Oracle, Slack Technologies, LLC, Zoom Video Communication, Inc, Asana, Inc, Avaya Inc, AT&T, Inc, OpenText Corporation, Unify, Citrix Systems, IBM Corporation, Cisco Systems, Hewlett-Packard Development Company, GENBAND, Polycom, and many Others.
Key Segments of the Global Cloud Meetings and Team Collaboration Service Market
Applications Overview, 2022-2029 (USD Billion)
- Video Conferencing
- Contact Centres
- Collaborative Tools
End User Overview, 2022-2029 (USD Billion)
- IT and Telecom
- Banking Financial Services & Insurance
- Media & Entertainment
Regional Overview, 2022-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa