Organizations are pursuing digital transformation initiatives aggressively in order to increase operational flexibility, responsiveness, and productivity which is driving the market and is expected to grow exponentially.
Covid-19 Impact & Market Status
With the global spread of COVID-19, several governments have declared a state of emergency to tackle the virus, including the United States, key European countries, and Asia-Pacific countries (such as India, China, and Singapore). Because employees and students are working from home during the crisis, several firms and educational institutions have promoted the use of Online Office Platforms. Team communication solutions are in high demand as a result of COVID-19's influence, which has caused millions of individuals to work from home for the first time. In Italy, where social-distancing laws and shelter-in-place directives are in effect, Microsoft's Microsoft Teams collaboration and communication service has witnessed a 775 percent increase in monthly users.
The COVID-19 epidemic has prompted companies to increase their usage of cloud-based communication technologies like video conferencing and instant messaging software, which enable firms to connect and interact with employees remotely while ensuring their safety. Remote teams can use cloud-based tools to improve corporate processes and manage projects of all sizes without sacrificing organizational efficiency. Simultaneously, software bots are being used as digital workers to assist remote teams with collaboration and communication activities.
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In light of the COVID-19 pandemic, firms are making significant changes in their working culture, progressively supporting remote working and putting a heavy emphasis on swiftly answering customers' demands. Organizations are pursuing digital transformation initiatives aggressively in order to increase operational flexibility, responsiveness, and productivity. Organizations are also contemplating adopting a hybrid working culture in the post-pandemic period, and as a consequence, they are boosting their investments in trustworthy collaboration solutions to sustain effective communication.
The growing trend among businesses to deploy smart meeting rooms has created new market growth potential. Corporates may use the latest, innovative technology to provide seamless connectivity, enhance productivity, and foster innovation while also getting a competitive advantage over their competitors.
Cloud-based service is anticipated to grow at a significant rate in the forecast period
Users can lease user access to cloud-based office productivity software tools through a web service rather than buying and installing the software on their computers. These software solutions allow users to store, compute, access, and use data remotely, removing the requirement for users to download the software to their client computers. The use and subscription of cloud-based office productivity software have increased dramatically in recent years, propelling the market forward. Because of the enormous number of apps that can be utilized by end-users, such as word documents, graphics software, spreadsheets, and database management systems, cloud-based office productivity software is gaining popularity. Furthermore, advancements in information investigation and business knowledge have fueled the market growth.
Cloud-based products are in high demand at COVID-19, thanks to a rapid and unexpected shift to remote working. Businesses were able to stay online, communicate, and perform with minimal disruption thanks to cloud computing infrastructure and applications. Even after the pandemic, firms are projected to continue to migrate to cloud office suites, as they realize that the flexibility and resilience afforded by cloud collaboration platforms outweigh the control advantage provided by on-premise software solutions
APAC to Sweep the Largest Revenue Streams Followed by North America
Asia Pacific accounted for a sizable revenue share, reflecting the increasing focus on enhancing networking technologies in response to the COVID-19 pandemic. The regional market is likely to develop in the next years due to continued enterprise digitization. India and China are also putting money into high-speed broadband networks. As a result, firms are increasingly deploying Online Office Platform as part of their attempts to optimize their workforce and ensure efficient employee contact. These tools are projected to gain popularity in the Asia Pacific because they enable real-time communication and information exchange at a lower Capital Expenditure (CAPEX) and Operating Expenditure (OPEX) cost than traditional systems.
The market in North America is expanding, as the region's businesses were among the first to adopt cloud technologies. The region has sophisticated infrastructure capabilities, allowing it to become the market's leading revenue generator. Companies in the region are transitioning from public cloud to hybrid IT, which mixes private cloud, public cloud, and traditional IT. These businesses have adopted a hybrid cloud strategy since it aids in the improvement of their collaboration operations. Furthermore, increased demand for visual meetings, which saves time for firms, expanding user comfort, and increasing availability to high-quality internet connections are all factors driving the adoption of web conferencing among businesses. The growing use of communication and coordination tools, online conferencing solutions, and collaboration portals in North America is expected to move the sector ahead. Because of the rising preference for visual meetings and the availability of high-speed data networks, the regional market is expected to increase. People who work from home have easy access to high-speed internet, which is driving up demand for collaboration software in the region.
Artificial Intelligence's advancement and integration with online office platform technologies are predicted to increase demand for automation and increased communication inside an enterprise and is driving the market forward.
The global Online Office Platform market is expected to grow at a CAGR of 3.1% over the forecast period, 2021-2028 to reach USD 150.3 billion in 2028. Increased acceptance of cloud-based solutions in the commercial segment, as well as increased investment in the personal segment, are two main factors driving this market throughout the forecast period. Instead of being placed on an organization's own servers, a cloud-based Online Office Platform is hosted by a cloud service provider. As a result, it entrusts the management of hardware and the continuous availability of its applications to the service provider. This model can help firms that don't have in-house IT people or infrastructure to handle their business's technological demands save a lot of money upfront.
Online Office Platform is a program that makes it easier for office workers, business users, and students to do their jobs. These programs work with a variety of tools, including word processing (for example, Microsoft Word), spreadsheet development (for example, Microsoft Excel), and presentation software (Microsoft PowerPoint). Office software may be used to generate both printed and online documents, including blogs, web pages, and e-mails.
Online Office Platform is a tool that allows users to communicate quickly, respond to questions and queries, access shared information and files, and keep track of tasks. Task management, file sharing, messaging, document collaboration, VoIP and video conferencing, calendar, integration, and search are some of the capabilities available.
On-premise office software is the conventional technique of distributing, operating and executing an application on a company's own computer networks. This is a business and productivity application that lets users view documents, spreadsheets, presentations, and other files on a local network (LAN) or without an internet connection. It generally requires renting or purchasing servers from hosting firms, as well as internally maintaining and installing network gear, databases, and other infrastructure components.
This program will enable users to hold joint meetings, conversations, and discussions, as well as provide company security, enforcement, and more storage, and it can be utilized by any size firm. Such changes are projected to improve market competition among companies and, as a result, the overall Online Office Platform market's forecast-period growth.
Cognitive collaboration, which is the application of artificial intelligence to business knowledge and processes by bringing information sharing and cognitive learning to all areas of interactions, is also a focus for the companies. Cognitive-powered consumer engagement solutions include natural language processing, predictive analysis, and intelligent routing, to name a few.
The steady expansion in the amount of data generated is expected to fuel the cloud-based deployment of workloads. Various end-user industries are dealing with huge amounts of data, and data centers are better suited for organizations that need to run a variety of apps and sophisticated workloads related to business collaboration. It also enables high productivity by providing access to real-time data through all application tools.
Artificial Intelligence's advancement and integration with Online Office Platform technologies are predicted to increase demand for automation and increased communication inside an enterprise. As a primary team benefit of Artificial Intelligence, most firms predict better productivity and emphasis high-value work. AI can select and highlight the most important messages based on work habits and behavior, offer intelligent answers, comprehend email content, compose emails using voice commands, fix typos, and attach pertinent files, all of which may help the company become more efficient.
Some of the key players in the global office platform market are HCL technologies, Sococo, Slack, Asana, Microsoft Corporation, Evernote, Citrix Systems, Bitrix, Ryver Inc, Atlassian, Zoho Corporation, Wrike, Ascensio System SIA, and Samepage Labs among others.
Latest Innovation in the Global Online Office Platform: A snapshot
PagerDuty Inc. announced new intelliegnce and automation features in its Dynamic Service Directory, Intelligent Triage, and Business Response products in May 2020, which will help teams save time, reduce outages, and improve remote communication. For real-time critical tasks, the platform is developed on the cloud. It is now even better positioned to assist businesses inefficiently in accelerating their digital transformations thanks to these additional upgrades.
- In September 2019, Cisco released the Webex Control Hub Extended Protection Pack, which provides Webex clients with advanced data security features. Cisco Cloudlock CASB (cloud access security broker) support for DLP (Data Loss Prevention) rules for Webex Teams is included in the new security pack.
Online Office Platform Market Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 150.3 billion|
|Growth Rate||CAGR of 3.1% during 2021-2028|
|Segment Covered||Type, End-User, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||HCL technologies, Sococo, Slack, Asana, Microsoft Corporation, Evernote, Citrix Systems, Bitrix, Ryver Inc, Atlassian, Zoho Corporation, Wrike, Ascensio System SIA, and Samepage Labs.|
Key Segments of the Global Online Office Platform Market
Type Overview, 2018-2028 (USD Billion)
End-User Overview, 2018-2028 (USD Billion)
- Large Enterprise
- Medium size Enterprise
- Small Business
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
- Middle East and South Africa