The increasing awareness about data safety ratings and decreasing component costs is contributing to market growth
The global augmented analytics market size is likely to grow at the significant CAGR during the forecast years 2021-2028. Cloud collaboration is the process by which computer-based files are shared and co-authorized using cloud technology. This document is uploaded to the desired or central server, where it can be viewed by various authorized individuals. Users can alter the document in a variety of ways, including editing, uploading, commenting, and collaborating. Cloud collaboration is an essential tool for enterprises due to high productivity, increased employee engagement in remote projects, faster data access, and real-time updates for current work initiatives.
The growth of the cloud cooperation market is being driven by the development of organizations, increased productivity, and the trend of bringing your own device (BYOD) to seaside projects. The World Wide Web's (WWW) high reliability and data security limit the use of cloud collaboration. Low installation and operating costs, as well as a high level of cloud collaboration among small and medium-sized businesses, provide significant market opportunities. The high cost of revamping the network for cloud collaboration stifles the growth of the cloud collaboration market.
The growing trends in enterprise mobility and BYOD enable users to connect from any location. Tablets, smartphones, laptops, phablets, and smart watches, as well as the availability of smart gadgets, enable employees to hold live meetings, deliver presentations, and provide training from anywhere on any device. Because users can access gadgets immediately, they can maintain good connections with customers and respond quickly. Companies use BYOD and company mobility for a variety of reasons, including increased efficiency, reduced IT spending, and real-time responses. As a result of the availability of cloud collaboration options such as telephony, conferences, and social collaboration software, businesses can collaborate quickly and easily. This has also enabled companies to make quick decisions and improve control by communicating with suppliers and partners as needed, at any time.
With rising automation trends and changing mobility, companies are increasingly looking for solutions that can provide services, lowering total infrastructure costs. Furthermore, mobile service providers are establishing new rules to increase employee involvement and ease of use, both of which are required for accessing data across multiple end-point devices.
The emergence of COVID-19 has compelled some businesses to prioritize their IT strategy. Various businesses have also emphasized the importance of a proper cloud-based solution for working with employees remotely in order to reduce productivity impacts. Cloud-based solutions provide critical connectivity for businesses and communities. The primary reason for the use of these solutions is to support efforts to ensure that employees have access to critical company information while allowing safe real-time communication among colleagues.
In the forecasts for 2021-2028, Europe is expected to collect a sizable portion. European businesses used a complex cloud deployment methodology, with 51% using hybrid cloud and 21% using a multi-cloud strategy, with an average of five cloud providers. The penetration rate is increasing in tandem with automation trends, which are making it increasingly important for businesses to seek solutions to deliver these services. However, the North American region is expected to contribute the most to the market over the projection period. The region's dominance is primarily due to technological innovation and increased availability of infrastructure.
The cloud collaboration industry is highly competitive and has a plethora of significant competitors. The main competitors in the global cloud collaboration market are IBM Corporation, Microsoft Corporation, Intralinks Holdings Inc., Oracle Corporation, Cisco System Inc., Google Inc., Salesforce.com Inc., and Mitel Network Corporation. In terms of market share, only a few major companies currently dominate the industry. The market's leading companies are concentrating their efforts on expanding their client base across borders. Strategic cooperation activities are used by the players to increase market share and profitability.
Segment Overview of Global Cloud collaboration Market
Component Overview, 2019-2028 (USD Billion)
Application Overview, 2019-2028 (USD Billion)
- Government & Education
- Telecom & IT
- Media & Entertainment
Regional Overview, 2019-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America