The degree of
competition among the existing players in the global enterprise
collaboration service market is quite high. The prevailing
competition is forecast get fiercer in the future with the entry of
new market players, finds Transparency Market Research (TMR) in a new
report. Currently, IBM Corporation, Cisco System Inc., Nokia Network,
HP Corporation, and Polycom, Inc., are the top players in the global
enterprise collaboration service market. The dominance of these
enterprises is on account of their persistent funding and efforts
towards innovation and in providing collaboration services. “Through
strategic collaborations and mergers, vendors in the market are
competing against one another and looking to strengthen their market
position,” observed the TMR report’s author. Exhibiting a CAGR of
10.3%, the global enterprise collaboration service market is forecast
to reach US$56.51 bn by the end of 2024.
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North America and
Mobility & Telephony Emerge Dominant Based on Region and
Solution, Respectively
Regionally, North
America will held a majority share of 53.1% of the overall market in
2015. This regional market is gaining impetus from the increasing
demand application of video conferencing in the defense and military.
Reporting a robust CAGR, the North America market will successfully
maintain its position as the market lead through the course of the
forecast period.
By solution, the
overall market is led by mobility and telephony. However, over the
forecast period the video conferencing segment is likely to emerge
dominant exhibiting a CAGR of 11.5% between 2016 and 2024. Besides
this, collaborative tool and mobility and telephony will cumulatively
account for a significant market share.
Rising Demand for
Mobile Workforce to Aid Growth
The increasing
demand for mobile workforce and enterprise mobility is creating
lucrative prospects for the global enterprise collaboration service
market. To continue witnessing sustainable growth, enterprises are
nowadays looking to expand their global footprint by conducting
cross-border businesses. This created accelerated demand for
collaborative tool as without technology enabling effective
communication enterprises will fail to conduct business across
borders.
Due to various
benefits offered by enterprise collaboration services their uptake is
expected to surge in the coming years. In addition, the rising
penetration of mobile devices will have a strong influence on the
market, positively propelling its growth. For instance, the
availability of low-priced smartphones around the world has provided
immense opportunities for the leading vendors to capitalize on.
Increasing
Incidence of Cyber-attacks Poses Threat
On the downside due
to the rising incidence of cyber-attacks in the last few years, data
breaches have become crucial concerns for enterprises. “As
enterprises often communicate voice data via Internet lines,
streaming media services, and voice over internet protocol, they
often encounter security threats and have become more vulnerable to
cyber-attacks,” said a lead TMR analyst. Such concerns cause
hindrances for the overall market.
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Rising Use of
Social Media for Business to Create Lucrative Opportunities
Nevertheless, there
has been a considerable rise in number of enterprises using social
media to propagate their businesses. As these companies harness the
power of social collaborative tools such as Office 365 and Lync, they
can empower partners and employees and create customer engagement in
real time. Leading vendors in the market are therefore intending to
build ecosystems to make social business integration more compelling
for organizations. Furthermore, the market will gain from the rising
use of enterprise social software solutions such as Yammer, Jive, and
Salesforce Chatter.
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Transparency Market
Research (TMR) is a global market intelligence company providing
business information reports and services. The company’s exclusive
blend of quantitative forecasting and trend analysis provides
forward-looking insight for thousands of decision makers. TMR’s
experienced team of analysts, researchers, and consultants use
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and analyze information.
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repository is continuously updated and revised by a team of research
experts so that it always reflects the latest trends and information.
With extensive research and analysis capabilities, Transparency
Market Research employs rigorous primary and secondary research
techniques to develop distinctive data sets and research material for
business reports.
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