Cloud Collaboration Market is Booming Worldwide

(IT-NEWSWIRE.COM, August 26, 2020 ) As per report "Cloud Collaboration Market by Solution & Service (UCC, Document Management System, Project and Team Management, Enterprise Social Collaboration & Training, Consulting and Integration and Support and Maintenance), by Region - Global Forecast to 2021", market is estimated to grow from USD 23.39 Billion in 2016 to USD 42.57 Billion by 2021, at an estimated CAGR of 12.7% from 2016 to 2021. The key forces driving the cloud collaboration market are emerging trend of mobility & BYOD and cost-efficient & secure cloud-based solutions.

Enterprises are adopting BYOD and enterprise mobility for various reasons such as increased efficiency, reduced IT expenses, and real-time responses. Cloud collaboration solutions and services facilitate employees to share, edit, and work together. With the increase in the adoption rate of cloud-based solutions among SMEs, cloud collaboration market is expected to gain traction.

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Unified communication & collaboration solution to play a key role in the cloud collaboration market

Unified communication & collaboration solution is expected to have the largest market share in the cloud collaboration solution market during the forecast period. The unified communication & collaboration solution plays a key role in the cloud communication market as it enables groups of users to interact, coordinate tasks, and share information in real-time and non-real-time models that include email, fax, SMS, instant messaging, and others.

Banking, Financial services, and Insurance vertical contributes maximum market share

Among verticals, the BFSI vertical is expected to contribute largest market share in the cloud collaboration market. The financial sector is undergoing huge transformation and it is of prime importance to become more agile, innovative, collaborative, and customer centric. The cloud collaboration solution allows the investment banks, private equity, venture capital, asset managers, and insurance firms to securely exchange business information with the partners, clients, and customers.

North America is expected to contribute the largest market share, Latin America to grow the fastest

North America is expected to hold the largest market share and dominate the cloud collaboration market from 2016 to 2021 due to the presence of a large number of cloud collaboration vendors. Latin America is in the initial growth phase and is the fastest-growing region for the global cloud collaboration market. The key reasons for the high growth rate in this region are the explosion of new technologies combined with increasing business needs and increase in the number of organizations adopting cloud collaboration solutions and services.

The major vendors providing cloud collaboration solutions and services are IBM Corporation (Armonk, New York, U.S.); Microsoft Corporation (Redmond, Washington, U.S.); Cisco Systems (San Jose, California, U.S.); Google Inc. (Mountain View, California, U.S.); Oracle Corporation (Redwood City, California, U.S.); Salesforce.com (San Francisco, California, U.S.); Jive Software (Palo Alto, California, U.S.); IntraLinks Holdings, Inc. (New York, U.S.); Mitel Networks (Ottawa, Canada); and Box (Redwood City, California, U.S.).

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Cloud Collaboration Market is Booming Worldwide