Albany, NY -- (SBWIRE) -- 10/06/2017 -- Enterprise collaboration service market is forecast to report a CAGR of 10.3% by 2024; Enterprise collaboration service market to reach US$56.51 bn by the end of 2024; Overall valuation of the global enterprise collaboration service market stood at US$23.38 bn in 2015
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.
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.
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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.
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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.
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.