PUBLISHER: KBV Research | PRODUCT CODE: 1292488
PUBLISHER: KBV Research | PRODUCT CODE: 1292488
The Global Communication Software Market size is expected to reach $1.9 billion by 2029, rising at a market growth of 9.8% CAGR during the forecast period.
Healthcare is a promising sector for Communication Software as effective communication among healthcare providers directly translates into improved patient care. By using communication software, doctors, nurses, and other caregivers can quickly exchange critical patient data, such as medical history, test results, and medication records. This helps in delivering more accurate diagnoses, reducing medical errors, and providing timely treatment. Hence, Healthcare is expected to capture approximately 1/5th share of the market by 2029. Some of the factors impacting the market are growing adoption of cloud-based solutions, increasing advancements in associated technologies, and security concerns leading to cyberattacks.
Cloud-based communication software solutions can provide businesses with a number of advantages, including scalability, user-friendliness, and cost savings. Enterprises no longer need to spend money on pricey gear and infrastructure because of software alternatives for cloud-based communications. Innovative technologies like machine learning, blockchain, and artificial intelligence can help businesses that provide employee communication software by enhancing their products and services. Hence, the growing incorporation of technology has increased the use cases of communication tools, which is beneficial for expanding the market.
However, users of communication software are very concerned about security, particularly in the commercial and government sectors. Protecting sensitive information from possible breaches, cyberattacks, and other security threats necessitates using secure communication software. However, the demand for more security also raises the complexity and expense of creating and maintaining communication software, which is predicted to restrain the market's expansion for this type of software.
Deployment Model Outlook
Based on deployment model, the market is characterized into on-premise and cloud. The cloud segment garnered the highest revenue share in the market in 2022. The expansion in the number of remote workers among employees may be a contributing factor in the rising requirement for cloud-based platforms for effective team collaboration across companies. Users can use teamwork tools via cell phones owing to these cloud systems as well. Additionally, they offer improved features, including the capability to log events for subsequent studies.
Enterprise size Outlook
On the basis of enterprise size, the market is classified into large enterprises and small & medium enterprises. The small & medium enterprises segment recorded a significant revenue share in the market in 2022. Effective communication with customers is crucial for SMEs. It offers various channels, such as email, live chat, and social media integration, enabling businesses to promptly address customer inquiries, provide support, and build strong customer relationships. Communication tools are far more practical for small-scale enterprises because they cannot afford many people.
By vertical, the market is divided into BFSI, manufacturing, retail, healthcare, IT & telecom, and others. The IT and telecom segment witnessed the maximum revenue share in the market in 2022. As businesses continue to manage their operations mostly through technology, there is a growing need for communication tools that can assist them. This trend is driven by the IT & telecom sector because enterprises in this field need dependable communication solutions to run their businesses. The retail segment garnered a remarkable growth rate in the market in 2022.
Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment acquired the highest revenue share in the market in 2022. The market in the North America region has grown as a result of the rising use of mobile devices. In reaction to the widespread usage of smartphones and tablets, many organizations are putting in place mobile communication technologies to enable their personnel to interact as well as collaborate while on the go.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Simpplr Inc., GuideSpark, Inc. (Tivian XI GmbH), OurPeople Ltd., Sociabble, Inc., Haiilo GmbH, Poppulo, Beekeeper AG, Nudge Corporation (Axonify, Inc.), Firstup, Inc., and Workvivo Limited.
Strategies Deployed in Communication Software Market
Apr-2023: Simpplr introduced the Employee Listening solution. The Employee Listening solution is used to provide instant employee experience insights to managers. The Employee Listening solution features intelligent passive listening used for analysing the emotions of the employees. The benefits of the product include enhanced retention, quick identification of insights, and rich participation.
Oct-2022: Firstup, formerly known as SocialChorus. Inc. added new features to its platform. The new features include new connections, improved universal profile, Employee journey campaigns, maximized intelligent delivery, and ongoing employee journey insights.
Sep-2022: Beekeeper took over Lua, a communication platform. The acquisition helps Beekeeper in serving its customers in a better way by providing them with automation facilities which will in turn help in improving coordination.
Sep-2022: Beekeeper announced the launch of Read Receipts in Chat Messages for its Beekeeper team communication app. The feature is used to record the number of persons who have read the sent messages on the communication app. The feature applies to both group and one on one chats.
May-2022: Beekeeper launched Beekeeper Marketplace. The Beekeeper Marketplace is a frontline operating system used for employee performance, engagement, and retention. Features of the Beekeeper Marketplace include system accessibility, mixed ecosystem, and creative technology combinations.
Feb-2022: Beekeeper partnered with eduMe, a mobile-based training platform. The partnership aims at integrating the portfolio of the two companies which would help Beekeeper's clients to increase employee retention and enhance organizational productivity.
Aug-2021: SocialChorus, now known as Firstup, Inc., merged with Dynamic Signal, a communication SaaS provider company. The combined company is named Firstup. Firstup would provide solutions for employee engagement in organizations. The merger allows SocialChorus to serve the users in a better way by providing its clients with better employee management and engagement facilities.
Apr-2021: SocialChorus, now known as Firstup, Inc., announced the launch of Content Microapps. Content Microapps is a suite of products that are used for coordinating the digital employee experience. The feature of Content Microapps includes a customization facility, personalized viewing experience, and feedback facility.
Dec-2020: Workvivo Limited announced the launch of Workvivo. Workvivo is a platform that facilitates organizational communications and employee engagement. The platform features compatibility with both mobile and desktop devices, reward and recognition facilities, and an easy-to-understand user interface.
Sep-2020: Beekeeper announced a partnership with SalesBoost, a training and coaching platform. The partnership aims at integrating the Salesboost training courses with the Beekeeper app. The partnership allows Beekeeper to serve its users in a better way by providing them with training and development facilities.
May-2020: SocialChorus, now known as Firstup, Inc., announced the launch of the Analytics feature for SocialChorus's Analyze tool. The analytics features are used for analysing overall employee engagement and pointing out inefficiencies.
Feb-2020: Firstup, formerly known as SocialChorus. Inc. announced a partnership with Microsoft, a technology company based in the USA. The partnership aims at integrating Firstup platform with Microsoft Teams. The integration allows Firstup to serve its customers in a better way by reach and analytics facility which would smooth the flow of communication and better decision making.
Market Segments covered in the Report:
By Enterprise Size
By Deployment Model
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List of Figures