Cloud Collaboration Market - Forecasts from 2022 to 2027

The global cloud collaboration market is projected to grow at a CAGR of 20.03% to reach a value of US$119.533 billion by 2027, from US$33.293 billion in 2020.

Enterprises and end-user industries are generating large amounts of data, which includes employee data, operations data, and consumer data, which is increasing the complexities involved in the storage required to safely and effectively store data that is being generated for future uses. In addition to this, an increasing number of large enterprises in many regions across the globe, and huge losses associated with loss of productivity due to lack of effective communication and collaboration between different teams and departments are pushing companies towards more advanced solutions for business management. This is encouraging the end-user industries to adopt cloud collaboration solutions so that an organization cannot only facilitate proper communication but securely and effectively share files, which can be accessed by different teams, thus driving market growth.

In addition, due to the growing adoption of advanced solutions such as Enterprise Content Management (ECM), which facilitates the delivery of content and documents across different organizational processes and departments, and is able to manage and store the data effectively, the market growth is being bolstered further.

Increased advantages of cloud collaboration

Moreover, the adoption of cloud collaboration is able to improve the organization of files, content, and important data as the files are in a centrally accessible location, which allows employees to work on any file, without continuously having to send over the updated file, gives employees improved access to larger files and provides real-time updates to keep the solution on track, efficient, and effective as always. Cloud collaboration also increases the participation levels of the employees in the organization, as every employee is able to provide essential inputs. These factors encourage the market players to adopt such cloud collaboration to maximize their profits and increase their market share, in turn contributing to the market's growth.

Increased offerings by major players

Furthermore, the players are increasingly involved and are participating in the market through enhanced product offerings in order to boost the adoption of Cloud Collaboration to cater to the growing needs of the rapidly advancing industries.

• Citrix, a multinational software company based in America that provides server, application, and desktop virtualization, cloud computing technologies, and software as a service, for example, has a product called "Podio." By using Podio, different end-user industries, businesses are able to aid different teams in their organizations to work in sync seamlessly as different features are made available through one tool.
• ATLASSIAN, an enterprise software multinational company dealing in the development of products for the management of projects, content management, and software development, offers a product called "Trello". Trello is a cloud collaboration service that allows the organization to work with any team and allows organizations to seamlessly attach comments, attachments, and due dates to the Trello cards, making it easier for teams and people within the organization to collaborate effectively. Some of the other features it offers are a built-in automated workflow with Butler, which facilitates the removal of tedious tasks from to-do lists by making use of rule-based triggers, custom cad and board buttons, and due date commands.
• Microsoft, one of the leading providers, offers a product called "Yammer. This loud collaboration tool allows open and dynamic communication, i.e it is able to improve the engagement of employees and enhance communication across different organizations, it is able to facilitate better and seamless integration by allowing the user to edit, create and share files directly from the Yammer conversations with the help of Office for the web. It also provides enterprise-level security, compliance, and management features associated with Office 365, in order to protect data and provide insights regarding the activity impact via the help of analytics tools.
• HighIQ Solutions Limited, one of the leading companies dealing in digital transformation solutions, offers its product called "HighQ". This product is offered for adoption in corporate and law firms. For law firms, HighQ is able to increase efficiency in legal service delivery, project management and process automation, and client engagement. Apart from this, it is able to facilitate the management of transactions, legal projects, litigation, and manage extranets and client portals, as well as intranets and team collaboration.

The North American region is expected to show considerable growth over the forecast period

Geographically, the North American region is expected to hold a noteworthy market share and grow at a significant pace over the forecast period. This is attributable to the fact that there is widespread and faster adoption of advanced technologies in countries such as the US. In addition, some of the major players based in the US are involved in collaborations to provide enhanced and better cloud collaboration solutions. For instance, in June 2019, Microsoft Corporation announced that they had entered into strategic cloud interoperability" partnership with Oracle Corporation. This partnership is going to enable customers to migrate and run mission-critical workloads in the enterprise across Microsoft Azure and Oracle Cloud. This will also allow enterprises to connect Azure services such as Analytics and Artificial Intelligence to Oracle Cloud services such as Autonomous Databases.

Market Key Developments

• In September 2021, Wipro announced the establishment of the Wipro-Google Cloud Innovation Arena to boost cloud adoption. It ensures smooth cloud adoption, provides in-house technical knowledge, and accelerates innovation to support client business transformation.

Segmentation

• By Deployment Type

Public Cloud

Private Cloud

Hybrid Cloud

• By Industry Vertical

BFSI

Manufacturing

Education

Government

Communication and Technology

Media and Entertainment

Others

• By Geography

North America

• USA
• Canada
• Mexico

South America

• Brazil
• Argentina
• Others

Europe

• Germany
• United Kingdom
• Italy
• France
• Others

Middle East and Africa

• Saudi Arabia
• UAE
• Others

Asia Pacific

• China
• Japan
• India
• South Korea
• Indonesia
• Thailand
• Taiwan
• Others