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Cloud Based Collaboration Software: Introduction

  • Cloud based collaboration is the process of editing and sharing of files and documents by multiples users for team projects. Cloud based collaboration software is utilized by enterprises to provide employees efficiency to work together by sharing documents and other data, which is stored off premises
  • Cloud based collaboration software can be integrated with third-party service providers, such as Dropbox and Google Drive, which provide added advantage to share data with excess security
  • Software engineers and web developers use cloud-based collaborations software to work on projects in order to increase team interactions and get real-time work updates, which in turn propels the cloud based collaboration software market
  • Cloud based collaboration software provides key benefits to organizations, such as streamlining organization workflow, easy and remote accessibility to files and data, project management, and multitasking for users. This is expected to fuel the cloud based collaboration software market.
  • Increasing integration of cloud services by small and medium enterprises to increase cloud computing flexibilities and reduce the infrastructure cost is anticipated to drive cloud based collaboration software market during the forecast period
cloud based collaboration software market size and forecast

Global Cloud Based Collaboration Software Market: Dynamics

Global Cloud Based Collaboration Software Market: Key Drivers

  • Increase in adoption of Software-as-a-Service (SaaS) in small and medium enterprises to reduce the infrastructure management cost is expected to further drive the cloud based collaboration software market across the globe
  • Rise in need for on-demand and remote access for data and cloud-based collaboration software capabilities to support flexible work environment are key factors that are expected to drive the cloud based collaboration software market during the forecast period
  • Increase in demand from healthcare sector for collaborative operations, owing to emerging eHealth initiatives among developing economies, is projected to fuel the cloud based collaboration software market
  • Cloud based collaboration platforms provide synchronized data streaming and multiple user file editing solutions, which is gaining traction from large enterprises where multiple teams are engaged on same projects and require data sharing on a large scale
  • However, a lack of collaborative strategies among organizations for effective utilization of cloud-based collaboration software and rising concerns over data security are major factors restraining the cloud based collaboration software market
cloud based collaboration software market dynamics

Impact of COVID-19 on Global Cloud Based Collaboration Software Market

  • Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Major work culture shifts have been witnessed across the globe with organizations focusing on work-from-home setup to start operations and ensure employee safety. This created a positive impact on the cloud based collaboration software market. Organizations operating on a global scale are compelled to integrate collaboration software with cloud-based solutions to access work and data sharing at different time zones. Increasing shift toward digitization in healthcare to improve treatment quality using collaborative data analysis by experts has resulted into the integration of cloud-based collaboration software in eHealth. The shifting toward virtual working environment using cloud-based deployment of various applications owing to the COVID-19 pandemic among organizations is anticipated to drive the market for cloud based collaboration software during the forecast period.

North America to Hold a Major Share of Global Cloud Based Collaboration Software Market

  • In terms of region, the global cloud based collaboration software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
  • North America accounted for a prominent share of the global cloud based collaboration software market in 2020 due to early adoption of cloud platforms for scalability and flexibility. Major organizations in the region are focusing on strategic collaboration among the teams working on projects from multiple locations which creates strong demand for cloud based collaboration software. The U.S. is a key market in North America owing to the presence of leading technology companies in the country.
  • Asia Pacific is projected to gain larger share in the global cloud based collaboration software market during the forecast period owing to the expansion of the IT sector in several countries, such as India, in the region. Digitization and globalization are creating considerable opportunities to cater to the outsourcing demand from large enterprises across the globe. This, in turn, is anticipated to boost the share held by the region in the global market in the next few years.
cloud based collaboration software market outlook by region

Global Cloud Based Collaboration Software Market: Competition Landscape

Cloud based collaboration software market is highly competitive with global and regional players competing with each other to gain larger market share. Companies are focusing on collaborations, mergers, acquisitions, and partnerships as a key strategy to gain competitive advantage. For instance, on 1 December, 2020 Salesforce, Inc. signed an agreement to acquire Slack Technology Inc. This acquisition enables the organizations to provide innovative collaboration software for enterprises.

Key players operating in the global cloud based collaboration software market include:

  • Aspect software
  • Atlassian
  • Box Inc.
  • Cisco systems
  • Google
  • Jive software Inc.
  • Microsoft Corp
  • Miro
  • Mitel Networks Corp.
  • Oracle
  • Inc.
  • Zoho Corporation Pvt. Ltd.

Global Cloud Based Collaboration Software Market: Research Scope

Global Cloud Based Collaboration Software Market, by Deployment

  • Public Cloud Storage
  • Private Cloud Storage
  • Hybrid Cloud Storage

Global Cloud Based Collaboration Software Market, by Storage

  • File Storage
  • Block Storage
  • Object Storage

Global Cloud Based Collaboration Software Market, by End-user

  • Government and public services
  • BFSI
  • IT
  • Telecom
  • Retail
  • Media and Entertainment
  • Others

Global Cloud Based Collaboration Software Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Cloud Based Collaboration Software Market