Global Social Collaboration Software Market - Introduction
- A social collaboration software or platform is specifically designed to help individuals or groups interact and share information to accomplish common goals. Nowadays, enterprises are focusing on using social collaboration platforms to communicate one-to-one, or one-to-many.
- Social collaboration software or platform is a single platform that provides virtual or collaborative work environment for entire organization, department.
- Social collaboration software or platform enable enterprises to enhance their work effectiveness & efficiency, allowing employees to easily collaborate & communicate with everyone. Cloud meetings and collaboration services provide a constant connected experience with a comprehensive suite of collaborative services for enterprises.
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Impact of Coronavirus (COVID-19) on the Social Collaboration Software Market
Lockdowns across major regions (Europe, Asia, and North America) due to an increase in the spread of Coronavirus (COVID-19), has a positive impact on the social collaboration software market. Increasing demand to enforce social distancing due to the highly contagious nature of Coronavirus (COVID-19) has encouraged enterprises to deploy work-from-home (WFH). Therefore, enterprises are focusing on video conferences or live meetings to ensure efficient business processes, which is positively impacting the adoption of social collaboration software worldwide.
Growing Trend of BYOD and increasing Enterprise Mobility Driving the Global Social Collaboration Software Market
- Growing BYOD and enterprise mobility are the developing trends that allow users to connect from any remote location worldwide. These emerging trends along with the availability of smart devices such as smartphones, tablets, and laptops, enable employees to give live presentations, conduct live meetings, and provide training from any remote location by using a device. This allows users to maintain connections with their clients and employees, and also respond rapidly as they have quick access to the devices. Therefore, organizations are significantly focusing on adopting enterprise mobility and BYOD for several reasons such as reduced IT expenses, increased efficiency, and real-time responses. Consequently, organizations can collaborate efficiently and quickly, with the easy accessibility of cloud collaboration solutions through conferencing, telephony, as well as social collaboration software. This has also empowered enterprises to exercise better control and make quick decisions by connecting with partners and suppliers at any time as per necessity. It is expected that by 2020, more than half of North American and European enterprises will implement BYOD to decrease the investment on buying new tablets or laptops.
- Therefore, increased mobility and growing trend of BYOD across enterprises worldwide is driving the social collaboration software market.
Low Awareness and Low Adoption of Cloud-based Software across Developing Nations to Hamper the Market
- Low awareness regarding advantages of cloud hosting services, specifically across developing nations as compared to developed economies such as the U.S., U.K., Japan, and Canada is expected to hinder the global social collaboration software market during the forecast period.
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North America to Account for Major Share of the Global Social Collaboration Software Market
- In terms of region, the global social collaboration software market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global social collaboration software market during the forecast period due to huge adoption of cloud deployment practices, indicating potential growth of the market in the region. Europe is expected to be the second largest market for social collaboration software from 2020 to 2030.
- Asia Pacific is projected to be a rapidly growing market for social collaboration software during the forecast period due to increasing requirement for digitization & visual data exchange, specifically in India, Japan, and China.
Key Players Operating in the Global Social Collaboration Software Market Include:
- Bitrix, Inc.
- Wrike, Inc.
- Zoho Corporation Pvt. Ltd.
- Ryver, Inc.
Global Social Collaboration Software Market: Research Scope
Global Social Collaboration Software Market, by Component
- Video Conferencing
- Contact Centers
Global Social Collaboration Software Market, by Software Deployment
Global Social Collaboration Software Market, by Enterprise Size
- Small and Medium Enterprises (SMEs)
- Large Enterprises
Global Social Collaboration Software Market, by End-user
- Banking Financial Services & Insurance
- IT and Telecom
- Media & Entertainment
- Other ( Transportation, Manufacturing)
Global Social Collaboration Software Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- 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
- 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.