Research Nester released a report titled “ Virtual Collaboration Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers a detailed overview of the global virtual collaboration market in terms of market segmentation by tools, end-user, and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with a detailed discussion on current and future market trends that are associated with the growth of the market.
The market size to grow from USD 47 billion in 2021 to USD 85 billion by 2029 with a high CAGR of ~12% during the forecast period, i.e., 2021-2029 on account of the development of modern & innovative technologies and the rising need to cut costs and save time. According to the Global Digital Overview, in 2020, the internet users globally have grown to 4.54 billion, which is an increase of 7 % as compared to the previous year.
The market is segmented by tools into instant communication, project management tools, cloud-based tools, and others.
Among these segments, the instant communication segment is anticipated to hold the largest share by the end of 2021 in the virtual collaboration market as a result of its capability to enable real-time data sharing among participants. It is also gaining worldwide recognition for its usage for facilitating efficient communication among cross-functional departments.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the virtual collaboration market in the Asia Pacific is projected to grow at the highest CAGR throughout the forecast period.
Currently, the market in North America holds the largest share. This can be attributed to the rise in demand for virtual collaboration, especially in the United States, along with the increasing trend among organizations to improve their collaboration systems and boost employee productivity.
Development of Modern & Innovative Technologies and Rising Need to Cut Costs and Save Time to Drive Market Growth
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
The speed of internet is directly correlated with efficient virtual collaboration. It has been observed that regions with high-speed internet connectivity have greater presence of digitally adept organizations.
Additionally, the increasing need to cut travel costs is also expected to boost the market growth in upcoming years. However, the apprehensions related to safety of the new technology and lack of advanced network infrastructure in low income regions are some of the factors that are estimated to restrain market growth in the near future.
This report also provides the existing competitive scenario of some of the key players of the global virtual collaboration market which includes company profiling of Adobe, Inc. (NASDAQ: ADBE), IBM (NYSE: IBM), Microsoft Corporation (NASDAQ: MSFT), Cisco Systems, Inc. (NASDAQ: CSCO), Amazon (NASDAQ: AMZN), Google, Avaya, TeamViewer AG (ETR: TMV), and AT & T, Inc. (NYSE: T).
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global virtual collaboration market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.