The global R & D cloud collaboration market is projected to have a CAGR of 11.20% during the forecast period. The current valuation of the market is US$ 41.54 Billion in 2022. The market value of the market is anticipated to reach US$ 120.10 Billion by the year 2032. A historical market valuation of US$ 37.36 Billion has been recorded in the analysis conducted by Future Market Insights.
| Report Attribute | Details |
|---|---|
| Market Value (2022) | US$ 41.54 Billion |
| Market Anticipated Value (2032) | US$ 120.10 Billion |
| Market Projected Growth Rate (2022 to 2032) | 11.20% |
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The market for cloud collaboration is witnessing robust growth over the past few years, as per the analysis. It is identified that there is an approximate rise of US$ 4.18 Billion from the base year to the current. This rise can be attributed to the demand for communication systems that are making allowance for users to work on data and documents remotely.
Furthermore, organizations across developing economies are looking forward to modifying the data by editing, uploading, commenting, sharing, and collaborating, which is estimated to further fuel the expansion of the cloud collaboration market through the projection period.
It is identified that substantial growth in the IT industry has led to a rapid surge in automation trends and serves as one of the key growth propellants, creating an affirmative outlook for the concerned market. Integration of artificial intelligence (AI) and machine learning (ML) for effective management of communication and collaboration between teams is expected to favor market growth through 2032.
Moreover, the corporate teams have adopted unified communication solutions for increasing efficiency, productivity, and innovation by enabling virtual collaborations, which is propelling the growth of the market in 2022. Small and medium-sized enterprises are surging the demand for cloud collaboration, impacting the market in a positive way.
Additionally, the overall reduction of infrastructure cost, coupled with changing mobility and the growing demand for Internet of Things (IoT) across various end-use industry demands, is also identified to fuel operational feasibility. This is leading to the manufacturing of secure and relevant cloud solutions.
The European region is projected to acquire a significant share of the global cloud collaboration market. Approximately 80% of European and North American countries are recognized to use complex deployment models in the cloud. Increased penetration of multi-cloud strategy and automation is expected to reshape the market dynamics across these regions.
Cloud collaboration is an enterprise collaboration technique that facilitates employees to work with the documents and other data types, stored off-premises and outside the company’s firewall. Employees of an enterprise utilize the cloud-based collaboration platforms to share, edit and work together on projects.
The cloud collaboration is used as a tool for collaboration internally among different departments in a firm, as well as externally for sharing documents with clients for receiving feedback.
Cloud collaboration is integrating new advances in cloud computing and their collaboration that are becoming necessary for the firms operating in this increasingly globalised world. The advent of cloud computing and its subsequent benefits have paved the way for collaborative cloud-based services, in turn reshaping the concept of how employees work together over the internet.
Cloud collaboration offers several benefits such as facilitate better communication among the members of organization, facilitating higher participation levels, improved access to larger files, and real time updating.
Cloud collaboration market space has become highly sophisticated with vendors trying to attract customers. Earlier, cloud collaboration tools were quite basic having limited features. However, the advanced packages are much more document-centric in their approach. For instance the new sophisticated collaboration tools allow users to "tag" specific areas of a document for comments which are delivered real time to the viewers.
Although, the cloud collaboration market is growing swiftly, it has been observed that the adoption of cloud collaboration solutions has reached a stage where it is more dependent on the reluctance of workers to collaborate as compared to the ability of current technology.
Principal Consultant
Major factors driving the growth of global R&D cloud collaboration market include emerging trend of mobility & BYOD (Bring Your Own Device), and the demand for secure & efficient solutions to enhance the employee’s productivity. Additionally, the market growth is also propelled by the trend to employ a single software tool to solve all the collaboration needs within the enterprises, instead of relying on multiple tools.
With the rising adoption of cloud-based solutions among enterprises, cloud collaboration market is expected to witness potential growth opportunities during the forecast period.
However the factors such as reluctance of in sharing their knowledge, challenges in maintaining the information security, and maintaining auditable trails across organizations, are restraining the growth of the market.
The major players active in the global R&D cloud collaboration market include IBM Corporation, Huddle, Microsoft Corporation, Cisco Systems, Google Inc., Oracle Corporation, Salesforce.com, Jive Software, Mitel Networks, Citrix Systems, Inc., Broadsoft, Inc. and HighQ Solutions Limited.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Global R&D Cloud Collaboration market is mainly classified on the basis of deployment model, enterprises, verticals and geographies.
The market is likely to register a CAGR of 11.20% through 2032.
The market is currently valued at US$ 41.54 Bn in 2022.
The market is likely to grow to a valuation of US$ 120.10 Bn by 2032.
Europe is likely to be a leading market during the forecast period.
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R & D Cloud Collaboration Market
