The virtual collaboration market is estimated to grow with a high CAGR during the forecast period, i.e., 2021-2029. The advancement in technology, along with the growing need to save costs and time, are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the need for virtual collaboration after the deployment of work-from-home practices due to the Covid-19 outbreak. 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 on the basis of tools into instant communication, project management tools, cloud-based tools, and others, out of which, the instant communication segment is anticipated to grab the largest share by the end of 2021 on account of its capacity to facilitate real-time data sharing among users. Moreover, instant communication also enables efficient communication among cross-functional departments, which is also projected to contribute to the growth of the segment during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of end-user, the IT & Telecom segment in the global virtual collaboration market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the rising adoption of global virtual collaboration tools by IT & Telecom enterprises to facilitate efficient communication and collaboration.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing awareness about modern & innovative technologies and the increase in expenditure on related infrastructure in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the increase in demand for virtual collaboration, accompanied by the growing trend among organizations to enhance their communication systems and boost employee productivity in the region. Along with this, North America also leads in terms of high-speed internet connectivity, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the virtual collaboration market on account of increasing demand for efficient communication technologies and consequent technological development in the region. As per the analysis of European Commission, it is estimated that in 2019, around 90% of EU-27 households had internet access in the European Union.
The global virtual collaboration market is further classified on the basis of region as follows:
Our in-depth analysis of the global virtual collaboration market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The advancement in technology and the growing need to save costs and time, are the key factors driving market growth.
The market is anticipated to attain a high CAGR over the forecast period, i.e., 2021-2029.
The concerns related to security & safety of technology and lack of developed network infrastructure in lower economic regions are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing awareness about modern & innovative technologies.
The major players dominating the virtual collaboration market are Adobe, Inc., IBM, Microsoft Corporation, and Cisco Systems, Inc. among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by tools, end-user, and region.
With respect to end-user, the IT & Telecom segment is anticipated to hold the largest market share owing to the rising adoption of global virtual collaboration tools by IT & Telecom enterprises to facilitate efficient communication and collaboration.
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