The global visual collaboration platform software market is expected to attain a revenue of USD 537.3 Million in 2021 and is anticipated to garner USD 1667.6 Million in 2028 by growing at a CAGR of 17.43% over the forecast period i.e., 2021-2028. Increasing global IT sector, leading to high adoption of visual collaboration platform software. IT industry is one of the fastest-growing industries around the globe. The growing dependence on visual collaboration platform software increases as organizations are becoming more digitally connected due to the IT industry's incoming technologies. The increasing globalization on account of increasing industrialization is giving a significant boost to the required rate of visual collaboration software across the IT industries. Additionally, the modernization of tools coupled with improved diversity and compliance has increased the level of complexity and thus it has implemented various limitation to access. As a result, the demand for visual collaboration platform software has increased to get the limitless access to better platforms. Rising industrialization and developments in the IT industry have contributed significantly to the GDP of developing countries such as China, India, and Indonesia, which has resulted in a surge in employment rate and hence the requirement of visual collaboration software has also increased.
Regionally, the global market is segmented into five major regions comprising North America, Asia Pacific, Europe, South America, and Middle East & Africa. Among all, North America market is projected to hold leading stance by garnering a revenue of USD 320.7 Million in 2021 and USD 970.1 Million in 2028 owing to the increasing application of visual collaboration platform software services in the primary industries, including healthcare, commercial business, manufacturing, and education. In North American region, the United States is projected to generate significant growth opportunities for the market growth by attaining a revenue of USD 265.2 Million in 2021 while Canada is projected to reap USD 55.6 Million in revenue during the same year. Work and study from home due to COVID-19, technological advancement, increasing start-ups and growing trend for virtual companies has created major opportunities for the growth of the visual collaboration platform software. The use of video conferencing and visual collaboration tools increased due to the COVID-19 pandemic when most employees had started working from home. According to a work from Home survey conducted by PwC, organizations are exploring hybrid workplace strategies and looking forward to managing expanding choices with tools and training using visual collaboration platform software. Additionally, universities and schools throughout North America are depended on collaboration tools to make teaching and student life more efficient. Thus, working and studying from home is aiding the growth of the market. Percentage of population working from in USA and Canada are 42% and 64% respectively. U.S. and Canada are high-tech and have availability of cloud service providers and fast broadband options, thus leading to easier adoption of visual collaboration platform software. U.S and Canada have a large number of start-ups every year, both the countries are ranked in top 10 for generating billion-dollar start-ups, according to a report by USC Marshall School of Business. Due to affordable pricing and availability of various plans by platform providers, start-ups and virtual companies rely more upon visual collaboration platform software tools as it helps create effective strategies and management for the employees. Furthermore, the concept of virtual companies is expected to grow as millennial generation is increasingly interested in working remotely and using digital tools; this will thus lead to the growth of visual collaboration platform software. The Asia Pacific visual collaboration platform software market is estimated to hold significant market share throughout the forecast period by attaining a revenue of USD 80.2 Million in 2021 and USD 273.5 Million in 2028, with a CAGR of 19.02%. China in the Asia Pacific region is expected to garner a revenue of USD 28.8 Million in 2021 while the market for Japan is projected to be USD 23.2 Million for the year 2021.The Asia Pacific visual collaboration platform software market is dominated by countries such as China, India, and Japan due to rapid digitalization, economic developments, and government initiatives such as Digital India and other programs, leading to the need for digital and collaborations tools for organizations to work on. The adoption of visual collaboration platform software is anticipated to grow as the region has a host of technologically advanced organizations in information technology and related domains with cloud services deployed for streamlining work. Remote work is a common practice in such organizations, and thus the market for collaborative platforms, especially visual collaboration, is growing rapidly. Start-ups incorporating visual collaboration platforms to aid remote work have also seen a rise. The IT-BPM industry stood at USD 177 billion in 2019; further investments in the IT sector have also helped the market's growth. Additionally, the market in Latin America accounted for around USD 29.8 Million in 2021 and is estimated to witness growth in upcoming years. Asia Pacific is estimated to create notable growth opportunities for market growth over the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT
Growth Drivers and Challenges Impacting the Growth of the Global Visual Collaboration Platform Software Market
The global visual collaboration platform software market is segmented by type into cloud-based and web-based, and by application segment is bifurcated into large enterprise and small and medium enterprise. Under type, the cloud-based segment is anticipated to account for highest share of 64.4% in 2021, and is further estimated to hold this position during the forecast period. The cloud-based segment is expected register a revenue of USD 346.0 Million in 2021 and is estimated to garner USD 1138.2 Million in 2028. Cloud-based visual collaboration platforms software is used by organizations primarily for their scalability & operability. Cloud-based software provides the advantage of operations without the need for constant access to a remote server. Over the years, cloud computing has seen a rise in usage, with software-as-a-service (SaaS) holding a large section of cloud computing services, especially for small enterprises that require a scalable & customizable platform software (through Application Programming Interface or API). The cloud-based visual collaboration platforms software segment is expected to hold a significant share of the market, with more and more organizations opting for cloud-based software & services. Among the application, large enterprise segment is estimated to garner highest market revenue by the end of 2021, owing to the Country-wide lockdowns and social distancing norms have forced large enterprises to opt for remote working or work from home. Employees in a large enterprise need to work and coordinate in large teams and often with multiple teams. To ensure collaboration of team members and boost efficiency, collaboration platforms are employed extensively for work tracking, clarity in thought-process sharing, and brainstorming ideas. Also, large enterprises deploy a multi-cloud model for different requirements and to prevent risks arising from overdependence for service from a single service provider. The large enterprise segment is expected to garner a revenue of USD 366.9 Million in 2021 and is projected to reach USD 1117.6 Million by 2028. Additionally, different regions have different level of penetration of market segments. For instance, in North America, the market size for cloud-based and large enterprise segment are anticipated to register USD 225.1 Million and USD 192.4 Million, respectively. Additionally, in APAC, the market size for cloud-based and large enterprise segment are projected to register USD 39 Million and USD 69.4 Million, respectively.
Key Players Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global visual collaboration platform software market that are included in our report are Tactivos, Inc., Miro, Stormboard, Conceptboard, Deskle, DEON GmbH & Co. KG, Ziteboard, iObeya, Lucid Software Inc. and others.
FREQUENTLY ASKED QUESTIONS
Increasing number of IT industries is one of the major factors anticipated to drive the market growth during the forecast period.
The market is anticipated to attain a CAGR of 17.43% over the forecast period i.e., 2021-2028.
Risk of cyber security attacks is estimated to act as barriers to the market growth.
Asia Pacific is estimated to create notable growth opportunities for market growth over the forecast period.
The major players in the market are Tactivos, Inc., Miro, Stormboard, Conceptboard, Deskle, DEON GmbH & Co. KG, Ziteboard, iObeya, Lucid Software Inc. among others.
The company profiles are selected based on the 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 type, and application.
The large enterprise segment is anticipated to hold largest market size in value and is estimated to display significant growth opportunities.
Global Visual Collaboration Platform Software Market
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