Visual Collaboration Platform Software Market Trends

Growth Drivers

• Increasing use of AI and ML - Visual communication tools are being enhanced by the integration of cutting-edge technology like Artificial Intelligence as a service and ML. The behaviors of employees and the shared information may be tracked by AI-based visual collaboration, which is utilized to give staff predicted business insights and speed up work. Studies have shown that, periodically, 90% of the world's top businesses are investing in artificial intelligence. Businesses may benefit from video Analytics to gain more knowledge about a range of business applications, like customer behavior, staff retention, and office usage, having a positive effect on the market.
•  Rapid Digitization: Increased adoption of technical innovations and integration Internet of Things by residential and industrial applications in their existing infrastructure had a major impact on the market. In recent years, digital transformation has also been taking place within several endues sectors accumulating to a value of USD 3.4 trillion by 2026, and is expected to have a positive impact on the growth of the visual collaboration platform software market.
• Increased Network Connectivity- The market is projected to increase significantly over the coming decade, thanks to the increasing adoption of 4.0 and 5.0 technologies. For example, Industry 4.0 is expected to free up between 15 and 25 % of the cost of quality and also reduce the number of machine failures by 25-50%. The global market is also projected to be driven by a surge of business model transformation, supported by an increased uptake of high-speed broadband services like 5G. Moreover, it is also estimated that the market growth over the coming years will be facilitated by an increase in shipments of 5 G-enabled smartphones which are expected to reach a share exceeding 70 % at the end of 2023.

Challenges

• Issues related to network connectivity and infrastructure: Even though outdated telecommunications technologies are unable to offer a low delay and high bandwidth connection, emerging and developing countries in the world continue to rely on them. Consequently, organizations in these countries are increasingly relying on audio collaboration to cope with the inconveniences of not having a sufficient visual or intermittent connection. The growth of the market revenue is being held back by this. In the event of Internet difficulties, collaboration could be difficult. misunderstandings and time and effort waste could occur because of poor video quality or interruptions caused by an error in connection.
• To protect the valuable collaboration channels from cyber-attacks.
• High initial investment cost