Artificial Intelligence
Cloud Meetings and Team Collaboration Services Market is Projected to Reach USD 39.78 Billion by 2029 – Growth Opportunities, Investment Plans, Trends & Innovation – Adroit Market Research
Dallas, Texas, Oct. 14, 2022 (GLOBE NEWSWIRE) — The global cloud meetings and team collaboration services market is projected to grow nearby $ 39.78 billion by 2029, at a CAGR of 12.89% from the forecast period 2022 to 2029.
Increasing mobility and the rising trend towards BYOD in enterprises around the world are driving the market for cloud meeting and team collaboration services. Most importantly, the advent of advanced technologies such as machine learning (ML) and artificial intelligence (AI) have enabled companies to effectively manage communication and collaboration between teams furthering remarkable progress of global cloud meetings and team collaboration services market.
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Cloud meetings and team collaboration services allow employees to easily collaborate and communicate with anyone, helping companies improve work effectiveness and efficiency. BYOD and the rise of agency mobility are increasing traits that permit users to attach from any remote region around the world. These emerging tendencies, alongside the supply of smart gadgets including smartphones, tablets, and laptops, allow employees to apply one device to stay even from a distance.
Users can now give presentations, conduct live meetings, and deliver pieces of training. This allows users to stay connected with customers and employees and quickly access their devices so they can respond quickly. As such, the organization focuses on enterprise mobility and BYOD adoption for a variety of reasons, including Reduced IT costs, increased efficiency, and real-time response. As a result, with easy access to cloud collaboration solutions, businesses can collaborate efficiently and quickly via conferencing, telephony, and social collaboration software. This allows companies to connect with partners and suppliers whenever needed for better control and faster decision-making.
Report coverage & details:
| Report Coverage | Details |
| Base Year | 2021 |
| Historical Data | 2019-2020 |
| CAGR | CAGR of 12.89% during 2022-2029 |
| Segment Covered | Applications, End- User, Regions |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | Bose, Fishman, Rockville, Fender Musical Instruments, Pyle Audio, Peavey Electronics, Power Werks, Behringer, Yamaha |
Advanced technology plays a crucial role in qualifying organizations to create environments. This environment enables employees to be creative, achieve business goals, and create lasting economic value. Digital transformation brings new product and service opportunities that enable businesses to significantly increase revenue and reduce costs by improving performance. Next-generation collaboration and enterprise productivity tools play a key role in establishing efficient business communications, including broader team communication, collaboration, and document sharing.
However, difficulty in achieving seamless communication due to connectivity error, data security and privacy issues limiting the use of cloud based application adoption, performance challenges, service provider reliability are some challenges hampering the global cloud meetings and team collaboration services market.
Cloud based collaborations is transforming how people in teams work. It has increased transparency, efficacy, improved teamwork quality as well has greatly impacted team performance. This is driving the demand of cloud meetings and team collaboration services anticipated to be a growth opportunity to the global market.
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In terms of software, this industry is segregated into cloud and on-premise. On considering the component, the market is fragmented into messaging, video conferencing, collaborative tools, mobility, consulting & integration, and support & maintenance. In terms of enterprise size, this industry is segmented into large enterprises and small & medium enterprises. On the basis of end-user, the market is fragmented into media & entertainment, IT & telecom, government, retail, healthcare, transportation, banking financial services, and insurance.
In geographic perspective, North America dominated the market. North America has increased IT spending to improve team performance, growing focus on transforming traditional communication systems due to aforementioned benefits, presence of big technology giants such as Amazon, Google, and others.
In June 2020, Slack Technologies LLC, a Salesforce subsidiary, launched Slack Connect to facilitate communication between businesses. Slack Connect is a secure communication environment provided by the company that helps businesses move conversations with their customers, external partners and vendors into Slack solutions.
Table Of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Global Cloud Meetings and Team Collaboration Services Market by Application Overview, 2019-2029 (USD Billion)
4.1. Video conferencing
4.2. Messaging
4.3. Mobility
4.4. Contact centres
4.5. Collaborative tools
5. Global Cloud Meetings and Team Collaboration Services Market by End-Use Industry, 2019-2029 (USD Billion)
5.1. IT & Telecom
5.2. Retail
5.3. Banking Financial Services & Insurance
5.4. Government
5.5. Healthcare
5.6. Media & Entertainment
6. Metal Forging Market by Region, 2019-2029 (USD Billion)
7. Competitive Landscape
8. Company Profiles
9. Appendix
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About Us:
Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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