Cloud Meetings and Team Collaboration Services Market Expected to Reach USD 39.78 Billion by 2029 – Growth Opportunities, Investment Plans, Trends and Innovation
As a result, organizations are increasingly adopting BYOD and project flexibility for a variety of reasons, including increased proficiency, reduced IT expenses, and continuous responses. With the simple openness of cooperation agreements in the cloud, organizations can collaborate efficiently and quickly through conferencing, communication, and pleasant scheduling of coordinated efforts.
Dallas, Texas, Oct. 14, 2022 (GLOBE NEWSWIRE) — The world cloud meetings and team collaboration services market is expected to grow approximately $39.78 billion by 2029, at a CAGR of 12.89% over the forecast period 2022 to 2029.
Growing mobility and growing BYOD trend in enterprises across the globe is driving the market for cloud meeting and team collaboration services. More 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, thus driving the remarkable advancements in the market. global cloud meeting and team collaboration services.
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Cloud meetings and team collaboration services make it easy for employees to collaborate and communicate with anyone, helping businesses improve work effectiveness and efficiency. BYOD and the rise of agency mobility are growing features that allow users to connect from any remote area of the world. These emerging trends, along with the provision of smart gadgets including smartphones, tablets, and laptops, allow employees to apply a device to stay even remotely.
Users can now make presentations, hold live meetings and provide training. This allows users to stay in touch with customers and employees and quickly access their devices so they can respond quickly. As such, the organization is focused on enterprise mobility and BYOD adoption for a variety of reasons, including reduced IT costs, increased efficiency, and real-time response. Therefore, with easy access to cloud collaboration solutions, businesses can collaborate efficiently and quickly through conferencing, telephony, and social collaboration software. This allows businesses to connect with partners and suppliers whenever needed for better control and faster decision making.
Report coverage and details:
Year of reference
CAGR of 12.89% over the period 2022-2029
Applications, End User, Regions
North America, Europe, Asia-Pacific, Middle East and Africa, South America
Profiled Key Players
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 sustainable economic value. Digital transformation offers new opportunities for products and services that allow companies to significantly increase their revenues and reduce costs by improving their performance. Next-generation enterprise collaboration and productivity tools play a key role in establishing effective business communications, including extended team communication, collaboration, and document sharing.
However, difficulty in establishing seamless communication due to connectivity error, data security and privacy issues limiting the use of cloud-based application adoption, performance issues, reliability from the service provider are some of the challenges hampering the global cloud meeting and team collaboration services market.
Cloud-based collaborations are transforming the way people work as a team. It increased transparency, efficiency, improved the quality of teamwork and also had a huge impact on team performance. This is driving the demand for cloud meetings and team collaboration services which is expected to be a growth opportunity for the global market.
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In terms of software, this industry is separated into cloud and on-premises. Considering the component, the market is fragmented into Messaging, Video Conferencing, Collaborative Tools, Mobility, Consulting & Integration, and Support & Maintenance. In terms of company size, this industry is segmented into large companies and small and medium-sized companies. On the basis of end-user, the market is fragmented into media and entertainment, IT and telecommunications, government, retail, healthcare, transportation, banking financial services, and insurance.
Geographically, North America dominated the market. North America has increased IT spending to improve team performance, increasingly focusing on transforming traditional communication systems due to the aforementioned benefits, the presence of big tech giants such as ‘Amazon, Google and others.
In June 2020, Slack Technologies LLC, a subsidiary of Salesforce, launched Slack Connect to facilitate communication between businesses. Slack Connect is a secure, enterprise-provided communication environment that helps businesses move conversations with customers, external partners, and vendors to Slack solutions.
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 conference
4.4. Contact centers
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
5.3. Bank Financial Services & Insurance
5.5. Health care
5.6. Media and Entertainment
6. Metal forging market by region, 2019-2029 (USD billion)
7. Competitive landscape
8. Company Profiles
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