The enterprise collaboration market has transformed a lot this year. It is slated for further transformation in the coming years as well. A recent report by Research and Markets shed some light on what we should expect from the market by the year 2024. The report found the Global Enterprise Collaboration Market size should reach $48.1 billion by 2024. In 2019, Research and Markets found, that number resides at $31.0 billion in sales. And the authors of this study suggest the market will grow at a healthy CAGR of 9.2 percent.
The report further states, North America has the largest stake in the enterprise collaboration market in 2019, with 38 percent. Banks, financial services, and insurance companies will hold the second-largest market share between 2019 and 2024. The US should continue its stronghold with a massive global footprint in the market from the likes of mega-vendors such as IBM, Microsoft, Google, Facebook, and Cisco Systems.
Painting a Clearer Collaboration Picture
To examine why experts predict the market will increase its use of networking websites and mobile devices for collaboration, we must consider a few key factors. For starters, there are elements such as a growing mobile workforce. There are also risks involved, just as there are in any emerging field. Accordingly, the study points out:
“High implementation costs and difficulty in countering eDiscovery and legal risks may hamper the growth of the overall market”
If you ask me, although there is a risk involved in the market, there is still plenty of room for opportunity for those who currently have dipped their toes into the collaboration space. Markets and Research also found Europe will be the second-largest revenue generator during the 2019-2024 forecast period.
Expert Says, AI will Usher in ‘Massive Change’
Ok, so this section’s heading isn’t exactly news. But what is noteworthy is what Sammy Deprez, Managing Partner, Data & AI Architect, Arinti, told UC Today in an interview:
“AI will be used to help reduce downtime through predictive maintenance, and smaller organizations will benefit from this the most”
“For contact centers, if someone waits on the line for thirty minutes, chatbots and voice bots will help ease the burden felt by agents. They will do so by gathering key data to get customers to the right agent for their queries,” he added. These kinds of intelligent AI applications are the ones that have the most potential to enhance CX.
Deprez also told me, strategic partnerships should increase, stating: “We’ve already begun to see this, with Microsoft purchasing GitHub which enabled developers not to have to reinvent the wheel every time they produce a new tool.”
If we’ve learned anything from the collaboration market, it is that it is unpredictable. The numbers outlined by Research and Markets could take a surprising shift for the better or the worse. Are there some unknown variables yet to throw their towels into the collaboration ring as of yet? If so, will they be so disruptive that they’ll shake up the space? 2020 and beyond are sure to be exciting times for collab geeks, that’s for sure.