Description
Evolving
workplace culture and influx of technology-savvy employees have led to
increased use of smartphones and laptops. The need for a common platform for
effective communication between teams or groups working from remote locations
led to the development of collaboration software
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Collaboration
software can be used to share files, documents, and other types of data. Some
popular software are Slack, Clarizen, Dapulse, and Wrike. These can be used to
improve project management and strengthen team-based skills. According to
Global Workplace Analytics and Flexjobs, nearly 4 million U.S. employees prefer
to telecommute. This is expected to save organizational space and invest its
resources more effectively.
Consumer-centric Solutions
Major
end users of collaboration software include banking, financial services, and
insurance (BFSI), IT and telecom, media and entertainment, and retail.
Declining prices of cloud computing and outsourcing of major projects have led
to major software vendors offering customer-centric solutions. An instance of
this includes Marks and Spencer (M&S), one of the largest players in the
retail industry to rely on collaboration applications within Office 365 to
resolve tough situations. The application has been successfully used by
employees to resolve customer queries and encourage creative solutions.
The
IT and telecom sector is expected to experience steady growth as well due to
high consumer satisfaction ratings among users of the collaboration software.
Many IT conglomerates such as Facebook and Microsoft are launching their own
version of the software in order to ensure efficiency and teamwork within
organizations. The media and BFSI sectors rely on such software to create
accurate media strategies and expand their reach. In addition, employees within
these sectors use it to reach quick business decisions in deadline-driven
environments.
Market Overview
The
global collaboration software market is expected to attain lucrative earnings
by 2022 due to demand for unified communication platforms, according to a
report on Radiant Insights, Inc. It is expected to expand at a remarkable CAGR
over the forecast period (2017-2022) due to increasing mobile-savvy employees
amid the rising trend of Bring Your Own Device (BYOD). Benefits of
user-friendly features, ease of access, and economical pricing are expected to
augment product demand. In addition, growth of small and medium enterprises
(SMEs) and demand from business verticals such as retail, media and
entertainment, and IT and telecom to maintain a stable communication medium
with clients can contribute to aggregate market demand
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Prominent
market players include Microsoft Corporation, Slack, Evernote, and eXo. Future
development of collaboration bots to automate daily tasks to employees may open
up new avenues for players
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