Cloud collaboration is an innovative way of sharing and collaborating files and documents among employees to increase work efficiency and productivity. MarketsandMarkets forecast the cloud collaboration market size to grow from USD 23.39 Billion in 2016 to USD 42.57 Billion by 2021, at a CAGR of 12.7% from 2016 to 2021. With the increase in the adoption rate of cloud-based solutions among SMEs, the cloud collaboration market is expected to grow rapidly.
The key players in the cloud collaboration market include IBM Corporation (Armonk, New York, U.S.); Microsoft Corporation (Redmond, Washington, U.S.); Cisco Systems (San Jose, California, U.S.); Google Inc. (Mountain View, California, U.S.); Oracle Corporation (Redwood City, California, U.S.); Salesforce.com (San Francisco, California, U.S.); Jive Software (Palo Alto, California, U.S.); IntraLinks Holdings, Inc. (New York, U.S.); Mitel Networks (Ottawa, Canada); and Box (Redwood City, California, U.S.). These players have adopted various strategies such as partnerships, agreements, mergers and acquisitions, and new product developments to achieve growth in the global cloud collaboration market.
The cloud collaboration market witnessed a lot of new product launches by key players from 2013 to 2016. Mitel introduced Mitel MiTeam, a mobile-first team and social collaboration application with real-time integration; Oracle launched Oracle Content and Process Cloud that enables users to easily collaborate from anywhere and communicate more effectively; Box launched Box KeySafe, the companyís new solutions for customer managed encryption; Cisco introduced Cisco Spark, which offers meeting, calling, and messaging features; Jive Software launched Jive Circle, which enables easy connectivity among employees.
The key players also adopted the strategy for partnerships, agreements, and collaborations in the cloud collaboration market. Box partnered with Microsoft to deliver seamless experiences in the cloud; Salesforce entered into a partnership with Box to help businesses be more collaborative, productive, and connected; Mitel partnered with Vidyo to deliver high-definition video conferencing; and IntraLinks entered into a partnership with Kraft & Kennedy to deliver secure enterprise collaboration and file sharing solutions.
The major players also adopted the strategy of mergers and acquisitions to increase their geographic presence and expand their product portfolio to untapped markets. IntraLinks acquired Verilume to strengthen its strategy to offer better business solutions while fulfilling global data governance and security requirements; Cisco acquired Acano to increase interoperability and scalability of Cisco's collaboration infrastructure; Mitel acquired Mavenir Systems to expand its market reach and increase the demand for communication services.
Globally, cloud collaboration vendors are continuously adding innovation to their products and services to enhance the userís experience and provide better connectivity. Also, cloud collaboration solutions are being increasingly adopted in various verticals, such as media & entertainment, consumer goods & retail and Banking, Financial Services, and Insurance (BFSI) which have led to the growth of the market across the globe.
Cloud Collaboration Market by Solution & Service (UCC, Document Management System, Project and Team Management, Enterprise Social Collaboration & Training, Consulting and Integration and Support and Maintenance), by Region - Global Forecast to 2021
Markets and Markets
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