Competition among the players operating in the global enterprise collaboration service market is likely to increase considerably. Entry of new players is further expected to increase competition among the players. Leading players are engaged in research and development activities and are also focusing on using various organic and inorganic business development strategies.
Top few players are engaged in partnership, collaboration, and mergers and acquisition to get a firm hold in the market. The prominent players in the market include Polycom, Inc., Cisco System Inc., IBM Corporation, HP Corporation, Nokia Network, Polycom, Inc., and Mitel Networks Corporation.
According to Transparency Market Research, the global enterprise collaboration service market is expected to reach US$56.51 bn by the end of 2024. In 2015, the market earned US$23.38 bn. To reach this valuation the market needs to progress at steady 10.3% CAGR between 2016 and 2024.
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Based on solution type, the demand for video conferencing is high as compared to various other solutions. In 2016, this segment held 22.6% share in the global enterprise collaboration service market. But there are high chances that the demand in the mobility and telephony segment might over take video conferencing segment. Collaborative tools might also witness high demand over the forecast period.
On the regional front, Asia Pacific might over take North America that held 41.8% share in 2015. High adoption of well-designed collaboration tools such as audio and video conferencing software, application sharing tools, and web services that led North America dominate the global enterprise collaboration service market. However, increasing demand from small and medium sized enterprises for enterprise collaboration service specifically in India and China are likely to increase Asia Pacific’s dominance.