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.
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.
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.
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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