ICT-IOT

Web Collaboration Tools Market is expected to reach USD 59.47 billion by 2030

Mar 2024

ICT-IOT

As per the report published by Kings Research, the global Web Collaboration Tools Market was valued at USD 21.20 billion in 2022 and is projected to reach USD 59.47 billion by 2030, growing at a CAGR of 14.00% from 2023 to 2030.

The adoption of web meeting solutions by companies for remote work presents promising opportunities for business growth. These innovative technologies promote effortless collaboration among employees, stimulate innovation, and provide organizations with a competitive advantage. Collaboration tools enable the capturing of meeting records and facilitate access to previously conducted meeting notes.

Additionally, the increasing demand for uninterrupted access to immersive meeting rooms will further fuel the growth of this industry. Key stakeholders are collaborating with other significant industry players to provide remote solutions to automate work processes, enable effective collaboration across regions, and enhance communication among team members.

Key Insights

  • Based on product, the cloud-based segment generated the highest revenue of USD 12.37 billion in 2022
  • Based on end-user, the large enterprise segment garnered the highest revenue of USD 11.85 billion in 2022
  • On the basis of region, North America dominated the market with a share of 46.44% in 2022

Ericsson Acquires Vonage to Spearhead a Global Network and Communication Platform for Open Innovation

July 2022: Ericsson acquired Vonage to lead the development of a worldwide network and communication platform for open innovation. Vonage's cloud-based Communications Platform (VCP) serves over 120,000 customers and more than one million registered developers worldwide.

Salesforce Introduces Dealroom to its Enterprise Collaboration Platform, Enabling Real-Time Team Collaboration to Foster Customer 360 Conversations

December 2021: Salesforce transformed its enterprise collaboration platform into a system of record. The platform's latest functionality, called Dealroom, enables Sales Cloud users to engage in real-time team collaboration. This feature facilitates the sharing of best practices and cultivates more Customer 360 conversations via Opportunity Channels.

Increasing Hybrid Work Culture To Propel Web Collaboration Tools Market Growth

In the aftermath of the pandemic-induced shift toward hybrid working models, the demand for collaboration solutions and intelligent meeting rooms in office spaces is anticipated to continue rising. In response, prominent industry players are releasing novel solutions designed to promote and encourage active collaboration and enhance employee engagement with newly launched products.

For instance, in April 2022, Slack Technologies Inc., in partnership with Salesforce, unveiled new tools aimed at boosting team productivity. These tools include a digital HQ that enables users to customize Slack to their needs, automate workflows, and adjust workspaces to suit the unique requirements of their teams.

Cloud-Based Service Solutions: Asia Pacific to Observe Fastest Growth Propelled by the Hybrid Work Culture Trend

In 2022, North America generated the highest revenue, amounting to USD 9.85 billion. The Asia Pacific region is exhibiting the fastest growth rate and is projected to expand at a CAGR of 15.60% between 2023 and 2030. This growth is mainly attributed to the increasing popularity of hybrid work culture and the mounting demand for cloud-based service solutions deployment across the region. The potential of software solutions to provide real-time access to information is expected to create new market opportunities within the region.

Rising Investment in Product Innovations to Propel Market Growth

The web collaboration tools market is fragmented with key players such as Asana Inc., Atlassian, Smartsheet Inc., Slack Technologies Inc., Microsoft, Zoom Video Communications, Inc., Cisco Systems, Inc., Salesforce, Inc., RingCentral, Inc., and GoTo, among others. Companies in the industry are employing a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

Get the latest!

Get actionable strategies to empower your business and market domination

  • Deliver Revenue Impact
  • Demand Supply Patterns
  • Market Estimation
  • Real-Time Insights
  • Market Intelligence
  • Lucrative Growth Opportunities
  • Micro & Macro Economic Factors
  • Futuristic Market Solutions
  • Revenue-Driven Results
  • Innovative Thought Leadership