Global Enterprise Content Collaboration Market is forecast to reach $9.23 billion by 2025, growing at a CAGR of 12.3% during the forecast period from 2020 to 2025. With rise of data across enterprises, demands towards enterprise content collaboration has been increasing as it helps in storing large amount of content, thus causing faster and easy management and identification of resources improving workflow collaboration. Rising technological advancements along with improved business workflow capability are acting as major driving factors towards significant growth of enterprise content collaboration market. Moreover, growing demands towards content collaboration solutions across various industries along with high deployment of cloud services have been also causing a positive impact on the market growth towards enterprise content collaboration.
Deployment Type - Segment Analysis
Cloud deployed solutions is anticipated to have a major growth in the enterprise content collaboration market during the forecast period 2020-2025. Cloud deployed content collaboration improves content accessibility for the organizations with distributed workforces from different locations more efficiently. Such features helps the employees as well as managers to stay updated about latest organizational news through cloud based platforms irrespective of being at any operating industrial location, thus enhancing the employee engagement process across the organization causing more collaboration between the teams Moreover, cloud based collaboration solutions are getting highly deployed across various industry verticals due to their capabilities of saving upfront costs and maintenance expenses of physical infrastructures as in on premise models. Such factors act as making the cloud deployed models a cost efficient alternative for enterprise content collaboration, thus causing higher adoptability from various industries. Additionally, monitoring and upgrading of cloud based models can work within lesser time intervals, thus causing fewer chances of work delays and increasing business productivity.
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Geography - Segment Analysis
North America is anticipated to have a major growth in the global enterprise content collaboration market during the forecast period from 2020 to 2025.High investments towards research and development activities along with growing adoption of large enterprises towards content collaboration solutions has been fuelling the growth for enterprise content collaboration market in this region. Presence of some key players such as Microsoft Corporation, Oracle Corporation and IBM Corporation are acting as major drivers for the growth of enterprise content collaboration market. Moreover, rising growth of IT industries along with growing adoption of cloud based applications to improve business workflow processes are also contributing towards significant shares in the enterprise content collaboration market in this region.
Drivers – Enterprise Content Collaboration Market
Increases business productivity
The demands towards enterprise content collaboration have been rising due to its capability of increasing business productivity standards, thus acting as a major driving factor towards its significant market growth. Deployment of enterprise content collaboration tools helps the organizations in optimizing their profits by reducing the workflows pressure by initiating improved collaboration among the teams to manage data more effectively. Usage of enterprise content collaboration helps in providing real time business insights much faster compared to the traditional processes, thus increases work team efficiency. Such factors helps in boosting the work performance standards within the organizations, leading to its wide adoption across various industry verticals such as healthcare, information technology and many others. Enterprise content collaboration tools provides updated as well as easy availability of content, documents and data, thus helping the organizational teams to leverage the information during routine tasks more effectively and reduce the effects of delayed work processes. Moreover, such content collaboration tools helps in creating more effective tracking of events, logs and many others, thus providing higher rate of transparency and accountability among the employees, thus boosting the organizational productivity. Due to increasing the productivity standards of business processes by reducing dependency on manual processes, enterprise content collaboration helps in business expansion and causing its significant growth in the market.
Rising technological advancements
Rising technological growth has been acting as one of the major driving factors towards the significant growth of enterprise content collaboration market. With the growing digitalization and demands towards advanced technologies such as artificial intelligence, cloud and many others, various organizations have been highly shifting towards adoption of advanced content collaboration tools to enhance their market growth. By leveraging AI with the enterprise content collaboration tools, organizations have been able to automate the existing work processes and reduce the employee workloads. Moreover, advanced enterprise content collaboration software help in providing features such as suggested connections, suggested posts along with predictive texts or images more efficiently across the collaboration hubs, improving employees knowledge about the updated content in the market. Recently, IBM and Verizon collaborated for combining its AI expertise with Verizon’s 5G multi-access edge computing capabilities and create solutions helping enterprises towards improving operational workflows along with optimizing production qualities. This collaboration is expected to help the clients towards detecting, locating, diagnosis and predict real time failures. Such growing advancements are helpful in boosting the automation across industries, thus propelling the market growth of enterprise content collaboration.
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Challenges – Enterprise Content Collaboration Market
Security concerns
Security and privacy concerns are some of the major factors restraining the growth of enterprise content collaboration in the market. Rising rate of security breaches due to growing cybercrimes has made the organizations to highly prioritize the security and privacy aspects. Since enterprise content collaboration solutions provides content collaboration workflows with integration nwith third party systems, data security becomes a major concern. However, growing cyber security vigilance has caused businesses to invest towards highly efficient antivirus and malware systems, hackers have been changing their strategies towards causing security breaches through content collaboration platforms. Moreover, higher dependency of large enterprises towards cloud enterprise content collaboration solutions are also creating high rates of security challenge for the organization causing loss of sensitive information, thus hampering their market positions.
Market Landscape
Partnerships and acquisitions along with product launches are the key strategies of the players in the enterprise content collaboration market. The major key players in the enterprise content collaboration market include IBM Corporation, Oracle Corporation, Microsoft Corporation, Box Inc., Open Text Corporation, HP Autonomy, Xerox Corporation, Slack Technologies Inc., Google, Cisco Systems Inc. ,VMware Inc. and Hyland Software.
Partnerships/Product Launches/Acquisition
In February 2020, Egnyte had announced the launch of its next generation content services platform to provide anefficient approach towards content governance, compliance, privacy along with workflow automation for the growing digital businesses. This newly developed platform leverages technologies such as AI and machine learning for offering unfrequented visibility and control levels over content assets of the organizations. Moreover, this solution makes it easier to collaborate through content rich workflows with colleagues and business partners along with faster access of large files from remote locations, thus fueling the profit and growth for the enterprises.
In June 2020, AX Semantics had announced a new range of complaint content generation software HIPAA for use by pharmaceutical industry. This software will help the pharmaceutical companies towards generation of regulatory clinical study reports (CRP) on medications with 40% faster efficiency through automating the CRP writing process by 30%.
In July 2019, OpenText has announced the launch of next generation update as a major expansion of enterprise intelligent management capabilities. The company had launched OpenText cloud editions which will help customers towards accelerating innovation, as well creating a more secured along with supporting changing nature of work and the workforce.
Key Takeaways
Cloud deployed solutions is expected to have a significant growth during the forecast period in the enterprise content collaboration market due to its capabilities of reducing the upfront IT costs and maintenance requirement for physical infrastructures.
Key players such as Oracle Corporation and Microsoft Corporation have been helping towards significant market growth of enterprise content collaboration in North America.
Rising technological growth along with increasing the business productivity standards are some of the major driving factors towards significant growth of enterprise content collaboration market.
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