By Rajat Singhania- Founder of SocioRAC
Safe and encrypted collaborative software coupled with effective awareness creation among stakeholders is going to be the differentiator in the next age of technology enabled business venture. As new and nimble enterprise collaboration solutions are fighting for space with the well-established software giants, the competitive edge of business is going to be ruled by the right and safe choice of collaborative tools. As consumers grow more aware of their rights and demand data safety along with convenience, new era of home-grown softwares are going to see more traction as compared to the biggies.
The recent report on ‘Team Collaboration Software Market Size & Share’ by Fortune business insights categorically states that, ‘Globally team collaboration market size was USD 13.44 billion in 2019 and is projected to reach USD 35.71 billion by 2027, exhibiting a CAGR of 13.2% during the forecast period.’ The report further went into region-wise analysis to show how the matured markets will imbibe team collaboration softwares faster, given the right kind of available infrastructure, but still Asia Pacific will be the fastest growing segment in terms of CAGR.
Interestingly the mentioned study also gave an oversight of the businesses that are in a race to adapt collaborative platforms. As an end-user segment, BFSI sector leads the pack closely followed by IT and telecommunications, manufacturing, retail and consumer goods, healthcare, transportation and logistics and education. It can be safely assumed that these will be the emerging sectors in terms of investment, job creation and expansion as through technology adaption today they will remain in the forefront of business in future.
The growth of adaption of collaborative technology is attributed not only to increased investments in advanced technologies and start-up led business environment but also the fact that COVID19 has impressed upon the necessity to keep connected and manage business efficiently even without stepping out of the house. Added to the requirement is the whole dialogue about data safety and sharing.
Smart phone savvy generations, along with demand for instant solutions to access enterprisevideo, include unified messaging for teams, enable remote file sharing & synchronization, manage portals andintranet platforms, manage distant projects, receive instant analytics on work done and even provide solution for enterprise social network can only be dreamt of through usage of collaborative softwares. With entire work, files and agendas being shared online, it is pertinent to have virtual locks and data sharing rules.
Collaborative softwares with right locks and sharing options will be the leading edge to competitiveness, thus helping to streamline communication processes, improve operational efficiency, and enhance business productivity, while maintaining the required confidentiality.
Varying demands and size of the businesses requires the enterprise collaboration industry to deliver customized solutions that integrate different stakeholders and bridge the communication gap within the customers, employees, partners, and suppliers. The business scenario forces the choice of enterprise collaboration tools, predominantly the cloud-based solutions. As even smaller businesses are progressively adopting efficient solutions like large enterprises, growth of the sector is fuelled by stronger demands. The sector remains hot and happening as newer technologies are challenging the likes of Microsoft Teams and What’s Apps.
Globally the enterprise collaboration market has strong competition among the well-established and new emerging players. The established market players target to gain a competitive advantage over the other players through partnerships, mergers, and acquisitions and expanding their businesses.
Superior integrated systems leading to faster turn-around time and better integrated services will become major differentiators for businesses in coming times. As pandemic induced social distancing increased the face off time, personalization of products will be the signature style of business success.