Virtual Collaboration Market size was over USD 16.93 billion in 2023 and is likely to reach USD 67.3 billion by the end of 2036, growing at around 11.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of virtual collaboration is assessed at USD 18.45 billion.
The advancement in technology, along with the growing need to save costs and time, are expected to fuel the progress of this market. The growth of the market can also be attributed to factors such as the need for virtual collaboration after the deployment of work-from-home practices due to the Covid-19 outbreak. According to the Global Digital Overview, in 2020, the internet users globally have grown to 4.54 billion, which is an increase of 7 % as compared to the previous year.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
11.2% |
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Base Year Market Size (2023) |
USD 16.93 billion |
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Forecast Year Market Size (2036) |
USD 67.3 billion |
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Regional Scope |
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The virtual collaboration market is segmented on the basis of tools into instant communication, project management tools, cloud-based tools, and others, out of which, the instant communication segment is anticipated to grab the largest share by the end of 2021 on account of its capacity to facilitate real-time data sharing among users. Moreover, instant communication also enables efficient communication among cross-functional departments, which is also projected to contribute to the growth of the segment during the forecast period.
On the basis of end-user, the IT & Telecom segment in the global virtual collaboration market is projected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the rising adoption of global virtual collaboration tools by IT & Telecom enterprises to facilitate efficient communication and collaboration.
Our in-depth analysis of the global market includes the following segments:
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By Tools |
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By End-User |
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Geographically, the virtual collaboration market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific industry is estimated to dominate majority revenue share by 2036, owing to increasing awareness about modern & innovative technologies and increase in expenditure on related infrastructure in the region. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the increase in demand for virtual collaboration, accompanied by the growing trend among organizations to enhance their communication systems and boost employee productivity in the region. Along with this, North America also leads in terms of high-speed internet connectivity, which is also expected to contribute to the market growth in the region. Alternatively, the market in Europe is also anticipated to occupy a significant share in the virtual collaboration market on account of increasing demand for efficient communication technologies and consequent technological development in the region. As per the analysis of European Commission, it is estimated that in 2019, around 90% of EU-27 households had internet access in the European Union.
Author Credits: Abhishek Verma
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