Cloud Based Collaboration Software: Introduction
- Cloud based collaboration is the process of editing and sharing of files and documents by multiples users for team projects. Cloud based collaboration software is utilized by enterprises to provide employees efficiency to work together by sharing documents and other data, which is stored off premises
- Cloud based collaboration software can be integrated with third-party service providers, such as Dropbox and Google Drive, which provide added advantage to share data with excess security
- Software engineers and web developers use cloud-based collaborations software market to work on projects in order to increase team interactions and get real-time work updates, which in turn propels the cloud based collaboration software market
- Cloud based collaboration software provides key benefits to organizations, such as streamlining organization workflow, easy and remote accessibility to files and data, project management, and multitasking for users. This is expected to fuel the cloud based collaboration software market.
- Increasing integration of cloud services by small and medium enterprises to increase cloud computing flexibilities and reduce the infrastructure cost is anticipated to drive cloud based collaboration software market during the forecast period
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Global Cloud Based Collaboration Software Market: Dynamics
Global Cloud Based Collaboration Software Market: Key Drivers
- Increase in adoption of Software-as-a-Service (SaaS) in small and medium enterprises to reduce the infrastructure management cost is expected to further drive the cloud based collaboration software market across the globe
- Rise in need for on-demand and remote access for data and cloud-based collaboration software capabilities to support flexible work environment are key factors that are expected to drive the cloud based collaboration software market during the forecast period
- Increase in demand from healthcare sector for collaborative operations, owing to emerging eHealth initiatives among developing economies, is projected to fuel the cloud based collaboration software market
- Cloud based collaboration platforms provide synchronized data streaming and multiple user file editing solutions, which is gaining traction from large enterprises where multiple teams are engaged on same projects and require data sharing on a large scale
- However, a lack of collaborative strategies among organizations for effective utilization of cloud-based collaboration software and rising concerns over data security are major factors restraining the cloud based collaboration software market
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Impact of COVID-19 on Global Cloud Based Collaboration Software Market
- Increasing cases of COVID-19 across the globe is resulting in economic slowdown. Major work culture shifts have been witnessed across the globe with organizations focusing on work-from-home setup to start operations and ensure employee safety. This created a positive impact on the cloud based collaboration software market. Organizations operating on a global scale are compelled to integrate collaboration software with cloud-based solutions to access work and data sharing at different time zones. Increasing shift toward digitization in healthcare to improve treatment quality using collaborative data analysis by experts has resulted into the integration of cloud-based collaboration software in eHealth. The shifting toward virtual working environment using cloud-based deployment of various applications owing to the COVID-19 pandemic among organizations is anticipated to drive the market for cloud based collaboration software during the forecast period.
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North America to Hold a Major Share of Global Cloud Based Collaboration Software Market
- In terms of region, the global cloud based collaboration software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America accounted for a prominent share of the global cloud based collaboration software market in 2020 due to early adoption of cloud platforms for scalability and flexibility. Major organizations in the region are focusing on strategic collaboration among the teams working on projects from multiple locations which creates strong demand for cloud based collaboration software. The U.S. is a key market in North America owing to the presence of leading technology companies in the country.
- Asia Pacific is projected to gain larger share in the global cloud based collaboration software market during the forecast period owing to the expansion of the IT sector in several countries, such as India, in the region. Digitization and globalization are creating considerable opportunities to cater to the outsourcing demand from large enterprises across the globe. This, in turn, is anticipated to boost the share held by the region in the global market in the next few years.
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