According to a new report Cognitive Collaboration Market by Component, Application Area, Deployment Mode, Organization Size (SMEs and Large Enterprises), Vertical and Region - Global Forecast to 2024, published by MarketsandMarkets, the cognitive collaboration market is expected to grow from $983 million in 2019 to $1.66 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11 percent during the forecast period.
Easy integration with the already existing environment and increasing need for mobility and collaboration are the major factors driving the growth of the cognitive collaboration market.
The education segment is estimated to dominate the cognitive collaboration market with the highest CAGR during the forecast period.
The educational institutions are witnessing the need to facilitate communication and collaboration among students, researchers, teachers, professors, and others to make learning easy from any remote area. New collaboration tools are transforming the way the education sector delivers training, manages a budget, and deliver tuitions. Enterprise collaboration solutions are expected to witness an increase in demand from the education sector, owing to the industry's growing need for streamlined business processes. Enterprise collaboration solutions offer various benefits, such as improved teamwork, individual productivity, and accelerated decision-making.
Higher education institutes and universities are investing in automated solutions to optimize workflow and enhance customer and employee engagement. The growing need to deliver operational efficiency, quality service, and optimized business processes is expected to drive the cognitive collaboration market for the education industry vertical during the forecast period.
IT and Telecom
The IT and telecom segment is expected to hold a larger market size, during the forecast period.
IT and telecom companies use cognitive collaboration solutions integrated with conversational AI to connect with their clients through voice commands. Additionally, the majority of the IT and telecom organizations are widely adopting BYOD. With the increasing number of employees bringing their own devices such as smartphones and tablets to the office for their work, there is a rise in investments in solutions and systems to secure, manage, and support such devices. Hence, the high adoption of BYOD is expected to contribute to the growth of the cognitive collaboration market in this sector.
The IT and telecom vertical is also expected to witness the high adoption of cognitive collaboration solutions with the increased usage of voice over internet protocol (VoIP) among enterprises. Moreover, the significant adoption of video conferencing among end customers of telecommunication companies is expected to fuel the adoption of collaboration solutions in the upcoming years.
Vertical Market Growth
The energy and utilities vertical is expected to grow at a rapid pace, during the forecast period.
The energy and utilities sector has integrated itself with modern and advanced software application-based technologies. With an increase in the adoption of cloud and virtualization, this vertical has shown traction in terms of cognitive collaboration solution adoption. In the energy and utilities sector, a large volume of data is generated from its various business processes. Cognitive collaboration solutions secure this data and help organizations, contractors, and various government departments come together and communicate on a single platform. Cognitive collaboration solutions turn disconnected departments into a well-connected team that contributes to the nation's growth, overcome the challenge of the communication gap, and enables real-time sharing of information.
The North American region is expected to hold the largest market size in the global cognitive collaboration market during the forecast period. The adoption of AI-powered services is expected to grow in the region, owing to the growing demand to analyze large volumes of data to enhance the overall productivity, consumer experience, and improve the decision-making process. Moreover, technological advancements, coupled with an increasing need for intelligent business processes and rising adoption of digital technologies across the region, are fueling the growth of the cognitive collaboration market.
Also, various industries, including retail, healthcare, manufacturing, and BFSI, are looking for solutions that can be easily integrated with their existing apps and do not require huge investments, which would also help them maintain their consumer base. Therefore, to meet these demands, many companies in the region are focusing on delivering AI-powered services to help their customers in building intelligent applications.
According to the report, the primary vendors for cognitive collaboration market include Cisco, Microsoft, Slack Technologies, Softweb Solutions, CognitiveScale, LOOP AI Labs, Intec Systems, Bluescape, Collaboration.Ai, Resemble Systems, Chanty, Ku Zoom.ai, iotum, and Konolabs.
To read the full report, click here.