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Global Cognitive Collaboration Market Report 2019-2024: Drivers, Restraints, Opportunities, Challenges & Use Cases

/EIN News/ -- Dublin, Nov. 25, 2019 (GLOBE NEWSWIRE) -- The "Cognitive Collaboration Market - Global Forecast to 2024" report has been added to's offering.

The global cognitive collaboration market size is expected to grow from USD 983 million in 2019 to USD 1,660 million by 2024, at a Compound Annual Growth Rate (CAGR) of 11% 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 report includes an in-depth competitive analysis of the key players in the cognitive collaboration market along with their company profiles, recent developments, and key market strategies. The report segments the cognitive collaboration market by component, application area, deployment mode, organization size, vertical, and region.

The SMEs segment is expected to grow with a higher CAGR during the forecast period

Organizations with less than 1,000 employees are considered under the SMEs segment. Cost-effectiveness is important for SMEs, as they have limited budgets. Hence, these enterprises face more excellent resource crunch than large enterprises, and they require better methods to resolve complexities for improved cost optimization of their business processes.

The implementation of cognitive collaboration solutions is expected to result in increased revenue, desired business outcome, and improved business efficiency for SMEs. Cognitive collaboration solutions help SMEs reduce travel costs and the need for face-to-face meetings. Collaboration solutions also strengthen virtual teams, thus doing away with the need for physical office locations. Business agility is yet another critical focus area for SMEs, which is effectively fulfilled by the implementation of cognitive collaboration solutions.

IT and telecom segment is expected to have a significant growth in the cognitive collaboration market during the forecast period

The IT and telecom industry is facing challenges in stimulating knowledge transfer, task monitoring, employee engagement, and communication. Cognitive collaboration enables enterprises for real-time communication and cooperation in the digital workstation, wherein people, devices, and systems work together and deliver enhanced customer experience using limited resources and in minimum time. Cognitive collaboration also offers dashboards for employees to get an overview of company activities and news. Cognitive collaboration solutions help IT, and telecom enterprises accelerate their business capabilities and enhance their revenue curve.

North American expected to have the largest market size during the forecast period

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.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Cognitive Collaboration Market
4.2 Market By Component, 2019
4.3 Market By Solution (2019 Vs. 2024)
4.4 Market By Organization Size (2019 Vs. 2024)
4.5 Market By Vertical (2019 Vs. 2024)

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers Easy Integration With the Already Existing Environment Increasing Need for Mobility and Collaboration
5.2.2 Restraints Difficulty in Countering Ediscovery and Legal Risks
5.2.3 Opportunities Growing Integration of AI in Business Processes Emerging Potential Markets
5.2.4 Challenges Difficulties in Aligning Team Collaboration Software With Business Goals
5.3 Use Cases
5.3.1 Accenture Adopting Microsoft Teams to Enhance Team Collaboration
5.3.2 Insurers Adopting Engage AI to Improve Operations at Call Centers

6 Cognitive Collaboration Market By Component
6.1 Introduction
6.2 Cognitive Collaboration: Increase in the Adoption of Enterprise Collaboration Solutions Would Drive the Growth of Market
6.3 Solutions
6.3.1 Enterprise Video Increasing Need to Deploy Business-Specific Videos Driving the Adoption of Enterprise Video Solutions
6.3.2 Unified Messaging and Synchronization Growing Demand for Messaging Platform to Drive the Adoption of Unified Messaging and Synchronization Solutions
6.3.3 Project Management Increasing Need to Simplify Numerous Project Activities and Need to Communicate With Team Driving the Adoption of Project Management Solutions
6.3.4 Enterprise Social Network Demand for Organizations to Utilize Social Workflow Capabilities Driving the Traction of Enterprise Social Network Solutions
6.3.5 Others
6.4 Services
6.4.1 Professional Services Need to Understand Organizations' Need for Collaboration and Efficiently Deploy Cognitive Collaboration Solutions Driving the Demand for Professional Services
6.4.2 Managed Services Increase in the Adoption Rate of Enterprise Collaboration Solutions to Boost the Demand for Managed Services

7 Cognitive Collaboration Market By Application Area
7.1 Introduction
7.2 Data Analytics
7.2.1 Increasing Need to Analyze Data and Provide Insights Driving the Adoption of Cognitive Collaboration Solutions in Data Analytics Application Area
7.3 Facial Recognition
7.3.1 Increasing Need to Monitor Emotion and Attendance of the Participants in a Meeting Driving the Adoption of Cognitive Collaboration Solutions in Facial Recognition Application Area
7.4 Social Media Assistance
7.4.1 Growing use of Social Media to Provide Efficient Customer Support Services Driving the Adoption of Cognitive Collaboration Solutions in Social Media Assistance Application Area

8 Cognitive Collaboration Market By Deployment Mode
8.1 Introduction
8.2 Cloud
8.2.1 Need to Cut Down Total Cost of Ownership and Increase Data Storage Capabilities Driving the Adoption of Cloud-Based Cognitive Collaboration Solutions
8.3 On-Premises
8.3.1 Need to Hold Total Control Over Security of Sensitive Enterprise Data Driving the Adoption of On-Premises Cognitive Collaboration Solutions

9 Cognitive Collaboration Market By Organization Size
9.1 Introduction
9.2 Small and Medium-Sized Enterprises
9.2.1 Growing Byod and Mobile Workforce Trend to Boost the Adoption of Cognitive Collaboration Solutions Among Small and Medium-Sized Enterprises
9.3 Large Enterprises
9.3.1 Need to Enhance Employee Productivity Driving the Adoption of Cognitive Collaboration Solutions Among Large Enterprises

10 Cognitive Collaboration Market By Vertical
10.1 Introduction
10.2 IT and Telecom
10.2.1 Increasing use of Enterprise Video Solutions to Fuel the Adoption of Cognitive Collaboration Solutions in the IT and Telecom Vertical
10.3 Energy and Utilities
10.3.1 Need to Share Real-Time Information Across Various Locations Driving the Adoption of Cognitive Collaboration Solutions in the Energy and Utilities Vertical
10.4 Banking, Financial Services, and Insurance
10.4.1 Increasing Need to Collaborate With Both Internal Employees and External Clients to Boost the Adoption of Cognitive Collaboration Solutions in the BFSI Vertical
10.5 Education
10.5.1 Growing Demand for Elearning and Virtual Teaching Across Various Regions to Fuel the Adoption of Cognitive Collaboration Solutions in the Education Vertical
10.6 Healthcare
10.6.1 Rising Need to Enhance Clinical Collaboration and Medical Education Driving the Adoption of Cognitive Collaboration Solutions in the Healthcare Vertical
10.7 Retail
10.7.1 Growing Need to Offer Custom-Based Services to Customers Driving the Adoption of Cognitive Collaboration Solutions in the Retail Vertical
10.8 Others

11 Cognitive Collaboration Market By Region
11.1 Introduction
11.2 North America
11.2.1 United States Rapid Growth of Technologies and Infrastructures to Boost the Adoption of AI-Based Collaboration Solutions Among the Enterprises in the US
11.2.2 Canada Growing Technological Advancements to Boost the Adoption of AI Solutions Among the Industries in Canada
11.3 Europe
11.3.1 United Kingdom Rising Adoption of Big Data and Analytics to Drive the Growth of Cognitive Collaboration Market in the UK
11.3.2 France Initiatives From Government and Global Players to Create a Potential Market for AI-Based Collaboration Solutions in France
11.3.3 Germany Numerous Expansion and Startup Opportunities to Boost the Growth of Market in Germany
11.3.4 Rest of Europe
11.4 Asia Pacific
11.4.1 China Increasing Technological Development to Boost the Adoption of Cognitive Collaboration Solutions Among Enterprises in China
11.4.2 Australia and New Zealand Already Existing Awareness and Financially Stable Enterprises to Boost the Adoption of Cognitive Collaboration Solutions in ANZ
11.4.3 Japan Increasing Need for Cognitive Collaboration Solutions to Drive the Market Growth in Japan
11.4.4 Rest of Asia Pacific
11.5 Middle East and Africa
11.5.1 Middle East Changing Customer Expectations and Increase in Investment From Global Companies to Enhance the Adoption of Cognitive Collaboration Solutions in the Middle East
11.5.2 Africa Lack of Technological Skills and Poor Data Quality to Slow Down the Growth of Cognitive Collaboration Market in South Africa
11.6 Latin America
11.6.1 Mexico Mexico to Witness Moderate Growth in the Market Due to the Slow Adoption Rate of AI- and ML-Based Solutions
11.6.2 Brazil Growing Developments in AI, ML, and NLP to Provide Opportunities for Vendors in the Market in Brazil
11.6.3 Rest of Latin America

12 Competitive Landscape
12.1 Introduction
12.2 Competitive Leadership Mapping
12.2.1 Visionary Leaders
12.2.2 Dynamic Differentiators
12.2.3 Innovators
12.2.4 Emerging Companies
12.3 Ranking of Key Players
12.4 Competitive Scenario
12.4.1 New Product Launches and Product Enhancements
12.4.2 Partnerships and Collaborations
12.4.3 Mergers and Acquisitions

13 Company Profiles
13.1 Introduction
(Business Overview, Products & Solutons, Key Insights, Recent Developments, SWOT Analysis)
13.2 Cisco
13.3 Microsoft
13.4 Slack Technologies
13.5 Softweb Solutions
13.6 Cognitivescale
13.7 LOOP AI Labs
13.8 Intec Systems Limited
13.9 Bluescape
13.10 Collaboration.AI
13.11 Resemble Systems
13.12 Chanty
13.13 Zoom.AI
13.14 Iotum
13.15 Konolabs

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