Cognitive Collaboration Market Projected to Grow $1,660 million by 2024
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 11.0% during the forecast period. Cognitive collaboration technology is an emerging concept, which integrates Artificial Intelligence (AI) with enterprise collaboration solutions to enable communication with employees and customers. The cognitive collaboration solution facilitates individuals, teams, workgroups, and organizations to interact, share, and work together, irrespective of their locations, to achieve a common goal.
It emulates the features of AI, such as facial recognition, emotion recognition, and analytics, to simplify communication processes, speed up business operations, and reduce disruption in communication and collaboration across the globe. The market for cognitive collaboration solutions is gaining traction due to the increased need for effectively managing the voluminous content generated in organizations daily. The growth of the team collaboration platform and the boom in the usage of social media these days have increased the need for management of data across heterogeneous platforms, which ultimately lead to the adoption of cognitive collaboration solutions. Moreover, social networking websites increase the productivity of organizations by enabling collaboration across departments such as sales, marketing, human resource, manufacturing, purchasing, and customer support.
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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 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.
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.
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 these 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.
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The primary cognitive collaboration vendors include Cisco (US), Microsoft (US), Slack Technologies (US), Softweb Solutions (US), CognitiveScale (US), LOOP AI Labs (US), Intec Systems Limited (UK), Bluescape (US), Collaboration.Ai (US), Resemble Systems (UAE), Chanty (Switzerland), Ku Zoom.ai (Canada), iotum (Canada), and Konolabs (US). These players have adopted various growth strategies, such as new product launches, business expansions, partnerships, agreements, and collaborations, and acquisitions, to further expand their presence in the global cognitive collaboration market. These strategies have helped them innovate their offerings and broaden their customer base.
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