Description

The global meetings and team collaboration services market offers significant growth opportunities for enterprise communications and collaboration providers.

In 2018, stand-alone audio meeting revenues continued to be negatively impacted by the growing popularity of cloud web/video meetings and team collaboration services. Revenue from stand-alone audio meetings decreased by 18.2 percent to $2.39 billion in 2018. Market revenue is expected to considerably decline at a compound annual growth rate (CAGR) of 30.6 percent from 2018 to 2025. Stand-alone audio meetings will continue to be impacted by price compression and user migration to integrated multimedia meeting services and all-in-one unified communications as-a-service (UCaaS) solutions.

Cloud web/video meeting revenue grew 12.0 percent in 2018 to $3.38 billion. The market is expected to continue on a growth track with a revenue CAGR of 9.9 percent from 2018 to 2025.Continued growth in cloud web/video meetings can be largely attributed to increasing user comfort with video collaboration due to improved usability, reliability and quality as well as lower prices. Demand for robust and engaging digital environments that enable users to meet and collaborate from anywhere on increasingly complex business objectives will continue to grow over time. IT departments around the world are increasingly choosing the flexibility of cloud communications and collaboration deployment models over complex premises-based infrastructure.

Frost & Sullivan estimates that team collaboration services market revenues grew at a notable 104.8 percent to reach $882.4 million in 2018 and are expected to grow at a considerable CAGR of 33.4 percent to reach $6.62 billion by 2025. Key drivers that will contribute to the growth of team collaboration services include: the rise of persistent chat rooms as a new collaboration modality for ad-hoc team interactions; the need for teams to access, organize and synthesize information in organized collaboration hubs where all work can happen; the desire to replace email’s inefficiencies for team coordination; the searchable and permanent nature of team collaboration conversations; and the continuous innovation enriching team collaboration service offerings.

In 2018, stand-alone audio meetings accounted for 35.9 percent of the total global meetings and team collaboration services market; cloud web/video meetings accounted for 50.8 percent, and team collaboration services accounted for 13.3 percent, in terms of revenue. These proportions are expected to significantly change by 2025 when cloud web/video meetings will represent 49.1 percent, team collaboration services 49.5 percent and cloud audio meetings 1.4 percent.

Author: Alaa Saayed