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COVID-19 and New Remote-work Realities Have Set Record Levels of Demand for Cloud Meetings and Team Collaboration Services
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In 2019 the global cloud meetings and team collaboration services market earned revenues of $5.53 Billion, which is a 38.1 percent growth when compared to 2018. The installed base of paid cloud meetings and team collaboration paid licenses grew by 57.3 percent in 2019 to 73.9 million. Growth in 2019 was mainly attributed to increasing user comfort with video collaboration, the global growth of distributed teams, and the rise of persistent chat rooms as a modern collaboration modality for ad-hoc team interactions.In 2020, the COVID-19 pandemic and new WFH realities have set unprecedented levels of demand for cloud meetings and team collaboration services. Major cloud meeting providers have reported 3x-4x growth in usage in the months since the pandemic’s onset. The same applies to team collaboration providers, adding millions of daily active users during the pandemic.Virtual events have also exploded during the pandemic as organizations need ways to maintain communication and business continuity – interactivity, scale, and reach have become critical capabilities.In terms of innovation, years of digital transformation have been squeezed into just a few months to cater to the demand of hundreds of millions of individuals working from home. With the number of post-pandemic WFH individuals estimated to settle at 4.5 times the pre-pandemic levels, remote work will no longer be considered a privilege. Technology is ripe for disruptive innovation with the objective of elevating the user experience and addressing user behavior challenges. Technology innovation is expected to help many of the 2.7 billion frontline workers around the globe with mobile-first solutions and capabilities that are tailored to address specific workflows. Cloud meetings and team collaboration providers have a vested interest in arming frontline workers and various vertical industries with specific tools to simplify and optimize their workflows. Technology innovation will help businesses and programmers to embed real-time communications within user applications, without installing any additional products or managing separate log-ons. SDKs and APIs are expected to democratize audio and video.In 2020, the global cloud meetings and team collaboration service market is expected to at least double its size in revenue, reaching $11.43 Billion, and increase 2.7x in installed paid license to 201.5 million.Author: Mohammed Alaa Saayed
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