Communications and Collaboration Market Size and Forecast (by Country, IT Solution Area, Size Band and Vertical) to 2027
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Communications and Collaboration Market Overview
The global communications and collaboration market size was valued at US$ 281.29 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 6.99% to reach US$ 394.31 billion by 2027. The cumulative revenue generation for communications and collaboration providers is estimated at US$ 1952.07 billion for 2022-2027.
Communications and Collaboration Market Outlook, 2022-2027 (US$ Billion)
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The ‘Communications and Collaboration Market’ opportunity forecast report provides the total addressable market for communications and collaboration solutions from 2019 to 2027.
Market Size (2022) | US$ 281.29 billion |
Market Size (2027) | US$ 394.31 billion |
CAGR (2022-2027) | 6.99% |
Key Segments | · Audio Conferencing Services
· Communications Platforms · Conferencing and Collaboration Devices · Enterprise Fixed Voice · Enterprise Social Networking and Collaboration Platforms · Managed IP Telephony Service · Mobile Data · Mobile Voice · Video Conferencing Services · Web Conferencing Services |
Key Regions | · North America
· South & Central America · Western Europe · Central & Eastern Europe · Middle East & Africa · Asia Pacific |
Key Verticals | · Manufacturing
· Information Technology · Retail · Retail Banking · Government · Insurance · Transport and Logistics · Healthcare · Construction · Energy · Consumer Goods · Financial Markets · Utilities · Communication · Education · Foodservice · Travel and Leisure · Media · Pharmaceuticals · Mining · Medical Devices · Others |
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Communications and Collaboration Market Segmentation by Region
The communications and collaboration market is geographically segmented into North America, South and Central America, Western Europe, Central and Eastern Europe, Middle East Africa, and the Asia Pacific.
The Asia Pacific region dominated the communications and collaboration market with a revenue share of 38.7% in 2022. Undoubtedly, China held the largest market share of 53.2% in this region. On the other hand, North America and Western Europe held the second and third positions with 30.5% and 18.5% of market shares, respectively.
Communications and Collaboration Market Share by Region, 2022 (%)
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Communications and Collaboration Market Segmentation by Vertical
Manufacturing, information technology, retail, retail banking, insurance, government, construction, transport and logistics, healthcare, and consumer goods are a few of the key end-use industries making use of communications and collaboration in their operations. In terms of vertical end-use segments, the manufacturing sector held the highest market share of 9.8%, followed by the information technology sector.
The communications and collaboration market for the energy sector is expected to be the fastest-growing segment, recording an estimated CAGR of 10.82%, during the forecast period.
Communications and Collaboration Market Share by Verticals, 2022 (%)
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Communications and Collaboration Market - Competitive Landscape
A few of the major players significantly impacting the communications and collaboration market are Microsoft Corporation, Cisco, IBM Corporation, 8×8, Inc, and Verizon Communications among others.
Leading communications and collaboration Companies
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Scope
This product provides revenue opportunity forecasts in the communications and collaboration market from 2019 to 2027, spanning 52 geographical markets, 6 regions, and 22 verticals.
Key Highlights
- The global communications and collaboration market is expected to grow at a CAGR of 6.99% over the forecast period.
- Asia Pacific will hold the highest market share of 38.7% in the communications and collaboration market over the forecast period. North America and Western Europe will follow with market shares of 30.5% and 18.5%, respectively. The Middle East, Africa, Central and Eastern Europe, and South and Central America together are expected to account for the remaining market share of 12.3%.
Reasons to Buy
- Access the current state and expected growth (next 5 years) of the communications and collaboration market.
- Determine lucrative sectors for communications and collaboration, considering their current contribution to the overall communications and collaboration market and their expected input toward the market growth over the next 5 years.
- Identify the geographies/countries that would contribute to the communications and collaboration market growth over the next 5 years.
Frequently asked questions
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What was the communications and collaboration market size in 2022?
The global communications and collaboration market size was estimated at US$ 281.29 billion in 2022 and is expected to reach US$ 287.74 billion in 2023.
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What will the communications and collaboration market growth be by 2027?
The communications and collaboration market is expected to grow at a compound annual growth rate of 6.99% over the forecast period to reach US$ 394.31 billion by 2027.
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Which industry vertical led the communications and collaboration market in 2022?
The manufacturing sector was the largest vertical with 9.8% market share in 2022.
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Which region accounted for the largest communications and collaboration market share in 2022?
The Asia Pacific region dominated the communications and collaboration market with 38.7% market share in 2022.
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