What Has Been the Progress and Growth of the Cognitive Collaboration Market in Recent Years?
The cognitive collaboration market has seen considerable growth due to a variety of factors.
• The size of the cognitive collaboration market has experienced swift expansion in the past couple of years. Its growth is anticipated to surge from $16.5 billion in 2024 to $19.62 billion in 2025 at 18.9% compound annual growth rate (CAGR). The notable increase in the historical phase can be traced back to the escalating intricacy of work, emergence of remote work, data proliferation, user experience improvement, and the incorporation of unified communications.
What Can Be Expected from the Cognitive Collaboration Market Size?
The cognitive collaboration market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations are high that the cognitive collaboration market will experience accelerated growth in the coming years. By 2029, the market is projected to expand to $40.08 billion, with a compound annual growth rate (CAGR) of 19.5%.
Factors that are anticipated to drive this market growth include the evolution of natural language processing (NLP), a heightened focus on employee wellbeing, increased security measures, embracing of edge computing and hybrid work models. Within the forecast period, significant trends are anticipated such as continuous innovation in Artificial Intelligence (AI), the interweaving of Augmented Reality (AR) and Virtual Reality (VR), integration of AI with collaboration tools, context-aware collaboration and utilization of predictive analytics in decision-making.
What Are the Critical Driver Fuelling The Cognitive Collaboration Market's Growth?
The cognitive collaboration market's projected expansion is set to be fueled by the widespread adoption of cloud-based solutions. Services, applications, or resources run over the Internet, referred to as cloud-based solutions, allow for remote access and management, reducing the need for local facilities. By facilitating real-time data sharing, enhanced accessibility, and the seamless integration of artificial intelligence (AI) tools across widespread teams, the uptake of such solutions bolsters cognitive collaboration. Furthermore, cloud-based utilization enables more precise and insightful decision-making methods. A report from December 2023 by the European Commission (EC) states that the cloud-based solutions' uptake rose by 4.2 percentage points in 2023, with 45.2% of companies in the European Union purchasing these services, marking a significant increase from 2021. Hence, the evolution of the cognitive collaboration market is driven by the escalating adoption of cloud-based solutions. It is anticipated that the upsurge in the integration of artificial intelligence (AI) will further stimulate the cognitive collaboration market's growth. AI refers to a field within computer science that emphasizes the creation of intelligent machines capable of performing activities that typically need human cognition. AI significantly aids cognitive collaboration by automating mundane tasks, presenting real-time insights and ensuring smooth communication leading to more effective teamwork. For example, as per the International Business Machines Corporation (IBM), a technology firm based in the US, 35% of global businesses utilized AI in 2022, marking a 4% increase from the previous year. Consequently, the burgeoning use of AI is catalyzing the expansion of the cognitive collaboration market.
How Is The Cognitive Collaboration Market segmented?
The cognitive collaboration market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment: Cloud, On Premise
3) By Organization Size: Small And Medium Enterprise, Large Enterprise
4) By Application Area: Data Analytics, Facial Recognition, Social Media Assistance
5) By Vertical: Banking Financial Services And Insurance (BFSI), Healthcare, Education, Energy And Utilities, IT And Telecom, Retail, Other Verticals
Subsegments:
1) By Solution: Communication Tools, Collaboration Platforms, AI-Powered Analytics Tools
2) By Services: Implementation Services, Consulting Services, Training And Support Services
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What Emerging Trends Are Influencing The Growth Of The Cognitive Collaboration Market?
Prominent enterprises in the cognitive collaboration market are striving to get ahead by launching advanced AI systems like cognitive paths. This application of cognitive AI aids managers in fully leveraging AI technologies for their business growth. For example, in June 2023, Mphasis, an Indian IT service firm, unveiled Mphasis.ai. This focused on amplifying business results by using AI to morph corporations worldwide. This business division seamlessly integrates AI capabilities into existing tech ecosystems, allowing companies to bolster operational productivity and enhance customer relationships while minimizing disruption. Among other benefits for enterprise clients, it offers services that propel business results, customized experiences, and a transformative force altering the operation of industries.
Who Are the Key Players In The Cognitive Collaboration Market?
Major companies operating in the cognitive collaboration market report are:
• Google LLC
• Microsoft Corporation
• The International Business Machines Corporation
• Deloitte Touche Tohmatsu Limited
• Cisco Systems Inc.
• Oracle Corporation
• Nokia Oyj
• Zoom Video Communications Inc.
• Atlassian Inc.
• Avaya Inc.
• Tata Communications Limited
• RingCentral Inc.
• Nuance Communications Inc.
• 8x8 Inc.
• Lucid Software Inc.
• Aurea Software Inc.
• RealtimeBoard Inc.
• IGLOO Inc.
• Domo Inc.
• Wrike Inc.
• Lansweeper NV
• Evernote Corporation
• Resemble Systems India Private Limited
• Bluescape Resources Company LLC
• Mattermost Inc.
• Loop AI Labs Inc.
• Notion Labs Inc.
• Softweb Solutions Inc.
• Beezy Inc.
• KonoLabs Inc.
What Is The Most Dominant Region In The Cognitive Collaboration Market?
North America was the largest region in the cognitive collaboration market in 2024. The regions covered in the cognitive collaboration market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
