The Global Communication Software Market size is expected to reach $1.9 billion by 2029, rising at a market growth of 9.8% CAGR during the forecast period.
Healthcare is a promising sector for Communication Software as effective communication among healthcare providers directly translates into improved patient care. By using communication software, doctors, nurses, and other caregivers can quickly exchange critical patient data, such as medical history, test results, and medication records. This helps in delivering more accurate diagnoses, reducing medical errors, and providing timely treatment. Hence, Healthcare is expected to capture approximately 1/5th share of the market by 2029. Some of the factors impacting the market are growing adoption of cloud-based solutions, increasing advancements in associated technologies, and security concerns leading to cyberattacks.
Cloud-based communication software solutions can provide businesses with a number of advantages, including scalability, user-friendliness, and cost savings. Enterprises no longer need to spend money on pricey gear and infrastructure because of software alternatives for cloud-based communications. Innovative technologies like machine learning, blockchain, and artificial intelligence can help businesses that provide employee communication software by enhancing their products and services. Hence, the growing incorporation of technology has increased the use cases of communication tools, which is beneficial for expanding the market.
However, users of communication software are very concerned about security, particularly in the commercial and government sectors. Protecting sensitive information from possible breaches, cyberattacks, and other security threats necessitates using secure communication software. However, the demand for more security also raises the complexity and expense of creating and maintaining communication software, which is predicted to restrain the market's expansion for this type of software.
Based on deployment model, the market is characterized into on-premise and cloud. The cloud segment garnered the highest revenue share in the market in 2022. The expansion in the number of remote workers among employees may be a contributing factor in the rising requirement for cloud-based platforms for effective team collaboration across companies. Users can use teamwork tools via cell phones owing to these cloud systems as well. Additionally, they offer improved features, including the capability to log events for subsequent studies.
On the basis of enterprise size, the market is classified into large enterprises and small & medium enterprises. The small & medium enterprises segment recorded a significant revenue share in the market in 2022. Effective communication with customers is crucial for SMEs. It offers various channels, such as email, live chat, and social media integration, enabling businesses to promptly address customer inquiries, provide support, and build strong customer relationships. Communication tools are far more practical for small-scale enterprises because they cannot afford many people.
By vertical, the market is divided into BFSI, manufacturing, retail, healthcare, IT & telecom, and others. The IT and telecom segment witnessed the maximum revenue share in the market in 2022. As businesses continue to manage their operations mostly through technology, there is a growing need for communication tools that can assist them. This trend is driven by the IT & telecom sector because enterprises in this field need dependable communication solutions to run their businesses. The retail segment garnered a remarkable growth rate in the market in 2022.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 1 Billion |
| Market size forecast in 2029 | USD 1.9 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2029 |
| Revenue Growth Rate | CAGR of 9.8% from 2023 to 2029 |
| Number of Pages | 193 |
| Number of Table | 360 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Enterprise Size, Deployment Model, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment acquired the highest revenue share in the market in 2022. The market in the North America region has grown as a result of the rising use of mobile devices. In reaction to the widespread usage of smartphones and tablets, many organizations are putting in place mobile communication technologies to enable their personnel to interact as well as collaborate while on the go.
Free Valuable Insights: Global Communication Software Market size to reach USD 1.9 Billion by 2029
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Simpplr Inc., GuideSpark, Inc. (Tivian XI GmbH), OurPeople Ltd., Sociabble, Inc., Haiilo GmbH, Poppulo, Beekeeper AG, Nudge Corporation (Axonify, Inc.), Firstup, Inc., and Workvivo Limited.
By Enterprise Size
By Deployment Model
By Vertical
By Geography
This Market size is expected to reach $1.9 billion by 2029.
Growing adoption of cloud-based solutions are driving the Market in coming years, however, Security concerns leading to cyberattacks restraints the growth of the Market.
Simpplr Inc., GuideSpark, Inc. (Tivian XI GmbH), OurPeople Ltd., Sociabble, Inc., Haiilo GmbH, Poppulo, Beekeeper AG, Nudge Corporation (Axonify, Inc.), Firstup, Inc., and Workvivo Limited.
The Large Enterprises segment is leading the Market by Enterprise Size in 2022 thereby, achieving a market value of $1.3 billion by 2029.
The Retail segment has shown the high growth rate of 9.5% during (2023 - 2029).
The North America segment dominated the Global Communication Software Market by Region in 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $719.2 Million by 2029.
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