Enterprise 2.0 Technologies Market to Reach $223.3 Billion by 2031 | CAGR 26%
Drivers, Restraints, and Opportunities
Rise in awareness about the benefits of enterprise 2.0, growing penetration of smartphones and the internet, and surge in trend in online shopping drive the growth of the global enterprise 2.0 technologies market. However, the risk of security incidents on networks, lack of technical proficiency, and lack of awareness regarding enterprise 2.0 hamper the market growth. On the other hand, increase in technological advancement is likely to present new growth opportunities for the global market in the coming years.
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Covid-19 Scenario
The outbreak of the COVID-19 pandemic had a negative impact on the growth of the enterprise 2.0 technologies market due to lockdowns imposed by governments worldwide.
However, it was assumed that the industry is expected to recover by the third quarter of 2022. This is attributed to significant investments made in advanced technologies such as cloud, Artificial Intelligence (AI), IoT and other smart technologies by governments and various government initiatives, such as smart cities, across Asia-Pacific countries, including China and India.
With a considerable control achieved over the pandemic, various sectors such as retail, manufacturing, and automotive, are expected to witness increase in investments as enterprise 2.0 technologies solutions grow in prominence across various business functions.
The wikis segment to maintain a progressive revenue growth during the forecast period
Based on platform, the wikis segment was the largest market in 2021, contributing to more than half of the global enterprise 2.0 technologies market share, and is expected to maintain its leadership status during the forecast period. This is because wikis provides organizations to have absolute control over security & other connectivity issues and improves the scalability, speed, reliability, and connectivity of organizations. On the other hand, the online communities segment is projected to witness the fastest CAGR of 29.4% from 2022 to 2031, as it facilitates allowed users to easily publish content online and connect and network.
The large enterprise segment to maintain its leadership by 2031
Based on enterprise size, the large enterprise segment held the largest market share of nearly three-fifths of the global enterprise 2.0 technologies market in 2021, and is expected to maintain its dominance during the forecast period. This is because large enterprises are adopting enterprise 2.0 technologies to protect and enhance creativity, and secure information sharing. On the other hand, the SMEs segment is projected to witness the largest CAGR of 27.1% from 2022 to 2031, as SMEs are adopting enterprise 2.0 technologies to streamline business processes while enhancing collaboration and connecting people through the use of social media tools.
The IT and telecom segment to maintain its dominance during the forecast period
Based on industry vertical, the IT and telecom segment held the largest market share of more than one-third of the global enterprise 2.0 technologies market in 2021, and is expected to maintain its dominance during the forecast period. This is because enterprise 2.0 provides a wider range of automated services, and improves customer service strategy in IT and telecom. On the other hand, the healthcare segment is projected to witness the largest CAGR of 27.5% from 2022 to 2031, as the technology configures, controls, monitors, and manages features of hospital operations.
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Asia-Pacific to grow at the fastest CAGR by 2031
Based on region, North America was the largest market in 2021, capturing nearly half of the global enterprise 2.0 technologies market and is likely to maintain a noteworthy growth during the forecast period. This is due to the rise in adoption of big data, AI, and other analytics technology by enterprises in the region to increase their production and enhance their market share. However, the Asia-Pacific market is expected to manifest the fastest CAGR of 28.6% during the forecast period, due to the rise in investments in enterprise 2.0 technologies in the region.
Leading Market Players
Enghouse Systems Limited
Dell Inc.
Cisco Systems, Inc.
IBM Corporation
Oracle Corporation
SAP SE
CafeX Communications, Inc.
Vonage Holdings Corp.
Microsoft Corporation
Avaya, Inc.
The report analyzes these key players of the global enterprise 2.0 technologies market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
David Correa
Allied Market Research
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