Cognitive Collaboration Market Worth $1,660 Million by 2024 - Exclusive Report by MarketsandMarkets

CHICAGO, Nov. 13, 2019 /PRNewswire/ -- According to a new market research report "Cognitive Collaboration Market by Component, Application Area, Deployment Mode, Organization Size (SMEs and Large Enterprises), Vertical and Region - Global Forecast to 2024", published by MarketsandMarkets, the Cognitive Collaboration Market size is expected to grow from USD 983 million in 2019 to USD 1,660 million by 2024, at a Compound Annual Growth Rate (CAGR) of 11.0%  during the forecast period.

Easy integration with the already existing environment and increasing need for mobility and collaboration are the major factors driving the growth of the Cognitive Collaboration Market.

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The Education segment is estimated to dominate the Cognitive Collaboration Market with the highest CAGR during the forecast period

The educational institutions are witnessing the need to facilitate communication and collaboration among students, researchers, teachers, professors, and others to make learning easy from any remote area. New collaboration tools are transforming the way the education sector delivers training, manages a budget, and deliver tuitions. Enterprise collaboration solutions are expected to witness an increase in demand from the education sector, owing to the industry's growing need for streamlined business processes. Enterprise collaboration solutions offer various benefits, such as improved teamwork, individual productivity, and accelerated decision-making.

Higher institutes and universities are investing in automated solutions to optimize workflow and enhance customer and employee engagement. The growing need to deliver operational efficiency, quality service, and optimized business processes is expected to drive the Cognitive Collaboration Market for the education industry vertical during the forecast period.

The IT and Telecom segment is expected to hold a larger market size, during the forecast period

IT and telecom companies use cognitive collaboration solutions integrated with conversational AI to connect with their clients through voice commands. Additionally, the majority of the IT and telecom organizations are widely adopting BYOD. With the increasing number of employees bringing their own devices such as smartphones and tablets to the office for their work, there is a rise in investments in solutions and systems to secure, manage, and support such devices. Hence, the high adoption of BYOD is expected to contribute to the growth of the Cognitive Collaboration Market in this sector. The IT and telecom vertical is also expected to witness the high adoption of cognitive collaboration solutions with the increased usage of voice over internet protocol (VoIP) among enterprises. Moreover, the significant adoption of video conferencing among end-customers of telecommunication companies is expected to fuel the adoption of collaboration solutions in the upcoming years.