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The novel coronavirus has impacted the financial & social businesses and almost all types of businesses are experiencing a challenging situation. Furthermore, the global employee communication software market is predicted to witness a substantial growth during the coronavirus crisis. During COVID-19 outbreak, about 70.0% of global enterprises are providing work from home facility to their existing employees. Thereby, these enterprises are implementing employee communication software services for internal communication and transferring the information & data in the enterprises’ networks. Moreover, there are growing government initiatives to support the enterprises in the coronavirus crisis. For example, government of Italy has increased central guarantee funds around $1.5 billion for the small and medium size enterprises (SMEs). Similarly, significant market players are focusing on product developments and new technology introductions to fortify composition in the COVID-19 outbreak. During this coronavirus crisis situation, we are facilitating our clients in understanding the impact of COVID-19 on the employee communication software market.
Our report includes:
According to a study conducted by Research Dive, the global employee communication software market is projected to reach up to $1,605.3 million by 2026, at a CAGR of 15.2% in the forecast period from 2019 to 2026. The global market has been segmented into deployment type, end user, industry and region. This report also provides complete information about drivers, opportunities, restraints, segmental analysis and competitive players of the market. As per our analysts, increasing trend for bring your own devices (BYOD) due to internet of things (IoT) is majorly enhancing the growth of the market. Nevertheless, huge installation and maintenance costs needed for communication software’s is expected to hamper the employee communication software market growth.
Cloud based deployment type will experience a significant growth and projected to be most lucrative with a CAGR of 16.0% during the forecast period. This progressive growth is owing to increasing utilization of cloud based software’s because they intended to communicate, collaborate and transfer the information regardless of the location. On-premises segment accounted for dominant market share in 2018 and is expected to grow at a healthy rate of 15.0% CAGR throughout the forecast time.
On the basis on end user, the global market is classified into large enterprises, and small & medium size enterprises (SMEs). In both of these, small and medium size enterprises (SMEs) segment will witness to grow at a notable rate of 15.5% CAGR and projected to account for $687.1 million by 2026. This progress in the SMEs is attributed to rising number of SMEs across the globe is increasing demand for communication software, which will drive the market growth. Large enterprises segment held a considerable global market share in previous years and is anticipated to continue its dominance over the global market during the projected time. This dominance is majorly owing to wide utilization of communication services by large enterprises because they have multiple branches and presence of large number of employees.
Based on industry, the global industry is segmented into BFSI, healthcare, manufacturing, IT & Telecom, retail and others. In all these industries, the healthcare industry will experience a noticeable growth, it is projected to generate a revenue of $128.4 million till 2026, rising at a faster CAGR of 17.1%. This projected growth is majorly due to employee communication software services playing a significant role in handling patient information in critical situations. The IT & Telecom industry segment accounted for highest market size; it was valued over $121.2 million in 2018 and is projected to register a revenue of $345.1 million in 2026. There are rapidly increasing number of IT & Telecom startup companies globally, impacting the adoption rate of communication software; these factors are boosting the market growth in the forecast years.
Asia-Pacific market is anticipated to witness a noteworthy growth during the projected time, and is estimated to generate substantial growth opportunities in the global employee communication software industry. Increasing trend for digitalization & modernization of enterprises and existence of large consumer base are supporting are driving demand for communication software in Asia-Pacific. Due to rapid implementation of communication software services, the market for Asia-Pacific will reach up to $320.4 million by 2026. North America has dominated the global market and projected to continue its growth with a healthy rate of 15.4% CAGR during the forecast time. Rapid growth in adoption of employee communication software’s for conference meetings in the organization, which will enhance the market growth in the forecast time.
The major significant participants in the global employee communication software market are GuideSpark, Sociabble, Inc., Nudge Rewards Inc., Beekeeper AG, SocialChorus, Inc., Poppulo, theEMPLOYEEapp, Smarp and OurPeople, among many others.
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