The global market for social software and collaboration in the workplace is set to grow from $2.7 billion in 2018 to $4.8bn by 2023, an increase of nearly 100%, Gartner reports.
“The collaboration market is the most fragmented and contextually focused it has ever been, making the barrier to entry extremely low,” the analyst says. “By 2023, we expect nearly 60% of enterprise application software providers will have included some form of social software and collaboration functionalities in their software product portfolios.”
The collaboration market is fragmented into many submarkets-- such as employee communications applications or meeting solutions-- that often do not compete with each other. Such a market is not a winner-take-all space (yet), allowing for opportunities for innovations to expand each submarket. Gartner predicts social software and collaboration will leverage capabilities such as social analytics, virtual personal assistants (VPAs) and smart machines.
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