III. Industry Analysis
3.1 Industry Profile
With the outbreak of the Covid-19 pandemic, there is a crucial need to maintain proper and effective communication due to the growing share of the remote workforce that is boosting the adoption of communication software and solutions among businesses worldwide.
Around 96% of people think the businesses they deal with could improve when it comes to communication and project management.3 Even though 89% of people believe that effective communication is extremely important, 8 out of 10 people rate their own business communication as either average or poor.4 22% of businesses that primarily communicate with their clients using an online tool rate their project efficiency as excellent vs. 12% of businesses that primarily communicate with their clients via email.5
3.2 Market Size
- In 2020, the communication software market was valued at around $10 billion globally, and it is expected to reach $11.03 billion in 2025.6
- The employee communication software market size is projected to grow from $816.41 million in 2021 to $1.78 billion by 2027, at a CAGR of 11.8% during the forecast period of 2021 to 2027.7
- In terms of growth, APAC is anticipated to be the fastest-growing region, with an impressive CAGR of 14.3% during 2020-2027.8
- On the basis of the deployment, the cloud segment is projected to hold a larger share during the forecast period of 2021-2027. 9
4.https://www.project.co/communication-statistics-2020/
5.https://www.project.co/communication-statistics-2020/
6.https://www.statista.com/statistics/633178/worldwide-communication-software-market-size/
7.https://www.globenewswire.com/en/news-release/2022/06/07/2457889/0/en/Employee-Communication-Software-Market-to-hit-1-78Bn-Globally-by-2027-Exclusive-Study-by-The-Insight-Partners.html
8.https://www.globenewswire.com/en/news-release/2022/06/07/2457889/0/en/Employee-Communication-Software-Market-to-hit-1-78Bn-Globally-by-2027-Exclusive-Study-by-The-Insight-Partners.html
9.https://www.globenewswire.com/en/news-release/2022/06/07/2457889/0/en/Employee-Communication-Software-Market-to-hit-1-78Bn-Globally-by-2027-Exclusive-Study-by-The-Insight-Partners.html
