Global Communication Software Market Report 2024: Market Size, CAGR, Lucrative Segments And Top Regions

Overview and Scope
Communication software refers to applications or programs designed to pass information from one system to another, enabling remote access, file transfers, messaging, and other forms of communication between devices or users. These software facilitates the exchange of information between two or more systems or users, involving various types of media such as text, audio, and video.

Sizing and Forecast
The communication software market size has grown rapidly in recent years. It will grow from $1.18 billion in 2023 to $1.31 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to proliferation of smartphones and mobile devices, social media platforms, development of computer networks, adoption of the internet, increasing security concerns.

The communication software market size is expected to see rapid growth in the next few years. It will grow to $1.94 billion in 2028 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to globalization, real-time communication, growing popularity of voice-controlled devices, adoption of standardized IP protocols, instant messaging platforms. Major trends in the forecast period include advances in computing technology, 5G technology, emergence of new technologies, proliferation of IoT devices, blockchain technology, augmented reality (AR) and virtual reality (VR) technologies.

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Segmentation & Regional Insights
The communication software market covered in this report is segmented –

1) By Software Type: Unified Communications, Network Management, Customer Experience Management, Other Software Types
2) By Deployment Model: On-Premise, Cloud
3) By Enterprise Size: Large Enterprises, Small And Medium Enterprises
4) By Industry Vertical: Banking, Financial Services And Insurance (BFSI), Manufacturing, Retail, Healthcare, Information Technology (IT) And Telecommunications, Other Industry Verticals

North America was the largest region in the communication software market in 2023. The regions covered in the communication software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The need for remote collaboration is expected to propel the growth of the communication software market going forward. Remote collaboration refers to working with a team from different locations, utilizing technology to communicate and coordinate effectively. Communication software facilitates remote collaboration by providing tools for video conferencing, messaging, file sharing, and real-time collaboration on documents and projects. For instance, in September 2022, according to The Census Bureau, a US-based principal agency of the Federal Statistical System, in 2021, the number of people primarily working from home tripled, rising from 5.7% (about 9 million people) to 17.9% compared to the previous two years. Therefore, the increasing need for remote collaboration is driving the communication software market.

Key Industry Players
Major companies operating in the communication software market are Microsoft Corporation, Verizon Communications Inc., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Salesforce Inc., Adobe Inc., Xerox Corporation, Zoom Video Communications Inc., Twilio Inc., Open Text Corporation, Atlassian Corporation, Avaya Holdings Corp., RingCentral Inc., Genesys Cloud Services Inc., Mitel Networks Corporation, Quadient, Zoho Corporation, 8×8 Inc., Newgen Software Technologies Limited, MHC Automation, GuideSpark Inc., Simpplr Inc., Firstup Inc., Nudge Corporation

The communication software market report table of contents includes:

1. Executive Summary

2. Communication Software Market Characteristics

3. Communication Software Market Trends And Strategies

4. Communication Software Market – Macro Economic Scenario

5. Global Communication Software Market Size and Growth
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32. Global Communication Software Market Competitive Benchmarking

33. Global Communication Software Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Communication Software Market

35. Communication Software Market Future Outlook and Potential Analysis

36. Appendix

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