Sep 5, 2023

News provided by Share this article Share toX The global Communication Software Market is set to witness remarkable growth, projected to reach an impressive value of $1.9 billion by 2029, with a substantial Compound Annual Growth Rate (CAGR) of 9.8% during the forecast period. The healthcare sector presents promising prospects for communication software adoption, as effective communication among healthcare providers directly enhances patient care. Seamless exchange of critical patient data using communication software leads to accurate diagnoses, reduced medical errors, and timely treatment. This drives Healthcare's anticipated capture of approximately 1/5th share of the market by 2029. Factors influencing the market include the adoption of cloud-based solutions, technological advancements, and security concerns leading to cyberattacks. Market Insights Incorporation of cloud-based communication software solutions offers scalability, user-friendliness, and cost savings for businesses. Eliminating the need for expensive infrastructure, these solutions propel cloud-based communications. The integration of innovative technologies like machine learning, blockchain, and artificial intelligence enhances communication software offerings. The increased use cases of communication tools due to technological integration aid market expansion. However, security remains a primary concern for communication software users, especially in commercial and government sectors. The need to safeguard sensitive information against potential breaches and cyberattacks necessitates secure communication software. This demand for heightened security raises complexities and costs in software development and maintenance, potentially restraining market expansion. Strategies Deployed in the Market Several market players have deployed strategies to enhance their offerings and serve customers better: Simpplr introduced the Employee Listening solution in April 2023, providing instant employee experience insights. The solution uses intelligent passive listening to analyze employee emotions, aiming to enhance retention and gather rich insights. Firstup (formerly SocialChorus, Inc.) added new features to its platform in October 2022, including enhanced connections, universal profiles, employee journey campaigns, intelligent delivery, and ongoing journey insights. Beekeeper acquired Lua, a communication platform, in September 2022, enhancing its automation capabilities and coordination for customer service. In September 2022, Beekeeper launched Read Receipts in Chat Messages for its communication app, tracking message readership in both group and one-on-one chats. Beekeeper introduced Beekeeper Marketplace in May 2022, a frontline operating system for employee performance, engagement, and retention, offering accessibility, mixed ecosystems, and creative technology combinations. Scope of the Study Enterprise Size: Large Enterprises, Small & Medium Enterprises Deployment Model: Cloud, On-premise