The new report by Expert Market Research titled, ‘Global, Size, Share, Scope, Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global team collaboration software market, assessing the market based on its segments like component, deployment, software type, industry vertical and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 13.2%
North America is one among the main regional markets within the team collaboration software industry, contributing significantly to the expansion of the general market. The market growth within the region is often attributed to the rapid adoption of web conferencing solutions, communication tools, and collaboration portals by businesses in North America.
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Additionally, North American key players are introducing innovative collaboration software with the addition of the prevailing software, which is predicted to further aid the market growth. As an example, in June 2020, Google LLC introduced roll-free access to “advanced” features for Hangouts Meet to all or any G Suite and G Suite for education customers globally.
The Asia Pacific region also accounted for a big revenue share within the market in line with the increased emphasis on improving networking technology to deal with the COVID-19 pandemic. India and China, for instance, are investing within the development of high-speed data networks. This has encouraged organisations to deploy team collaboration software as a neighborhood of the trouble to optimize the workforce and ensure efficient employee interaction.
The team collaboration software industry witnessed a spike in demand during the COVID-19 pandemic due to the introduction of policies, like work from home, across the world. Multiple companies have witnessed disruptions in their day-to-day operations and workforce management. Many collaborative platform players helped these industries to deal with their disrupted business. As an example – Microsoft Corporation offered a free six-month trial for a premium tier of Microsoft Teams globally in June 2020.
The tier was created to permit hospitals, schools, and businesses in China to run Microsoft Teams quickly, and it’s now available globally. The corporate also introduced new Teams features aimed toward improving remote meetings, which further propelled the market growth during the pandemic.
Team Collaboration Software Industry Definition and Major Segments
Team collaboration software, also referred to as a team collaboration tool, may be a term wont to define the various sorts of software and online services available to companies and individuals that enable them to feasibly work together on common projects, no matter their physical location.
These tools enable a co-ordinated workflow by establishing a unified platform for file sharing, team discussion, online storage, real-time collaboration, and task assignments.
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Based on components, the market can be broadly divided into:
Based on deployment, the market can be broadly divided into:
Based on software type, the market can be broadly divided into:
- Communication and Co-ordination
The team collaboration software market can be broadly divided based on its industry vertical into:
- Banking, Financial Services and Insurance (BFSI)
- IT and Telecommunications
- Retail and E-commerce
- Government and Defence
- Media and Entertainment
On the Basis of region, the market can be divided into:
- North America
- The Asia Pacific
- Latin America
- Middle East and Africa
Team Collaboration Software Market Trends
The rising demand for cloud-based services is among the first factors leading the market growth. the necessity for cloud-based platforms to effectively share and collaborate, and to make sure enterprise-wide seamless communication is growing because the number of individuals working remotely increases.
The COVID-19 pandemic has prompted businesses to build up their use of cloud-based communication tools like video conferencing and instant messaging software, which permit companies to attach and communicate with employees remotely while ensuring their safety.
The work-from-home trends are growing in popularity among start-ups and little and medium-sized businesses, which is predicted to spice up the market growth. Organizations also are looking forward to the post-pandemic era and considering adopting a hybrid working culture. they’re subsequently ramping up their investments in reliable collaboration solutions to make sure effective communication.
New technologies, like machine learning, AI , computer game , and augmented reality, are expected to be integrated into various collaboration tools, creating lucrative opportunities for players within the online collaboration software market.
The IT and telecommunication industry anticipates high adoption of team collaboration software within the coming years. this is often attributed to the expansion in IT spending by various industries to adopt technological solutions into their operations.
Also, the BFSI sector has increased its IT budgets to adopt collaborative platforms to deal with disruptions because of the pandemic. These factors are expected to continue aiding the expansion of the marketplace for team collaboration software within the coming years.
Key Market Players
The major players in the market are Cisco Systems, Inc., AeCitrix Systems, Inc., Google LLC, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, and Others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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