15.3.3.4 SWOT Analysis Privacy policy. Figure 63: Germany: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 COVID-19 pandemic is the key factor having positive influence for the growth of global team collaboration software market. The global impact of COVID-19 has been unprecedented and staggering, with team collaboration software and solutions witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a significant growth of 12.3% in 2020 as compared to year-on-year growth during 2017-2019. 5.1 Market Overview Such industries adopted technological solutions to ease the negative revenue growth. Figure 41: United States: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 North America is forecasted to have a shareholding of USD 11,068 million, growing at a CAGR of 9.75%. On the basis of software type, the market is segmented as conferencing, communication, coordination. "Smart Strategies, Giving Speed to your Growth Trajectory", Region : Global | Format: PDF | Report ID: FBI101327. 10.2.2.2 Market Forecast Along with solutions, organizations are also offering managed and professional services. The global team collaboration software market size was estimated at USD 21.69 billion in 2021 and is expected to reach USD 27.41 billion in 2022. b. 10 Market Breakup by Region Also, the BFSI sector has increased its IT budgets to adopt various collaborative platforms to help cope with on-going disruptions due to COVID-19 pandemic. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. Team Collaboration Software Market Drivers. 15.3.3.3 Financials Team Collaboration Software Market: Overview. What was the size of the global team collaboration software market in 2021? Whereas, rise in remote working has proliferated the adoption of cloud-based team collaboration software services, as these services are cost-effective due to pay-as-you-go model and provide access to high volume of data. Figure 1: Global: Team Collaboration Software Market: Major Drivers and Challenges The emergence of a number of branches and the high demand among policy makers and influencers to engage in meetings and discussions to strategize successful banking systems are further boosting the growth of this segment. The on-premises deployment of collaboration tools guarantees low latency at data transfer levels, which, in turn, allows enterprises gain control over enterprise data. Team collaboration software provides a persistent, messaging-centric digital workspace, with features including chat, file sharing and video. What are the key factors driving the global team collaboration software market? The usage of personal or enterprise-owned devices such as laptops, mobile phones, and tablets has increased enormously in recent years. Team collaboration software is a type of software that helps teams to communicate and collaborate. 15.3.4.1 Company Overview Business and human resource (HR) goals are synchronized by BFSI organizations using team collaboration software through collaboration analytics, which gauges employee productivity and values. Table 4: Global: Team Collaboration Software Market Forecast: Breakup by Deployment (in Million US$), 2022-2027 9.9 Others Who are the key companies/players in the team collaboration software market? Currently, on-premises account for the majority of the global market share. Pune, Nov. 15, 2022 (GLOBE NEWSWIRE) -- The global Team Collaboration Software market size was valued at USD 12327.92 million in 2021 and is expected to expand at a CAGR of 9.52% during the . The new report by Expert Market Research titled, 'Global Team Collaboration Software Market Size, Share, Scope, Trends, Analysis, Report and Forecast 2022-2027', 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. For instance, in February 2022, the Department of Health and Human Services (HHS) announced that it would allocate nearly USD 55 million to provide healthcare to the underserved population through virtual care technologies such as remote patient monitoring, telehealth, and digital patient tools and health information tools. 9.5 Retail and E-Commerce Players are developing innovative teamwork tools to increase adoption rates. Modern and creative technology makes seamless collaboration among employees easier and more profitable, stimulates innovation, and provides companies with a competitive edge. COVID-19 lockdowns and restrictions compelled businesses across the globe to implement the remote working model in 2020, which increased the demand for team collaboration software for virtual communication. For instance, in February 2022, work management platform provider Asana released Asana Flow, a complete range of solutions that businesses can use to build, run, and enhance their workflows. The ability to monitor different activities, such as meetings and deadlines, allows businesses to work efficiently, thereby enabling corporate adoption. 15.3.3.1 Company Overview Many collaborative platform players helped these industries to deal . 15.3.5 Cisco Systems Inc. Thus, many business leaders opt for solutions that work to facilitate teamwork and increase transparency to gain per employee performance. Figure 29: Global: Team Collaboration Software (Retail and E-Commerce) Market: Sales Value (in Million US$), 2016 & 2021 Will this radically and permanently change the communication and collaboration processes in organizations? All rights reserved. In accordance with the increased emphasis on upgrading networking technology to cope with the COVID-19 pandemic, the Middle East and Africa and Latin America accounted for a substantial revenue share in 2020. Thank you Fortune Business Insights for your efforts and prompt response, I had a great experience working with Fortune Business Insights. It can also add advanced collaboration capabilities to emerging conversational workplace platforms, including Cisco Spark, Slack, Microsoft Teams, Workplace by Facebook, Inc, and IBM Watson. 5. Collaboration software is becoming the nucleus of the digitally enhanced office in an era of remote and mobile workers. Team collaboration software market share in Spain 2020 Business communication software market share in Taiwan 2018 Unsanctioned collaborative chat app preferences in organizations in the U.S. 2016 Many applications often collect metadata from the device itself in URLs, so that sensitive data can be exposed unintentionally. 9.7.1 Market Trends In addition, with a large amount of sensitive data being handled, team collaboration software is gaining traction in the oil and gas industry as it helps increase communication while removing the disconnect between teams, thereby saving time, improving safety for ground teams, and identifying poor-performing workflows. Very satisfied with the overall report as it has helped me to build strategies for my business, This is regarding the recent report I bought from Fortune Business insights. Figure 25: Global: Team Collaboration Software (Healthcare) Market: Sales Value (in Million US$), 2016 & 2021 This report elaborates on the current development of the Team Collaboration Software industry thoroughly based on the international market dynamics and China's market situation. A large number of companies have implemented work from home programs for their workers in order to fight against the threat of coronavirus. Team Collaboration Software Market Segments: By Component Solution Web Conferencing Communications Task Management File Sharing and Synchronization Enterprise Social Network Others (Unified Messaging, Portals, Etc.) In order to offer companies with better team communication and collaboration tools, key players are launching different work environments. 10.2.7.1 Market Trends This solution has been designed to offer an affordable and professional collaborative solution, especially for small businesses. The Incorporation of Advanced Technologies. 6.1 Solution It focuses on key aspects such as leading companies, product Industry, and leading product applications. The large enterprises segment accounted for the largest market share in 2020. With businesses embracing more diverse interactive technical methods, security issues are growing. +1-800-792-5285 (TOLL-FREE) (UK): +44-845-528-1300 15.3.4 Blackboard Inc. (Anthology Inc.) Figure 4: Global: Team Collaboration Software Market: Breakup by Components (in %), 2021 Figure 67: United Kingdom: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 Some hackers are able to reach corporate websites simply by following the standard web-based protocols. The factor that North American players are. Figure 55: Australia: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 9.2 Manufacturing The trend for digitization in banking among employees in order to increase their production efficiency would provide an impetus for business growth. 10.3.6.2 Market Forecast 10.4.3.1 Market Trends 10.2 Asia-Pacific The sudden outbreak of the COVID-19 pandemic has led to the growing adoption of team collaboration software across numerous organizations for making work more transparent and efficient, while maintaining business continuity, during the remote working scenario. Cloud to Grow Significantly Backed by Need to Reduce IT Infrastructure Costs. What are the key regions in the global team collaboration software market? The North American market accounted for a sizeable revenue share of over 33% in 2021, thanks to the rapid adoption of web conferencing solutions and collaboration portals by enterprises in the region. North America holds the major market share. Services By Deployment Cloud On-Premises By Enterprise Size Small & Medium-sized Enterprises (SMEs) Large Enterprises By End-User The global team collaboration software market size is anticipated to reach USD 56.67 billion by 2030, exhibiting a CAGR of 9.5% during the forecast period, according to a new report published by Grand View Research, Inc. Global Team Collaboration Software market size was ** billion USD in 2021, and will expand at a CAGR of **% from 2022 to 2026, according to the report. Cloud-based team collaboration software which allows teams to collaborate and share information in real-time. The rising trend among companies in implementing intelligent meeting solutions for remote working provides exciting business growth prospects. Other factors anticipated to contribute to the market growth for team collaboration software include the rising trend of cloud-based Software as a Service, the COVID-19 pandemic-related shift toward virtual businesses, and the increasing demand for team collaboration software to lower administration and maintenance costs. 1. Since advanced team communication software is less expensive than on-premise workforce analytics, these start-ups choose it. Moreover, smart offices witnessed high productivity, owing to collaborative platforms which in turn supported the growth of the market. 10.1.1.2 Market Forecast However, a lack of IT infrastructure in emerging nations may impede market expansion. 9.8.1 Market Trends All rights Reserved By Straits Research, Eligible for a free updated report next year. What was the global team collaboration software market size in 2020? 4.2 Key Industry Trends 11.3 Weaknesses Table 8: Global: Team Collaboration Software Market: Key Players, Note: We value your privacy and will never rent or sell your email address. 28-Sep-2021 | Facts and Factors. 2.4.2 Top-Down Approach 3 Executive Summary For instance, in January 2022, Zoom Video Communications, Inc. introduced a virtual show-floor Expo for Zoom Events that gives organizations more ways of engaging with participants. Avail customized purchase options to meet your exact research needs. Figure 14: Global: Team Collaboration Software (Conferencing) Market Forecast: Sales Value (in Million US$), 2022-2027 In addition, cloud deployment guarantees operational flexibility of the remote task force to access data from any location at any time. The coronavirus pandemic, which spurred the need for work-from-home requirements, has boosted the demand for collaborative work products and the amount of time the workforce spends in team-related activities. Team collaboration software market is expected to grow at a significant rate during the forecast period 2019-2025. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. Complimentary 10 hours free analyst time for market review, 3. Figure 61: Europe: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 Among these, the IT and telecommunication industry holds the largest market share. It also helps the team members to make informed choices by combining all the project details. China is the world's . 9.4.1 Market Trends Based on end-user, the market is segmented into BFSI, IT and telecommunications, manufacturing, retail and consumer goods, healthcare, travel and transportation, education, and others. The report covered all the points and was very detailed. Team Collaboration Software Market Report Highlights. We know where we will be getting business intelligence from in the future., Thank you for sending the market report and data. We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Figure 22: Global: Team Collaboration Software (BFSI) Market Forecast: Sales Value (in Million US$), 2022-2027 Polaris Market Research has recently released a new research study on Team Collaboration Software Market: By Size, Trends, Share, Growth, Segments, Industry Analysis and Forecast, 2030. The increasing need for team collaboration to increase business productivity and digitization is impacting market growth. Figure 12: Global: Team Collaboration Software (Service) Market Forecast: Sales Value (in Million US$), 2022-2027 15.3.8 Microsoft Corporation Corporations that have been proactively investing in virtual communication tools will now prove their operations in the future and maximize the impact of remote work practices. This growth is due to the increasing digitalization of small and medium-sized enterprises. 2. Figure 66: France: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 8.2.2 Market Forecast Thus, the adoption of collaboration tools to easily manage projects is expected to contribute to the team collaboration software market growth. According to a Facts and Factors market research report, the global team collaboration software market was USD 11.2 Billion in 2020; further, this revenue is expected to reach around USD 23.5 Billion by the end of 2026, increasing at a CAGR of around 13.14% from 2021 to 2026.. Figure 32: Global: Team Collaboration Software (Government and Defense) Market Forecast: Sales Value (in Million US$), 2022-2027 They also come with enriched features, including the capability of recording events to help review the proceedings later. Tracup, Clickup, Wrike, and Basecamp are some of the most popular project management tools, although there are . What is the breakup of the global team collaboration software market based on the components? We value your investment and offer free customization with every report to fulfil your exact research needs. 2.4.1 Bottom-Up Approach Figure 6: Global: Team Collaboration Software Market: Breakup by Deployment (in %), 2021 The communication & coordination section will hold the second-largest share. 9.3.2 Market Forecast Per the deployment, the fragments are on-premise and cloud. Get more information on this report Download Sample Report, The Increasing Deployment of Cloud-Based SaaS and Transition Towards Virtual Business. The market for Team Collaboration Software is forecast to reach $18.45 billion by 2025, growing at a CAGR of 11.4% from 2020 to 2025. On the basis of component, it is categorized into software and service. 3. The team collaboration software market size was valued at $9,878 million in 2019, and is projected to reach $26,493 million by 2027, growing at a CAGR of 13.2% from 2020 to 2027. Team collaboration platforms aim to create engaging customer experiences by reducing customer contact, providing real-time help, and increasing customer satisfaction. The emergence of virtual business is enabling SMEs to use collaborative software to enhance communication across businesses. Global and Chinese Team Collaboration Software Market 2022 is a professional and in-depth study on the current state of the global market with a focus on the Global and Chinese market. For instance, Asana Groupware provides team management and collaboration solutions that enable project teams to schedule daily meetings and conferences just in one click. Get detailed insights regarding the impact of COVID-19 on the market. enhance our services. COVID-19 The pandemic continues to cause unprecedented disruption across industries worldwide. Team collaboration software includes instant chat, file/document, and screen sharing. Global Team Collaboration Software Market To Be Driven By Rising Trend Of Remote Working Environment In The Forecast Period Of 2022-2027. Figure 53: South Korea: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 Oracle Beehive: combines email, team collaboration, and conferencing in one collaboration platform . 15.3.9.1 Company Overview Figure 45: Asia-Pacific: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 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. 6.1.1 Market Trends Furthermore, the growing focus of health firms on delivering better patient care while reducing costs is driving the demand for team collaboration software to enable health workers in communicating and coordinating using mobile or desktop devices. Thank you for requesting a call back, our sales representative will get in touch with you shortly! 9.8.2 Market Forecast The SaaS delivery model has significantly transformed team collaboration software into independent applications, mitigating slower response times and leading to lesser system failures. 15.3.1.3 Financials Team Collaboration Software Market Size Report, 2030. The global team collaboration software market is analyzed across the component, deployment, software type, industry vertical, and region. These solutions also require greater control of server hardware and versatile storage delivery configuration. 9.5.2 Market Forecast The growth of the segment would occur on account of rising expenditure in healthcare industry and adoption of collaboration tools to effectively manage communication among healthcare professionals and teams. The Team Collaboration Software Market Report Contains Full TOC, Tables & Figures, and Chart with In-depth Analysis Pre and Post COVID-19 Market Outbreak Impact Analysis and Situation by. The healthcare segment is expected to expand at a CAGR of nearly 14% from 2022 to 2030. The global team collaboration software market is set to grow from a value of $15.25 billion in 2020, to $40.79 billion in 2028. 10.3.4.1 Market Trends Figure 26: Global: Team Collaboration Software (Healthcare) Market Forecast: Sales Value (in Million US$), 2022-2027 The adoption of the Software as a Service (SaaS) model enables enterprises to conveniently deploy conferencing solutions, promoting continuous innovation and enhancing collaborative capabilities. In terms of innovations, team collaboration software has evolved to live streaming presentation from sending emails. List of Figures GoBoard enables users to connect, create and collaborate through a whiteboard with integration with some of the most popular VC solutions on the market including Google Meet, Zoom and Microsoft Teams. by 2027, at a CAGR of 13% during the forecast period. The growing need for employees to enter immersive meeting rooms without interruption would further boost the development of the industry. Figure 27: Global: Team Collaboration Software (IT and Telecommunications) Market: Sales Value (in Million US$), 2016 & 2021 What is the breakup of the global team collaboration software market based on the industry vertical? This has positively impacted the team collaboration software market from the recent past. All Rights Reserved. Due to the varied locations of its customers and staff, the IT and telecoms industry has seen a high adoption rate of team collaboration software. Based on component, the global market has been segmented into solution and services. 10.2.3.1 Market Trends 10.5.3 Market Forecast Zoom and 88 meeting spaces provide hand-raising and inline translation features to maintain global connectivity. Figure 68: United Kingdom: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 Need to talk to an expert? 7.1.2 Market Forecast Team productivity leads a business to success and high production. Privacy Policy. Figure 46: Asia-Pacific: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 Figure 13: Global: Team Collaboration Software (Conferencing) Market: Sales Value (in Million US$), 2016 & 2021 By continuing to visit this site you agree to our use of cookies . For a start, the report provides an in-depth analysis of the current market situation through three different aspects - by region, by type and by application, which . The on-premises captured maximum market share. Organizations are increasingly using team collaboration software to give workers various tools to increase productivity and efficiency. Increasing need to share and digitize visual data provides an opportunity for business development. 13.1 Overview This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. Book your free consultation and let our research experts help you with your needs/problems. 10.2.7.2 Market Forecast The data offered to us was exactly what we were looking for. The global team collaboration software market size was accounted for around USD 10 billion in 2019 and expected to register a significant CAGR of 12% during the forecast period 2020 to 2027. For more details, please read our privacy policy. It also delivers a wide range of advantages, from cost savings to increasing productivity and enhancing security. Clinicians are increasingly utilizing innovative communication and collaboration tools for real-time data sharing between departments and securely managing workflows from remote locations. Several platforms, such as Microsoft Teams and Google Workspace, have gained massive traction as the go-to tools for conducting virtual meetings in the past few years. What is the breakup of the global team collaboration software market based on the software type? It can also open a path for hackers to access the network and compromise personally identifiable information (PPI) or sensitive data that can harm business processes. 10.4.1 Brazil 15.3.8.1 Company Overview 10.3.7.1 Market Trends Based on component, the solution segment is expected to lead the market. It can help teams to work together more efficiently . Table 1: Global: Team Collaboration Software Market: Key Industry Highlights, 2021 and 2027 The global market is expected to showcase exponential growth in upcoming years and is expected to register a CAGR of 13.2% during the forecast period (2021-2028). Fortune Business Insights says that the market stood at USD 15.25 billion in 2020. The COVID-19 pandemic has played a crucial role in promoting the deployment of cloud-based communication tools, such as instant messaging software and video conferencing tools, to enable effective communication across businesses while the employees work remotely. 10.2.1.1 Market Trends The cloud segment is expected to be the fastest growing segment during the forecast period. +91 780-304-0404. Figure 73: Russia: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 Blackboard, Inc. Cisco Systems, Inc. Citrix Systems, Inc. Google LLC IBM Corporation Microsoft OpenText Corporation Oracle Slack Technologies, LLC Zoom Video Communications, Inc. Growing digitalization has led to a surge in the visual exchange of data, which, in turn, is driving market growth. Furthermore, North America dominates the team collaboration software market in 2019, owing to high number of players operating in the region. Figure 42: United States: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 Integrating AI and NLP with team collaboration software makes it possible to automate resume matching and speed up screening by finding applicants with the best abilities and education. Collaboration tools deliver a wide range of advantages from cost savings to increased productivity, and enhanced security. 15.3.6.3 Financials 15.3.10.4 SWOT Analysis Major Players to Focus on Mergers to Cater towards Rising Demand among Consumers. This is a very important part of the project management process. Moreover, the penetration of high-speed Internet in many countries makes it easier for employees to flexibly use the software in the area, thus raising their demand. 10.2.4.1 Market Trends In this COVID-19 pandemic companies are focusing toward innovations through collaboration. Adoption of collaboration software and conferencing tools among businesses is one of the key drivers for market growth. The BFSI sector captured considerable market share in terms of revenue. Team collaboration software supports effective interaction among the individuals from the work group or team for effective communication. 1. See for yourself. ( UK: +44-753-713-2163 ) The market is projected to grow from USD 17.15 billion in 2021 to USD 40.79 billion in 2028 at a CAGR of 13.2% during the 2021-2028 period. Based on the components, the global team collaboration software market has been segmented into solution and service. Figure 30: Global: Team Collaboration Software (Retail and E-Commerce) Market Forecast: Sales Value (in Million US$), 2022-2027 The rising BYOD trend in small and medium-sized enterprises would also support the growth of this segment. For example, IBM Connections software integrates Microsoft Office, Windows, Sharepoint, WebSphere Portal, and Lotus Quikr. Moreover, organizations are focused toward achieving professional communication channels that do not distract their employees with personal work. Team collaboration software helps maximize teamwork effectiveness by providing a central platform wherein employees can share knowledge, data, and documents to solve specific business problems or complete creative projects together. Figure 38: Global: Team Collaboration Software (Other Industry Verticals) Market Forecast: Sales Value (in Million US$), 2022-2027 Grand View Research is registered in the State of California at Grand View Research, Inc. 201 Spear Street 1100, San Francisco, CA 94105, United States. The rising popularity of work from home trends in startups and small and medium-sized companies is also set to contribute to the global team collaboration software market share. Additionally, several team collaboration software providers with a significant customer base in North America are growing their operations throughout Asia-Pacific, opening up lucrative market potential. The healthcare sector is expected to witness exponential adoption of collaboration tools and will grow at highest CAGR over the forecast period. According to the Allied Market Research analysis, online team collaboration software will garner high adoption rate in the 2019-2020. Also, businesses should be assured that the right technological innovations will pave the way to discover new and unexpected opportunities while also enhancing business efficiency. Figure 62: Europe: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 Team collaborative software allows two or . 10.3.6.1 Market Trends Figure 69: Italy: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 Figure 40: North America: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 10.2.7 Others Figure 60: Others: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 The conferencing section will likely expand at a CAGR of 15.1% and hold the largest market share. Figure 86: Middle East and Africa: Team Collaboration Software Market: Breakup by Country (in %), 2021 9.3.1 Market Trends This is attributed to ability of the collaboration software to bring diversified teams work together into a workspace and allow them share and schedule task in real time. 12 Value Chain Analysis It is expected to reach USD 39,041 million by 2030, growing at a CAGR of 13.5% during the forecast period (2022-2030). Moreover, the ability of team collaboration software that provides coordination of cross-continent teams is driving the demand for collaborative platforms to improve the workflow efficiencies. The retail segment is estimated to record a valuation of over USD 13.0 billion by 2030, owing to the increasing demand for comprehensive collaboration software for real-time data sharing, employee engagement, and the exchange of news, feedback, and ideas. Based on component, the banking team collaboration software market is bifurcated into software and services. The cloud section will plausibly grow at a CAGR of 14.52% and hold the largest share. I appreciate the timeliness and responsiveness of you and your team., (applicable to 1 report only for the same license type), The global team collaboration software market is projected to grow from $17.15 billion in 2021 to $40.79 billion in 2028 at a CAGR of 13.2% in forecast period, 2020 Fortune Business Insights . The global market size of the Team Collaboration industry is 213,469 companies, and there are 81 companies producing Team Collaboration technologies. 9.4 IT and Telecommunications Figure 76: Others: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 10.2.6.1 Market Trends 5.3 Impact of COVID-19 Team collaboration software includes instant chat, file/document, and screen sharing. 10.2.6 Indonesia A few other aspects that contribute to the market's growth include the need for improved team communication and the facilitation of effective coordination. The artificial intelligence built into the Kona bot enables businesses better to understand team members' preferred communication and working methods. North America dominated the global market in 2020. Figure 75: Others: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 Figure 52: India: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 People can communicate in real-time using team collaboration software as a tool or platform. On the contrary, integration of advanced technologies in team collaboration software is anticipated to provide team collaboration software market opportunity. The outbreak of COVID-19 prompted several businesses to take priority in revising their IT strategies. The growth is mainly attributed to the increasing investments in advanced technology, availability of cloud service providers, and large number smartphone users in the region. . In addition, collaboration tools allow participants to record meetings and take points from a meeting that has already been held. 13.2 Bargaining Power of Buyers Team Collaboration Software Market Overview 2022, Marketing Strategy and In-Depth Analysis Report by 2030 The global Team Collaboration Software Market Size Is Expected To Reach USD 26.24 Billion By 2028., at a CAGR of 12.7% during the forecast period. The global team collaboration software market size was USD 15.25 billion in 2020. 10.2.1.2 Market Forecast Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a matter of a few weeks. Online workspaces made possible by collaborative technology enable company employees to share documents and data. Depending on the configuration of network security, the adoption of collaboration tools may open an insecure channel that can introduce malicious code or other forms of ransomware. 10.3.5.1 Market Trends Thus, cloud-based SaaS models are expected to drive the market growth in the coming years. Increasing Bring Your Own Device (BOYD) trend across enterprises is likely to fuel the industry growth. This study includes team collaboration software market trends, opportunity, analysis, and future estimations to determine the imminent investment pockets. What is the expected growth rate of the global team collaboration software market during 2022-2027? Figure 74: Russia: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 9.6 Government and Defense It is expected to reach USD 39,041 million by 2030, growing at a CAGR of 13.5% during the forecast period (2022-2030). In addition to this, the emerging trend of BYOD among businesses will have a positive effect on the market growth in this region. Which application segment holds the major share in the market? Team collaboration software is developed with an intent to collaborate team communications, information sharing, and task status into one platform. 7.2 Communication and Co-Ordination To stay competitive in the market, companies in North America have implemented team collaboration software. These programs are widely utilized in almost all businesses to assist employees in separating work-related conversations from personal chats, which increases productivity and enables an organization to run openly. Figure 87: Middle East and Africa: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 15.3.5.2 Product Portfolio Moreover, the rising broadband penetration across the globe is . Team collaboration software intends to enhance the productivity of individuals in a group or team to achieve a particular goal. We never share your personal data. For businesses that invest in software, safety is the top priority this includes tools for collaboration that can accommodate company details, customer data, as well as the latest product ideas in a single platform. Some key players operating in the global team collaboration software market include Cisco Systems, Inc.; Microsoft Corporation; Zoom Video Communications, Inc.; and Slack Technologies, Inc. b. On-premise was the largest deployment segment in 2021 and accounted for a revenue share of more than 55.74% in the team collaboration software market. The market for team collaboration software is also driven by the demand for collaborative platforms that increase workflow efficiencies. Several government initiatives in this area are supporting the growth of the segment. 15.3.11.1 Company Overview Cloud-based platforms equally allow remote teams to streamline their business operations and manage projects of all sizes. 7 Market Breakup by Software Type The coordination of project activities among various team members and teams is much easier with collaborative software solutions. Globalization and digitization are the initiatives driving the rapid spread of the Software as a Service (SaaS) paradigm. Collaboration Software Market size exceeded USD 9 billion in 2019 and is estimated to grow at over 14% CAGR from 2020 to 2026. How big is the team collaboration software market? Some of the major players in the global team collaboration software market include Adobe Inc., AT&T Inc, Avaya Inc., Blackboard Inc. (Anthology Inc.), Cisco Systems Inc., Citrix Systems Inc, International Business Machines Corporation, Microsoft Corporation, Open Text Corporation, Oracle Corporation, Slack Technologies LLC (Salesforce Inc.), and SMART Technologies ULC (Hon Hai Precision Industry Co. Ltd.). IC : Software and Services| Pages: 310 | Author(s) : Sneha K, Single User License, Five User License & Enterprise User License. Collaboration tools are a crucial component of the technological stack as trends like remote work and freelancing gain popularity. Large Enterprises to Dominate Market Fueled by Demand for Digital Collaboration. AVAYA INC, AT&T INC, CISCO SYSTEMS, INC, CITRIX SYSTEMS, INC, GOOGLE LLC, INTERNATIONAL BUSINESS MACHINES CORPORATION, MICROSOFT CORPORATION, ORACLE CORPORATION, SLACK TECHNOLOGIES, INC, SMART TECHNOLOGIES ULC. For this study, Grand View Research has segmented the global team collaboration software market report based on deployment, software type, application, and region: Deployment Outlook (Revenue, USD Billion, 2018 - 2030), Software Type Outlook (Revenue, USD Billion, 2018 - 2030), Application Outlook (Revenue, USD Billion, 2018 - 2030), Regional Outlook (Revenue, USD Billion, 2018 - 2030). The Asia Pacific will plausibly command the market while expanding at a CAGR of 18.12%. 7.1 Conferencing 15.3.3 Avaya Inc. Figure 89: Global: Team Collaboration Software Industry: Value Chain Analysis Additionally, a lack of qualified and technical people to implement or operate sophisticated team collaboration tools is anticipated to restrain market expansion. Kindly contact us for the actual market size and trends. Some of the top players in the team collaboration software market allows integration between software, which helps them to expand their product portfolio and garner high consumer base. 10.4.2.2 Market Forecast Figure 50: Japan: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 Team Collaboration Software Market - Global Industry Analysis and Forecast (2022-2027) Team Collaboration Software Market is expected to reach US $ 24.66 Bn. Many collaborative platform players helped these industries to deal . Cloud computing services are being widely used to promote business development in the region. Additionally, many team collaboration tools are a component of sizable collaboration platforms that combine a variety of other business applications. Companies operating in the market such as Oracle Corporation, Slack Technologies, Inc., TeamViewer GmbH, Zoom Video Communications, Inc., Trello (Atlassian Corporation Plc), Cisco System, Inc., LogMeIn, Inc., nTask, Citrix Systems, Inc., AT&T, Inc., among others are focused on developing and offering different types of software and tools. Among them, the integration and implementation sub-segment would hold the largest market share in the forecast period. 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