team collaboration software market

1. Inadequate IT Infrastructure in Growing Regions. 10.3.1.1 Market Trends 15.3.10 Oracle Corporation Which application segment holds the major share in the market? Among them, the integration and implementation sub-segment would hold the largest market share in the forecast period. Trello (Atlassian Corporation Plc) (Sydney, Australia), Cisco System, Inc. (California, United States), Zoom Video Communications, Inc. (California, United States), LogMeIn, Inc. (Massachusetts, United States), Citrix Systems, Inc. (Florida, United States), Others (Unified Messaging, Portals, Etc. Based on enterprise size, the global market is segmented into large enterprises and SMEs. 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. Request Free Sample. 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. 5 Global Team Collaboration Software Market 2.3 Data Sources Figure 81: Mexico: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 Table 3: Global: Team Collaboration Software Market Forecast: Breakup by Software Type (in Million US$), 2022-2027 10.5.3 Market Forecast 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. 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. According to an analysis by the publisher, the global team collaboration software market will progress at a CAGR of 10.35% in the forecasting period 2019-2028. Per the industry vertical, the categories include BFSI, manufacturing, healthcare, IT & telecommunications, retail & E-commerce, government & defense, media & entertainment, education, and others. Per the software type, the fragments are conferencing, communication & coordination. To stay competitive in the market, companies in North America have implemented team collaboration software. The primary factor for businesses to use team collaboration software is to improve the productivity among its employees who dont necessarily work in the same office space, and are working in diversified offices. 6 Market Breakup by Components 10.1.1.1 Market Trends 9.4.1 Market Trends The IT and telecommunications segment had the largest market share in 2020. The ease with which cloud systems are implemented gives users competitive advantage over peers, offering significant opportunities for development. 9.8 Education 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 $40.79 billion in 2028 at a CAGR of 13.2% in forecast period, 2020 Fortune Business Insights . Apart from this, due to the growing volume of financial transactions, banks are embedding digital collaboration into process workflows to improve employee productivity. The rising adoption of cloud-based solutions is a primary growth driver. Top impacting factors that drive the team collaboration market growth include increase in adoption of cloud-based Software as a Service (SaaS) among various industries, rise in shift toward virtual businesses due to COVID-19 pandemic, and growing popularity of team collaboration software to reduce administration and maintenance cost. Team collaboration software market share in Spain 2020 Business communication software market share in Taiwan 2018 Unsanctioned collaborative chat app preferences in organizations in the U.S. 2016 Many regional companies have now adopted cloud-based Team Collaboration Software to boost worker productivity and company success. The software section will likely expand at a CAGR of 12.3% and hold the largest market share. Some prominent players in the global team collaboration software market include: Revenue in USD billion and CAGR from 2022 to 2030, Revenue forecast, company ranking, competitive landscape, growth factors, and trends, Deployment, software type, application, region, North America; Europe; Asia Pacific; Latin America; MEA, U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico. Figure 74: Russia: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 9.3.1 Market Trends 15.3.12.1 Company Overview The communication & coordination section will hold the second-largest share. 10.3.5 Spain 6.2 Service 8. 5.3 Impact of COVID-19 The trend for digitization in banking among employees in order to increase their production efficiency would provide an impetus for business growth. 8.2.1 Market Trends 15.3.6.3 Financials Additionally, a lack of qualified and technical people to implement or operate sophisticated team collaboration tools is anticipated to restrain market expansion. Team collaboration software allows to process, manage, and share documents, files, and other documents between systems or multiple users. Figure 35: Global: Team Collaboration Software (Education) Market: Sales Value (in Million US$), 2016 & 2021 As a result of international government laws forcing corporate leaders to use collaborative platforms, such as work-from-home mandates, team collaboration software has benefited throughout the pandemic. 10.4.3.1 Market Trends Figure 15: Global: Team Collaboration Software (Communication and Co-Ordination) Market: Sales Value (in Million US$), 2016 & 2021 It is anticipated that human recruiter interviews will also be scheduled. This study includes team collaboration software market trends, opportunity, analysis, and future estimations to determine the imminent investment pockets. 10.4.1.2 Market Forecast 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. 11.5 Threats 10.2.7.1 Market Trends Figure 64: Germany: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 Looking forward to work together on similar projects, We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. On-premise team collaboration software are widely deployed, owing to security framework of an organization that protect the data as it stays on-premise within the organizations framework. Thus, adoption of advanced technologies such as Machine Learning (ML), Artificial Intelligence (AI), and others have enabled businesses to efficiently manage communication and collaboration between teams. In countries such as China, India, and Japan, the emergence of the COVID-19 pandemic would accelerate the demand for team collaboration software to efficiently carry out team meetings and conferences. 9.8.2 Market Forecast 10.3.4 Italy Figure 58: Indonesia: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 The BFSI sector captured considerable market share in terms of revenue. 10. Who are the key players/companies in the global team collaboration software market? 10.5.1 Market Trends The Team Collaboration Software market in the U.S. is estimated at US$2.2 Billion in the year 2020. 9.4.2 Market Forecast This software enables the sharing, processing, and management of documents and other data types among several users or systems. According to a report published by Cisco Systems Inc. in March 2016, companies adopting BYOD technology can save approximately USD 350 per year per employee. This has had a substantial positive impact on the market's growth. Such interactive collaboration systems by making communication safe and cost-effective, will not only help tackle this continuing problem, but will also increase productivity in long-term operation. This growth is mainly due to the rising demand for visual meetings in all the international companies, along with a growing knowledge of the advantages of team collaboration software among businesses. The sudden outbreak of the COVID-19 pandemic has led to the growing adoption of team collaboration software across numerous organizations for making work more transparent and efficient, while maintaining business continuity, during the remote working scenario. Diversified teams in terms of skills or geographically, needs to communicate, manage, coordinate together to collectively achieve an organizations goal. 10.3.4.2 Market Forecast Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. 15.3.1.4 SWOT Analysis 15.3.11.2 Product Portfolio On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market. 10.2.6 Indonesia 7.2.2 Market Forecast 1 Preface Many collaborative platform players helped these industries to deal . Figure 66: France: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 Besides, these cloud platforms offer flexibility to access collaborative tools through smartphones. 8.1.2 Market Forecast 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. 5.2 Market Performance Our team of skilled analysts focuses on understanding the requirements of our clients so as to provide insights best suited to their unique needs. Table 4: Global: Team Collaboration Software Market Forecast: Breakup by Deployment (in Million US$), 2022-2027 By continuing to visit this site you agree to our use of cookies . 13.3 Bargaining Power of Suppliers Since advanced team communication software is less expensive than on-premise workforce analytics, these start-ups choose it. Figure 19: Global: Team Collaboration Software (Cloud-based) Market: Sales Value (in Million US$), 2016 & 2021 However, a lack of IT infrastructure in emerging nations may impede market expansion. Figure 62: Europe: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 10.1.2.2 Market Forecast For businesses that invest in software, safety is the top priority this includes tools for collaboration that can accommodate company details, customer data, as well as the latest product ideas in a single platform. Due to the varied locations of its customers and staff, the IT and telecoms industry has seen a high adoption rate of team collaboration software. 10.2.1.2 Market Forecast These insights are included in the report as a major market contributor. When teams are massive, sophisticated, and geographically dispersed at the enterprise level, it's effortless for someone to overlook an email or forget to invite a remote team member to a meeting. 10.2.3 India 3. Figure 37: Global: Team Collaboration Software (Other Industry Verticals) Market: Sales Value (in Million US$), 2016 & 2021 Due to this, many top-level executives expect that the team collaboration software will gain high traction among young generation teams. This growth is due to the increasing digitalization of small and medium-sized enterprises. 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. 9.3 Healthcare 9.8.1 Market Trends Figure 90: Global: Team Collaboration Software Industry: Porter's Five Forces Analysis Geographically, the market is segmented across five major regions, namely, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. 10.1.1 United States 10.4.3.2 Market Forecast Figure 44: Canada: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 Figure 73: Russia: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 What has been the impact of COVID-19 on the global team collaboration software market? 10.1.2.1 Market Trends To mitigate the poor revenue growth, most industries sought technological solutions. Team collaboration. Software services are essential in the global workplace's evolution. Figure 87: Middle East and Africa: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 Based on software type, the communication and coordination segment contributed to more than half of the global team collaboration software market share in 2019 and is anticipated to lead the. 10.2.4.1 Market Trends The global team collaboration software market size was USD 15.25 billion in 2020. 15.3.2.3 Financials Some of the major players in the global team collaboration software market include Adobe Inc., AT&T Inc, Avaya Inc., Blackboard Inc. (Anthology Inc.), Cisco Systems Inc., Citrix Systems Inc, International Business Machines Corporation, Microsoft Corporation, Open Text Corporation, Oracle Corporation, Slack Technologies LLC (Salesforce Inc.), and SMART Technologies ULC (Hon Hai Precision Industry Co. Ltd.). 10.4.3 Others Cloud-based team collaboration software which allows teams to collaborate and share information in real-time. tasks per community members and app market Pristine: video collaboration software for smart mobile devices, and smartglasses: Project . In the future years, the regional market will be driven by continued enterprise digitalization. The IT & telecommunication section will have the largest share, growing at a CAGR of 8.81%. 15.3.2 AT&T Inc The new report by Expert Market Research titled, 'Global . Get more information on this report Download Sample Report, The Increasing Deployment of Cloud-Based SaaS and Transition Towards Virtual Business. The global team collaboration software market reached a value of US$ 13.18 Billion in 2021. Our report has categorized the market based on components, software type, deploymentand industry vertical. Also, the growing demand for collaboration applications across SMEs is driven by the increasing operational costs for managing large offices. The details can be exchanged and deadlines can be set easily so that the management process is highly reliable. . This report provides an overview of sharing and growth opportunities by Team Collaboration Software Market, product type, applications, major companies, and key regions. The usage of team collaboration software is thereby expected to showcase an exponential growth during the forecast period. 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. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive, Please pass on our sincere thanks to the whole team at Fortune Business Insights. Team collaboration software is developed with an intent to collaborate team communications, information sharing, and task status into one platform. Figure 25: Global: Team Collaboration Software (Healthcare) Market: Sales Value (in Million US$), 2016 & 2021 9.9 Others It can also add advanced collaboration capabilities to emerging conversational workplace platforms, including Cisco Spark, Slack, Microsoft Teams, Workplace by Facebook, Inc, and IBM Watson. The rising trend among companies in implementing intelligent meeting solutions for remote working provides exciting business growth prospects. The global team collaboration software market size was valued at USD 12,490 million in 2021. Europe is expected to lead the global market and is set to expand by exhibiting an exceptional CAGR by 2028. 2 Scope and Methodology Adopting on-premises implementation mitigates the need to invest in costly internet services that provide companies with cost-saving opportunities and also ensure stable business practices in the event of data failures. 14 Price Analysis This, in turn, is expected to hinder the market growth. The global team collaboration software market size was USD 15.25 billion in 2020. The global market size of the Team Collaboration industry is 213,469 companies, and there are 81 companies producing Team Collaboration technologies. This segment comprises of team collaboration tools deployed on cloud environments. Figure 30: Global: Team Collaboration Software (Retail and E-Commerce) Market Forecast: Sales Value (in Million US$), 2022-2027 15.3.7 International Business Machines Corporation According to the Allied Market Research analysis, online team collaboration software will garner high adoption rate in the 2019-2020. Thus, many business leaders opt for solutions that work to facilitate teamwork and increase transparency to gain per employee performance. 10.4.1.1 Market Trends 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. Tracup, Clickup, Wrike, and Basecamp are some of the most popular project management tools, although there are . by 2027, at a CAGR of 13% during the forecast period. Based on component, the global market has been segmented into solution and services. This anticipates to fast-tracking trends such as digitalization, automation, and innovation. The Team Collaboration Software Market is expected to reach US $ 24.66 Bn during the forecast period at a 13% CAGR. ), Granular Research on Specified Regions or Segments, Companies Profiled based on User Requirement, Broader Insights Pertaining to a Specific Segment or Region, Breaking Down Competitive Landscape as per Your Requirement, Other Specific Requirement on Customization. Figure 69: Italy: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 The team collaboration software industry witnessed a spike in demand during the COVID-19 pandemic due to the introduction of policies, like work from home, across the world. For instance, Sike Insights introduced the Kona bot for Slack in 2020. The report covered all the points and was very detailed. Team Collaboration Tools Market Size By Software Type (Conferencing Software and Communication & Coordination Software), By Deployment (On-Premise and Cloud), By Industry (BFSI, Healthcare, Retail, Transportation, and Others), Regions, Segmentation, and forecast till 2029. Figure 38: Global: Team Collaboration Software (Other Industry Verticals) Market Forecast: Sales Value (in Million US$), 2022-2027 The global team collaboration software market size was valued at USD 12,490 million in 2021. 15.3.3.2 Product Portfolio This ensures easy communication between employees, stores, and back offices at other locations. Software for team collaboration enables cross-continental team cooperation, promoting organizational communication transparency. 6. 2.4.2 Top-Down Approach Modern and creative technology makes seamless collaboration among employees easier and more profitable, stimulates innovation, and provides companies with a competitive edge. 6.1 Solution Which software type segment dominated the team collaboration software market. Figure 39: North America: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 In the forecast period, the SMEs segment is projected to rise at the highest CAGR. Clinicians are increasingly utilizing innovative communication and collaboration tools for real-time data sharing between departments and securely managing workflows from remote locations. Figure 61: Europe: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 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. Due to COVID-19 outbreak, the adoption of cloud-based team collaboration software is expected to grow at the highest rate owing to rise in digitization and remote working, remote education in every country +1-800-792-5285 (TOLL-FREE) (UK): +44-845-528-1300 +91 780-304-0404. Trends such as remote working and freelancing has proliferated the demand for team collaboration software from the recent past. 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. 10.2.4 South Korea The market for team collaboration is constrained by legacy infrastructure since scaling current infrastructures costs money. Figure 84: Others: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 The Trends Shaping Team Collaboration in 2022 Channel-Partners / Asia Pasific / India / Karnataka / Bengaluru / Team Collaboration / Find the best Team Collaboration software companies in Bengaluru Find in the list below the best Team Collaboration software providers that are currently on our platform to help you with implementation, training or consulting services in Bengaluru Team Collaboration Software Market - Insights: The Team Collaboration Software Market Research Report 2022-2027, provides an in-depth overview and insights into the market size, revenues, various segments and drivers of development, as well as limiting factors and regional industrial presence. Based on the software type, the global team collaboration software market can be divided into conferencing and communication and co-ordination, where communication and co-ordination currently exhibits a clear dominance in the market. Pune India, Dec. 09, 2022 (GLOBE NEWSWIRE) The market has been studied for the below-mentioned segmentation and . Team Collaboration Tools Market Size By Software Type (Conferencing Software and Communication & Coordination Software), By Deployment (On-Premise and Cloud), By Industry (BFSI, Healthcare, Retail . COVID-19 is an infectious disease caused by the most recently discovered novel corona virus. 8.2.2 Market Forecast The need to initiate digital collaboration among large, dispersed teams and manage projects efficiently is contributing to the growth of this segment. Due to trends in remote work and freelancing, there is a greater need for team collaboration software. Asia-Pacific countries are expected to garner high CAGR in the coming years, as the industries are adopting various business growth strategies such as digitization, industry 4.0, and others. 9.2.2 Market Forecast The major players in the market are focusing on developing innovative collaboration software to attract a larger customer base and gain a competitive edge in the market. Figure 82: Mexico: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 15.3.1 Adobe Inc. Many collaborative platform players helped industries to cope in their disrupted business. In addition to the factors mentioned above, the report encompasses several key factors that have contributed to the market's growth over recent years. 15 Competitive Landscape Professional services include integration and implementation, training and education, and support and maintenance. 15.3.3.1 Company Overview 15.3.9.2 Product Portfolio 5.1 Market Overview Many applications often collect metadata from the device itself in URLs, so that sensitive data can be exposed unintentionally. 15.3.5.1 Company Overview The SaaS delivery model has significantly transformed team collaboration software into independent applications, mitigating slower response times and leading to lesser system failures. The outbreak of COVID-19 prompted several businesses to take priority in revising their IT strategies. 9 Market Breakup by Industry Vertical 15.3.10.4 SWOT Analysis Start reading instantly ,This Report and over 19,329+ more Reports, Available with Avenue Library, T&C*, WRITE AN EMAIL help@alliedmarketresearch.com, U.S. - Canada :+1-800-792-5285 (Toll-free) Int'l : +1-503-894-6022 UK : + 44-845-528-1300. It contains an in-depth outline of the market, including Team Collaboration Software Market size, trends, growth, and forecast. 10.3.1.2 Market Forecast We use cookies to enhance your experience. Major players operating in the global workforce management market include ADP, LLC, Infor, IBM Corporation, Kronos Incorporated, Oracle Corporation, SAP SE, SumTotal Systems, LLC, Verint Systems Inc., Workday, Inc., and WorkForce Software, LLC. With businesses embracing more diverse interactive technical methods, security issues are growing. market or audience, allowing you to improve the . In order to offer companies with better team communication and collaboration tools, key players are launching different work environments. Along with solutions, organizations are also offering managed and professional services. Adoption of Collaboration Tools to Efficiently Manage Projects will Boost Growth. It focuses on key aspects such as leading companies, product Industry, and leading product applications. The market size is inclusive of various team collaboration software and solutions offered by key players such as Microsoft Corporations Microsoft Teams, Workplace by Facebook, Oracle Beehive by Oracle Corporation, among others. 10.3.3.2 Market Forecast Figure 1: Global: Team Collaboration Software Market: Major Drivers and Challenges Moreover, the rising broadband penetration across the globe is . The global team collaboration software market is segmented on the basis of software type, deployment, end user. Technology integration plays a significant role in the management of the project phases and makes it possible to ensure that the projects are completed on time. Datanyze helps you reach more than 13,203 contacts that are using Team Collaboration , including U.S. Department of Defense Walmart Amazon.com Find Contacts Top Team Collaboration Technologies No purchase commitment. 9.1 BFSI 10.3.3 United Kingdom The global banking team collaboration software market is segmented on the basis of component, deployment, and region. To get more information on the regional analysis of this market, Request Sample. 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. Collaboration tools deliver a wide range of advantages from cost savings to increased productivity, and enhanced security. Collaborative technologies are a set of applications integrate together to make real time communication and collaboration between teams regardless of their location. 9.5 Retail and E-Commerce Based on the industry vertical, the global team collaboration software market can be segregated into BFSI, manufacturing, healthcare, IT and telecommunications, retail and e-commerce, government and defense, media and entertainment, education, and others. Figure 12: Global: Team Collaboration Software (Service) Market Forecast: Sales Value (in Million US$), 2022-2027 15.3.5.4 SWOT Analysis 11.3 Weaknesses Services like Microsoft Teams and Slack offer connectors with bots that can automatically assign work and check in on employees. IMARC offers market research reports and consulting services to clients consisting of, but not limited to, SMEs and Fortune 500 companies. Kona observes how individuals interact as they work together and gives company executives advice on handling upcoming interactions. 10.2.2.2 Market Forecast The study provides Porters five forces analysis of the team collaboration software industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the market. 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.) 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. In addition to that, the cumulative number of Small and Medium-sized Enterprises (SMEs) are leading to the rising adoption of Bring-Your-Own-Device (BYOD) practices in order to reduce or restrict the initial infrastructure costs. Players are developing innovative teamwork tools to increase adoption rates. The promising growth prospects of the market can be credited to the evolution of the modern workplace and the rising need to incorporate effective means of team collaboration across organizations. Teams can brainstorm in real-time on virtual whiteboards available for various enterprises, such as Cisco Webex. Figure 7: Global: Team Collaboration Software Market: Breakup by Industry Vertical (in %), 2021 We value them as a research company worthy of building long-term relationships., Well done Fortune Business Insights! Advanced technologies are playing a crucial role in enabling businesses to create an environment that would encourage employees to achieve business goals with creativity to develop lasting economic values. Figure 11: Global: Team Collaboration Software (Service) Market: Sales Value (in Million US$), 2016 & 2021 The factor that North American players are. 15.3.9.1 Company Overview Figure 78: Latin America: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 The Global Team Collaboration Software Market size is expected to reach $17.3 billion by 2026, rising at a market growth of 12.9% CAGR during the forecast period. The growing need for employees to enter immersive meeting rooms without interruption would further boost the development of the industry. 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. Table 1: Global: Team Collaboration Software Market: Key Industry Highlights, 2021 and 2027 It permits applications to function on equipment in an organization's premises rather than any remote facility, like server space or the cloud. team collaboration software market by software type (communication, conferencing, and coordination), by deployment mode (cloud-based and on-premise based), by enterprise size (small and medium enterprise (smes), and large enterprise), by end-user (banking, financial services and insurance (bfsi), it and telecommunications, manufacturing, retail 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. Team Collaboration Software to Power Remote Work and Video Conferencing amidst COVID-19 Pandemic. Globalization and digitization are dominating initiatives proliferating the Software as a Service (SaaS) model at a significant rate. China, the world`s second largest economy, is forecast to reach a projected market size of. 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. Thank you for contacting us, our sales representative will get in touch with you shortly! Many of the team collaboration software combine video conferencing with real-time content collaboration in office documents, PDFs, images, whiteboards, and texts. 15.3 Profiles of Key Players 4.1 Overview This is a very important part of the project management process. For better delivery of our new release, Please help us undestand your interest Industry and Frequency that you prefer to get the new releases. 10.3.4.1 Market Trends They also come with enriched features, including the capability of recording events to help review the proceedings later. Team Collaboration Software Market Size And Forecast Team Collaboration Software Market was valued at USD 12.98 Billion in 2020 and is projected to reach USD 34.46 Billion by 2028, growing at a CAGR of 12.90% from 2021 to 2028. Team Collaboration Software Market report provides an absolute overview of the market by covering many elements of market analysis, product definition, market segmentation, significant. 8.1 On-Premises The market is projected to grow at a CAGR of 12.7% over the forecast duration. Based on the deployment, the global team collaboration software market has been categorized into on-premises and cloud-based. Looking forward, IMARC Group expects the market to reach a value of US$ 30.19 Billion by 2027, exhibiting a CAGR of 14.20% during 2022-2027. Figure 80: Brazil: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 Discounted price for multiple reports across domains, 2. Many collaborative platform players helped these industries to deal . 13.5 Threat of New Entrants 9.7 Media and Entertainment For instance, in June 2020, Google LLC, introduced roll free access to advanced features for Hangouts Meet to all G Suite and G Suite for education customers globally. Addition or alteration to country, regional & segment scope. These programs are widely utilized in almost all businesses to assist employees in separating work-related conversations from personal chats, which increases productivity and enables an organization to run openly. Adoption of Collaboration Software and Conferencing Tools among Businesses to Drive Growth. Figure 47: China: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 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. Figure 32: Global: Team Collaboration Software (Government and Defense) Market Forecast: Sales Value (in Million US$), 2022-2027 For instance, in 2017, Slack Technologies that offers team collaboration software registered 6 million daily active users. 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