9.4.2 Market Forecast 10.3.6.2 Market Forecast 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. Industries such as BFSI, manufacturing, and e-commerce witnessed disruptions in their business operations and workforce management. The crisis is expected to increase the demand for team collaboration software in order to support the workforce. 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. The report presents information related to key drivers, restraints, and opportunities of the team collaboration software industry. The players operating in the team collaboration software market analysis include AT&T Intellectual Property, Cisco System Inc., Citrix Systems Inc., Google LLC, IBM Corporation, Microsoft Corporation, MindMeld Inc., Oracle Corporation, Slack Technologies, Inc., and SMART Technologies ULC. The global team collaboration software market size was USD 15.25 billion in 2020. Table 1: Global: Team Collaboration Software Market: Key Industry Highlights, 2021 and 2027 2.2 Stakeholders The new report by Expert Market Research titled, 'Global . Figure 1: Global: Team Collaboration Software Market: Major Drivers and Challenges 10.4.1.2 Market Forecast Large Enterprises to Dominate Market Fueled by Demand for Digital Collaboration. 10.2.5 Australia 10.2.7 Others The rising trend among companies in implementing intelligent meeting solutions for remote working provides exciting business growth prospects. The growing adoption of cloud-based SaaS (Software as a Service) in the business environments is the primary driver of the team collaboration software market growth. We expect the global team collaboration software market to exhibit a CAGR of 14.20% during 2022-2027. 9.5.2 Market Forecast +91 780-304-0404. With this acquisition, Cisco will use BabbleLabss advanced. We use cookies to enhance your experience. Figure 22: Global: Team Collaboration Software (BFSI) Market Forecast: Sales Value (in Million US$), 2022-2027 Figure 68: United Kingdom: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 2022 Allied Market Research. Clinicians are increasingly utilizing innovative communication and collaboration tools for real-time data sharing between departments and securely managing workflows from remote locations. The market further benefits from the integration of technologies such as Artificial Intelligence (AI) with team collaboration software solutions, which, in turn, facilitates automation and improves communication within an organization. Increasing Bring Your Own Device (BOYD) trend across enterprises is likely to fuel the industry growth. Aforementioned are the factors that anticipate high growth of team collaboration software among various organizations across the globe. The IT and telecommunication holds the major market share. Figure 31: Global: Team Collaboration Software (Government and Defense) Market: Sales Value (in Million US$), 2016 & 2021 The rising BYOD trend in small and medium-sized enterprises would also support the growth of this segment. On the contrary, integration of advanced technologies in team collaboration software is anticipated to provide team collaboration software market opportunity. 10.1.2.2 Market Forecast Collaboration tools enable data sharing in real time and allow cross-functional teams to remain linked through emails, direct messages, voice mails, and conferences. LinkedIn is the world's largest business network, helping professionals like Team Collaboration Software discover inside connections to recommended job candidates, industry experts, and business partners. 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. The integration of such solutions in personal devices can enable employees and businesses to attend conferences and meetings regardless of the place. The market for team collaboration software is also driven by the demand for collaborative platforms that increase workflow efficiencies. 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 Table 5: Global: Team Collaboration Software Market Forecast: Breakup by Industry Vertical (in Million US$), 2022-2027 This is a very good piece of work and will be very helpful to us going forward. 12 Value Chain Analysis It contains an in-depth outline of the market, including Team Collaboration Software Market size, trends, growth, and forecast. Pre-Post COVID-19 Impact on Global Team Collaboration Software Market. This software enables the sharing, processing, and management of documents and other data types among several users or systems. Integrating AI and NLP with team collaboration software makes it possible to automate resume matching and speed up screening by finding applicants with the best abilities and education. It focuses on key aspects such as leading companies, product Industry, and leading product applications. 10.5.3 Market Forecast 10.2.4.2 Market Forecast 15.3.10.2 Product Portfolio 13.5 Threat of New Entrants Cloud-based platforms equally allow remote teams to streamline their business operations and manage projects of all sizes. Figure 39: North America: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 15.2 Key Players 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. 9.6 Government and Defense Additionally, organizations utilize team collaboration software primarily to increase efficiency among staff members who don't always share office space and operate in different offices. Team collaboration software enables businesses to plan and manage all phases of the project and share ideas between all team members. This is attributed to growth in IT spending of various industries to adopt technological solutions into their operations. The team collaboration software market share is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry. 6.2 Service On the basis of deployment, the market is segmented as cloud, on-premise. Based on the deployment, the global team collaboration software market has been categorized into on-premises and cloud-based. Business trips are being cancelled and organizations are gradually preferring audio and video conferences and other platforms for data sharing. COVID-19 pandemic is the key factor having positive influence for the growth of global team collaboration software market. 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 $40.79 billion in 2028 at a CAGR of 13.2% in forecast period, 2020 Fortune Business Insights . In December 2021, Microsoft released Teams Essentials in India. Technology integration plays a significant role in the management of the project phases and makes it possible to ensure that the projects are completed on time. 10.2.5.1 Market Trends 10.3.5.2 Market Forecast 10.2.6 Indonesia It looks quite comprehensive and the data is exactly what I was looking for. SaaS-based solutions saw significant adoption in 20192020 due to the disruption of daily business operations caused by the coronavirus. 10.4.2 Mexico 10.2.2.2 Market Forecast 4 Introduction How much is the global team collaboration software market expected to grow in the next five years? Online workspaces made possible by collaborative technology enable company employees to share documents and data. Figure 56: Australia: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 Numerous SMEs, giant corporations, and start-up businesses operate in Asia-Pacific. 10.2 Asia-Pacific Table 7: Global: Team Collaboration Software Market: Competitive Structure The BFSI sector captured considerable market share in terms of revenue. Adoption of Collaboration Tools to Efficiently Manage Projects will Boost Growth. 7 Market Breakup by Software Type Figure 43: Canada: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 For instance, in January 2022, Zoom Video Communications, Inc. introduced a virtual show-floor Expo for Zoom Events that gives organizations more ways of engaging with participants. Figure 33: Global: Team Collaboration Software (Media and Entertainment) Market: Sales Value (in Million US$), 2016 & 2021 11.5 Threats 15.3 Profiles of Key Players Key players are collaborating with other significant players to provide remote solutions to automate work processes from any region, to collaborate effectively, and to maintain communication among teams. 5.1 Market Overview Free trial, before you make a purchase decision. What is the expected growth rate of the global team collaboration software market during 2022-2027? 15.3.7 International Business Machines Corporation As the world of work continues to evolve, and hybrid workplaces grow increasingly common, the demand for exceptional tools for collaboration will only grow. Depending on industry vertical, it is divided into BFSI, manufacturing, healthcare, IT & telecommunications, retail & e-commerce, government & defense, media & entertainment, education, and others. 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). Team collaboration software market is expected to grow at a significant rate during the forecast period 2019-2025. Major Players to Focus on Mergers to Cater towards Rising Demand among Consumers. 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. What has been the impact of COVID-19 on the global team collaboration software market? 9.8.1 Market Trends 6.1 Solution The rising deployment of team collaboration software for day-to-day business operations, that allows teams to interact from any location on the cloud, which boosts productivity with enhanced security, is primarily driving the global team collaboration software market. The market for team collaboration software in North America is also anticipated to develop due to such Software's accessibility on portable devices like smartphones and tablets. Figure 46: Asia-Pacific: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 8.1 On-Premises Figure 75: Others: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 However, lack of IT infrastructure in developing regions could hamper the market growth to a certain extent. This anticipates to fast-tracking trends such as digitalization, automation, and innovation. 10. Who are the key players/companies in the global team collaboration software market? Collaborative working environment have witnessed change from deskbased work jobs to remote working, which has evolved the way teams works together. Team collaboration platforms aim to create engaging customer experiences by reducing customer contact, providing real-time help, and increasing customer satisfaction. Team collaboration software is a type of software that helps teams to communicate and collaborate. 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. To mitigate the poor revenue growth, most industries sought technological solutions. Moreover, the rising broadband penetration across the globe is . market or audience, allowing you to improve the . What was the size of the global team collaboration software market in 2021? Looking forward to work together on similar projects, We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The segment covers the team collaboration software adopted by IT and telecom companies. Figure 38: Global: Team Collaboration Software (Other Industry Verticals) Market Forecast: Sales Value (in Million US$), 2022-2027 10.3.7 Others COVID-19 is an infectious disease caused by the most recently discovered novel corona virus. 10.2.2 Japan 7. Pune India, Dec. 09, 2022 (GLOBE NEWSWIRE) The market has been studied for the below-mentioned segmentation and . Thus, businesses are shifting from traditional communication techniques to advanced solutions and are building holistic collaboration strategies. Several government initiatives in this area are supporting the growth of the segment. Globalization and digitization are dominating initiatives proliferating the Software as a Service (SaaS) model at a significant rate. 6. Nowadays, transparency in working environment has become the necessity to achieve maximum productivity in an organization. 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. Figure 8: Global: Team Collaboration Software Market: Breakup by Region (in %), 2021 10.5 Middle East and Africa 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 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. 4.1 Overview According to the Allied Market Research analysis, online team collaboration software will garner high adoption rate in the 2019-2020. Developing nations with meager development budgets could impede market expansion. North America holds the major market share. 15.3.8.1 Company Overview Based on geography, North America garnered the highest share in 2019, generating nearly two-fifths of the global team collaboration software market. 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. Figure 23: Global: Team Collaboration Software (Manufacturing) Market: Sales Value (in Million US$), 2016 & 2021 Cloud team collaboration software has experienced rapid growth and is anticipated to maintain its leadership in North America. The on-premise section will hold the second-largest share. The services segment is expected to grow at the highest CAGR over the forecast period. In the forecast period, the SMEs segment is projected to rise at the highest CAGR. Privacy Policy. Moreover, easy access to high-speed internet necessary for operating remote work models is expected to support the growth prospects of the regional market. 15.3.9 Open Text Corporation Porters five forces analysis illustrates the potency of the buyers & suppliers in the team collaboration software market. This helps the company to achieve their goal and target. Figure 53: South Korea: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 These solutions have enabled the digital transformation of workplaces by facilitating enterprise-wide, real-time, and online communication. Team collaboration software intends to enhance the productivity of individuals in a group or team to achieve a particular goal. On the basis of software type, the market is segmented as conferencing, communication, coordination. It also helps the team members to make informed choices by combining all the project details. 15.3.5.3 Financials Figure 80: Brazil: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 The key players in the team collaboration software market with their sales, revenues and strategies are Adobe Systems Incorporated, Asana, Avaya, Inc., AT&T, Inc., Blackboard, Inc . It comes with the additional cost of $2500.00 contact sales. Based on component, the banking team collaboration software market is bifurcated into software and services. Figure 28: Global: Team Collaboration Software (IT and Telecommunications) Market Forecast: Sales Value (in Million US$), 2022-2027 10.2.1.1 Market Trends The data offered to us was exactly what we were looking for. With businesses embracing more diverse interactive technical methods, security issues are growing. Figure 72: Spain: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 Figure 17: Global: Team Collaboration Software (On-Premises) Market: Sales Value (in Million US$), 2016 & 2021 These insights are included in the report as a major market contributor. 9.3.2 Market Forecast 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. 6.2.2 Market Forecast Which software type segment dominated the team collaboration software market. The global team collaboration software market is analyzed across the component, deployment, software type, industry vertical, and region. 15.3.4.3 SWOT Analysis Multiple companies have witnessed disruptions in their day-to-day operations and workforce management. A global survey conducted by IBM Corporation in March 2019 states that 82% of the workers witnessed high productivity while using their own device and believes that smartphones will play a critical role in the coming years. Get detailed insights regarding the impact of COVID-19 on the market. 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. 13 Porters Five Forces Analysis Mobile Cloud Market by Service (Infrastructure, Platform, Software), Deployment (Public, Private, Hybrid), User (Enterprise, Consumer), Application (Gaming, Finance and Business, Entertainment, Education, Healthcare, Travel, and Others), and Region 2023-2028, Architectural, Engineering, and Construction (AEC) Market by Product (Software, Services), Deployment Mode (On-premises, Cloud-based), Enterprise Size (Small and Medium-sized Enterprises (SMEs), Large Enterprises), End User (Construction and Architecture Companies, Education, and Others), and Region 2023-2028, India IoT Connectivity Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028, Secure File Transfer Market by Type (Business To Business, Accelerated Transfer, Ad Hoc, and Others), Deployment Model (On-premises, Cloud-based, Hybrid), Enterprises (Small and Medium-sized Enterprises, Large Enterprises), End Users (Banking, Financial Services and Insurance (BFSI), Healthcare, Legal, Retail, Media, and Entertainment, Manufacturing, Transportation, and Logistics, Educational, Government, and Others), and Region 2023-2028, Data Center Liquid Cooling Market by Component (Solution, Services), Data Center Type (Large Data Centers, Small and Medium-sized Data Centers, Enterprise Data Centers), End Use (Cloud Providers, Colocation Providers, Enterprises, Hyperscale Data Centers), Application (BFSI, IT and Telecom, Media and Entertainment, Healthcare, Government and Defense, Retail, Research and Academic, and Others), and Region 2023-2028, ( US: +1-631-791-1145 ) ( UK: +44-753-713-2163 ) The region's market is expanding due to ongoing technological developments, the presence of numerous team collaboration software providers, and the availability of highly skilled technical resources. 9. Collaborative technologies have created online workspace that helps an organizations employees to share data and documents. Business and human resource (HR) goals are synchronized by BFSI organizations using team collaboration software through collaboration analytics, which gauges employee productivity and values. The strong presence of several leading market players, such as Microsoft, Cisco Systems, Inc., and Asana, is also expected to create lucrative growth prospects for the market. Leading market players are introducing new solutions to encourage active collaboration and employee engagement. 9.8.2 Market Forecast 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. 10.2.1 China The trend for digitization in banking among employees in order to increase their production efficiency would provide an impetus for business growth. We know where we will be getting business intelligence from in the future., Thank you for sending the market report and data. This website is secure and your personal details are safe. The Covid19 pandemic has forced organizations to take a good look at the business continuity plans and assess their remote working readiness. Table 3: Global: Team Collaboration Software Market Forecast: Breakup by Software Type (in Million US$), 2022-2027 10.3.6.1 Market Trends 10.3.5 Spain 10.3.4.1 Market Trends Multiple companies have witnessed disruptions in their day-to-day operations and workforce management. North America is forecasted to have a shareholding of USD 11,068 million, growing at a CAGR of 9.75%. 15.3.10.3 Financials Figure 35: Global: Team Collaboration Software (Education) Market: Sales Value (in Million US$), 2016 & 2021 Figure 60: Others: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 5 Global Team Collaboration Software Market Figure 54: South Korea: Team Collaboration Software Market Forecast: Sales Value (in Million US$), 2022-2027 Figure 49: Japan: Team Collaboration Software Market: Sales Value (in Million US$), 2016 & 2021 It is expected to reach USD 39,041 million by 2030, growing at a CAGR of 13.5% during the forecast period (2022-2030). For instance, ProofHub, a team collaboration tool offered by ProofHub LLC, is deployed on cloud environment and delivers streamlined experience with a hassle free work management system. Global Team Collaboration Software Market Size Research report presents an in-depth analysis of the Team Collaboration Software Market size, growth, share, segments, manufacturers, and forecast, competition . The Asia Pacific will plausibly command the market while expanding at a CAGR of 18.12%. The IT and telecommunications segment had the largest market share in 2020. People can communicate in real-time using team collaboration software as a tool or platform. List of key team collaboration software market companies, Copyright document.getElementById("year").innerHTML = new Date().getFullYear();. We never share your personal data. Team collaboration software. 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