North America held maximum team collaboration software market share in 2020. The growth of the region is majorly owing to technological progressions and sturdy fiscal growth. Organizations in the region are demonstrating lucrative growth in the acceptance of collaboration and enterprise communications tools for internal team communications and for proficiently carrying out project events.
The report further mentions that the market size was USD 15.25 billion in 2020 and is projected to reach USD 40.79 billion by 2028, exhibiting a CAGR of 13.2% during the forecast period. The global team collaboration software market size is set to gain impetus from the increasing trend of bring-your-own-device (BYOD) in various small and medium-sized enterprises (SMEs). It helps in lowering the initial infrastructure costs that tend to limit early development.
This information is given by Fortune Business Insights™ in a new report, titled, “Team Collaboration Software Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, Services), By Deployment (Cloud, On-Premises), By Enterprise Size (SMEs, Large Enterprises), By End-User (Banking, Financial Services and Insurance (BFSI), IT and Telecommunications, Manufacturing, Retail and Consumer Goods, Healthcare, Transportation and Logistics, Education, Others), and Regional Forecast, 2022-2028.”
This Report Answers the Following Questions:
- Which region is expected to lead the market?
- Will the COVID-19 pandemic affect the market severely?
- What are the current industry developments in the market?
- How will web collaboration software providers boost the customer base?
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Market size value in 2020:
USD 15.25 Billion
Revenue forecast in 2028:
USD 40.79 Billion
Team Collaboration Software to Enable Remote Work and Video Conferencing during COVID-19 Pandemic
The Team Collaboration Software Market outbreak of COVID-19 provoked several businesses to take significance in reviewing their IT tactics. A huge number of companies have executed work from home programs for their workers in order to fight against the danger of coronavirus. Business trips are being terminated and organizations are progressively desiring audio and video conferences and other platforms for data sharing.
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Drivers & Restraints-
Need to Surge Productivity & Improve Security will Bolster Demand
Team collaboration software solutions provide a wide range of benefits to organizations, such as enhanced security, increased productivity, and reduced costs. They also help virtual teams to work together across firms, functions, and geographies to accelerate innovation and efficiency. Therefore, several organizations are rapidly inclining towards advanced solutions from conventional communication techniques to create holistic collaboration strategies. However, these tools may open an insecure channel that can attract ransomware or malicious codes. This factor may hamper the team collaboration software market growth in the near future.
BFSI Segment to Grow Significantly Stoked by High Demand from Policy Makers & Influencers
Based on end-users, the banking, financial services and insurance (BFSI) segment earned 17.5% in 2019 in terms of team collaboration software market size. This growth is attributable to the increasing demand for such software solutions among influencers and policy makers to engage in discussions and meetings for strategizing successful banking systems.
Rising Number of Smartphone Users to Augment Growth in Asia Pacific
In 2020, North America held USD 6.34 billion in terms of revenue. The stable economic growth and rising technological advancements in the region would aid growth. At the same time, the increasing usage of this software for efficiently carrying out project activities and improving internal team communications in the region is anticipated to bolster growth.
Asia Pacific, on the other hand, is expected to show a high CAGR in the near future. This growth is attributable to the presence of numerous smartphone users in the region, as well as the availability of cloud service providers.
Key Companies to Develop New Team Collaboration Software for Intensifying Competition
The Team Collaboration Software Market includes several companies that are focusing on the strategy of innovative product launches to cater to the high consumer demand. Some of them are trying to invest in research and development activities as well. Below are two latest industry developments:
- June 2020: Slack Technologies, Inc. launched Slack Connect, a set of technologies that would refine the company’s real-time communications collaboration platform across 20 businesses.
- January 2020: Citrix Systems, Inc. introduced its next-generation service called Citrix® Analytics for Performance. It would help IT administrators to detect performance issues and address them proactively to provide a smooth experience.
Companies Covered in Team Collaboration Software Market Report:
- Microsoft Corporation (Washington, U.S.)
- TeamViewer GmbH (Göppingen, Germany)
- Slack Technologies, Inc. (California, U.S.)
- Trello (Atlassian Corporation Plc) (Sydney, Australia)
- Cisco System, Inc. (California, U.S.)
- Zoom Video Communications, Inc. (California, U.S.)
- LogMeIn, Inc. (Massachusetts, U.S.)
- nTask (California, U.S.)
- Citrix Systems, Inc. (Florida, U.S.)
- AT&T, Inc. (Texas, U.S.)
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