Increasingly in Need of Remote Workforce Expected to Drive Team Collaboration Software Market Growth, Globally
Global Team Collaboration Software Market: Overview
Many businesses have adopted distributed workforces as the new standard, prompting businesses all around the world to implement team collaboration software to ensure that workers can work together smoothly from anywhere at any time. Individual employee productivity and project success are dependent on team collaboration. Collaboration software for teams can help save costs, shorten deadlines, boost productivity, and increase return on investment (ROI). Businesses have begun to use team collaboration software to keep their employees connected, even if they come from different regions and cultures, to share a shared purpose and strengthen team relationships. Team collaboration software helps the entire workforce from top to bottom coordinate. This coordination can be done using a communication channel at an individual level or team level. Team collaboration software has made working collaboratively easier for businesses with multiple offices around the world or having their employees working remotely in different parts of the world.
As per the Facts and Factors market research report, the global team collaboration software market generated sales revenue of USD 11.2 Billion in 2020. Further, the team collaboration software sales are expected to generate revenue of USD 23.5 Billion by the end of 2026, increasing at a CAGR of around 13.14% from 2021 to 2026.
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Global Team Collaboration Software Market: Competitive Players
Some of the key players in the team collaboration software market are Adobe Systems Incorporated, Asana, Avaya, Inc., AT&T, Inc., Blackboard, Inc., Cisco Systems, Inc., Citrix Systems, Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, Slack Technologies, Inc., Trello, and TeamViewer GmbH, among others.
Global Team Collaboration Software Market: Growth Factor
The team collaboration software market is driven mainly by the increasingly remote workforce and the need for them to stay connected from anywhere at any time. Positive growth in the adoption of team collaboration software by businesses around the world is surging since the COVID-19 pandemic. Governments around the world have imposed lockdown and strict regulations for maintaining social distancing to stop the spread of the coronavirus. Thus several organizations have prompted their employees to work from home. Disruptions in business operations have been faced by many end-users such as BFSI, education, manufacturing, and others due to COVID-19 Pandemic. Due to this many industries have adopted collaboration software solutions to ease the work pressure among employees and navigate revenue growth.
In addition, large-scale adoption of this software offers benefits such as process cost-saving, strengthening relationships among team members, shorten deadlines, and increased productivity. The usage of team collaboration software as a platform, as well as technological advancements, is expected to provide many opportunities for the industry to grow.
Global Team Collaboration Software Market: Segmentation
The study provides a decisive view of the global team collaboration software market by segmenting it based on software type, deployment mode, enterprise size, end-user, and geographic regions. The software type segment is categorized into communication, conferencing, and coordination. Cloud-based and On-Premise based is the deployment mode segment of the global team collaboration software market. To offer better target customer analysis, our analyst further bifurcates the enterprise size segment into the small and medium-sized enterprises, and large size enterprises. In addition, to understand the industry, our analyst classified end-users segment by banking, financial services and insurance (BFSI), IT and telecommunications, manufacturing, retail and consumer goods, healthcare, transportation and logistics, education, and others.
Global Team Collaboration Software Market: Regional Analysis
Based on regions, the global team collaboration software market can be divided into five main regions namely North America, Europe, Asia Pacific, Latin America, and The Middle East and Africa.
North America holds the largest market share in the global team collaboration software market. The dominance in this region is primarily due to financial stability, rising IT expenditures, and technological advancements. Most importantly, the growing adoption of communication tools for internal data sharing and project activities along with the end-to-end data transfer and encrypted data transmission in terms of security measures is projected to bolster the market in North America. The rising penetration of the Internet coupled with the increasing of collaboration tools to support the work from home measures being followed during the time of the pandemic are likely to prompt team collaboration software market growth. High investments in infrastructure, a rising number of service providers, and an unprecedented surge in the number of smartphone users are the reasons for the Asia Pacific region to witness the fastest growth in the global team collaboration software market over the forecast period. Nations such as India and Japan are witnessing rapid industrialization. Recently, India was reported to be the second-most sought-after manufacturing destination in the world. In addition, the government’s Make in India initiative has emphasized the necessity for efficient team collaboration software solutions.
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