28-Sep-2021 | Facts and Factors
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.
Collaboration software is a broad phrase that refers to a variety of software applications. Communication tools, conferencing tools, and coordination tools are three types of software that are regularly required by businesses. Depending on their specific business requirements, businesses may require a single tool or a collection of all tools. For example, the sales team can use communication tools to discuss a product launch strategy, have group discussions using conferencing tools, and collaborate with other departments to keep track of deliverables using coordination tools.
The market is segmented by end-user into BFSI, IT and Telecommunications, Retail and Consumer Goods, Manufacturing, Healthcare, Transportation and Logistics, Education, and Others. For the retail and consumer goods industry, team collaboration software provides a complete platform for collaboration, employee engagement, and real-time data sharing. Retail stores may benefit from team collaboration software to increase sales and profits while maintaining brand identity. Employees can use Instant Messaging (IM), voice communication, and contact center channels to communicate with stores and back offices in multiple locations, as well as access CRM and inventory solutions. Team collaboration software can also assist retailers in integrating mobility applications and enhancing customer service as a result.
The market is segmented by region into North America, Europe, Asia Pacific, Latin America, Middle East & Africa. North America holds the largest market share in the global team collaboration software market. As the bulk of the workforce has begun working from home since the beginning of the COVID-19 pandemic, businesses of all sizes in North America are using web conferencing solutions, communication & coordination tools, and collaboration portals to ensure a steady and synchronized workflow. The availability of high-speed data and increasing demand for visual meetings are driving the expansion of the North American team collaboration software market.
Businesses are using team collaboration software more than ever before that enables two employees to have a private communication, or communication between specialized groups, or even across an entire organization. Text messaging, audio chat, and videoconferencing are all the available options for this type of communication. Through collaboration software, the team can also share, manage, and process files, documents, and other types of data. This is possible any time and from any location among multiple people and systems. This aids in the effective operation of businesses and the improvement of project efficiency. Users can use team collaboration software to promptly answer inquiries, verify their tasks, and access common information and data.
There are numerous advantages to using team collaboration software that can lead to more efficient and effective task attainment. Team collaboration software saves time, improves project management, strengthens team relationships, and streamlines processes. Team collaboration software is meant to make it simple for employees to coordinate and work together on a common goal. When it comes to achieving a common goal, team collaboration software ensures team members' trust, comfort, and confidence.
Top Market Players
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.
COVID-19 Pandemic has accelerated the demand
COVID-19 Pandemic has forced many nations around the world to go under lockdown to stop the virus from spreading. Thus, several organizations around the world have ordered their employees to work from home due to which a rise in demand for team collaboration software is likely possible. To manage and maintain an efficient workflow among the workforce, businesses have started adopting team collaboration software.
Because of team collaboration tools, remote work is now possible. For many businesses, remote employment has become the new standard since the COVID-19 Pandemic. According to survey data, since the virus struck the world, more than 77% of people have reported increased productivity, and 52%are less likely to take time off. According to survey data, 91% of people who work from home believe they are more productive than those who work in an office. With the use of team collaboration software, employees have reported feeling more productive, confident, and a part of the team. Employees may confidently engage and express their thoughts, and they have easy access to all common data.
Before the COVID-19 Pandemic, several businesses experimented with working remotely or even fully distributed teams. For example, Automattic, Inc.'s WordPress was launched in 2005 and has been completely distributed since then. According to Slack's analysis, 45% of employees now work from home, with 66% doing so as a consequence of the COVID-19 Pandemic. The figures of employees working from home and businesses adopting team collaborations software vary depending on the industry and the area. However, it is evident that due to the COVID-19 Pandemic, there has been an upsurge in remote work and the use of team collaboration software.
Browse the full report “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 and Consumer Goods, Healthcare, Transportation and Logistics, Education, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026” at https://www.fnfresearch.com/team-collaboration-software-market
The global Team Collaboration Software Market is segmented into:
Global Team Collaboration Software Market: By Software Type
Global Team Collaboration Software Market: By Deployment Mode
- On-Premise based
Global Team Collaboration Software Market: By Enterprise Size
- Small and Medium Enterprise (SMEs)
- Large Enterprise
Global Team Collaboration Software Market: By End-User
- Banking, Financial Services, and Insurance
- IT and Telecommunications
- Retail and Consumer Goods
- Transportation and Logistics
Global Team Collaboration Software Market: By Region
- North America
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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