Global Team Collaboration Software Market by Software Type (Conferencing, Communication & Coordination), by Application (Healthcare, Retail) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global team collaboration software market was valued at USD 10.48 Billion in 2020. It is projected to grow at a compound annual rate (CAGR of 13.0%) between 2021 and 2028. This growth is due to significant changes in organizations' working culture. They are encouraging remote work and putting emphasis on meeting customers' needs in the aftermath of the COVID-19 pandemic. To improve operational flexibility, increase responsiveness, and productivity, organizations are aggressively seeking digital transformation strategies. Organizations are also anticipating the post-pandemic era, considering hybrid working cultures, and increasing their investments in reliable collaboration tools to ensure effective communication.

There are new opportunities for growth in the market due to the increasing demand from organizations to use smart meeting rooms. Corporates can use the latest technologies to foster creativity, increase productivity, and facilitate seamless connectivity. They also have a competitive advantage over their peers by gaining an edge in market share.

Smart control panels integrated into meeting rooms can simplify and consolidate input commands, promote active collaboration, and ultimately enhance the experience of meetings. These tools allow participants to record meetings so that they can be followed up on later or used as references for previous meetings.

The integration of AI with collaboration tools allows for better communication and automation within an organization. AI could improve voice and chat accuracy, as well as translate messages in real time. AI can also be used to infuse intelligent collaboration capabilities into emerging conversational workplace platforms like Slack, Cisco Spark, Microsoft Teams, IBM Watson, IBM Watson, Workplace by Facebook, Inc.

Information on Deployment

In 2020, the largest segment for deployment was on-premise. It accounted to a greater than 53% revenue share. The market is expected to be led by the cloud segment in terms of both CAGR and revenue share over the next few years. Cloud-based platforms are essential for enabling remote workers to collaborate and share information, as well as ensuring seamless enterprise communication. Cloud-based platforms allow users to connect via smartphones to collaborate tools. Cloud-based collaboration tools include enhanced features such as the ability to record events so that proceedings may be reexamined later.

Companies have been deploying cloud-based communication tools such as instant messaging software and video conferencing tools to communicate with their employees. This allows them to stay connected and secure while also ensuring their safety. Cloud-based platforms also allow remote teams to manage large projects and streamline business processes. Software bots can also be deployed as digital workers to assist remote teams with collaboration and communication tasks.

Software Type Insights

In 2020, the communication and coordination software segment accounted for 57% of the total revenue. The fastest growing segment of conferencing software is expected to be 2021-2028. Organizations are encouraging their employees to work remotely due to the pandemic and have begun to use web conferencing to communicate with them.

As the most popular tool for holding virtual meetings, platforms such as Zoom or Microsoft Teams have gained immense popularity. By enabling real-time online communication across the enterprise, web conferencing has transformed traditional workplaces into digital workplaces.

Software as a Service (SaaS), allows enterprises to quickly deploy conferencing solutions. This can facilitate continuous innovation and collaboration capabilities. SaaS has allowed team collaboration solutions to be developed independently, which means that there are fewer system failures. This also eliminates the possibility of slow response times that can hinder the effectiveness of collaboration and communication solutions.

Application Insights

With a more than 27% revenue share in 2020, the IT & telecom segment led global markets. The segment will see a decline in its share during the forecast period. From 2021 to 2028, the healthcare segment will grow at the fastest rate of CAGR. There are significant opportunities to implement team collaboration solutions within the healthcare vertical due to the rapid development of clinical communication and collaboration techniques. Clinicians use innovative communication tools to communicate with other departments and securely manage changing workflows from remote locations. UCLA Health, a Los Angeles-based healthcare system, offers tools for remote patient monitoring. This allows doctors to monitor patients remotely and collect vital information after discharge. These tools allow caregivers to remotely monitor the progress and identify any irregularities.

Retail industry incumbents have access to team collaboration solutions that offer a complete portal for collaboration, employee engagement and real-time information sharing. They also allow for exchanging feedback, news and ideas. Team collaboration software is a great tool for retail stores to increase sales and profits, while maintaining brand integrity. Retailers with multiple channels or locations can benefit from collaboration tools. They can improve communication via voice communication, instant messaging (IM), voice communication and contact center channels. This allows employees to easily connect with back offices and stores at other locations. Access the CRM and inventory solutions. These tools are also useful for retailers who want to integrate mobility applications, and thus improve customer service.

Regional Insights

Europe was followed by North America, which accounted for more than 30% of the total revenue in 2020. It will continue to grow at a steady CAGR between 2021 and 2028. North American enterprises are expected to rapidly adopt web conferencing solutions, communication and coordination tools, as well as collaboration portals, in order to grow the market. The growth of the market is also expected to be driven by the growing preference for video meetings and high-speed data networks. Access to high-speed internet at home is a great benefit for people who work remotely, which in turn drives the need for collaboration tools.

Asia Pacific was responsible for a large revenue share in 2020, due to the increased focus on networking technology in order to combat the COVID-19 pandemic. The future growth of the region's market will be driven by continued digitization of businesses. India and China are investing heavily in high-speed data networks. As part of their efforts to improve the productivity and increase employee interaction, organizations are deploying team collaboration software. These tools are expected to gain traction across Asia Pacific because they enable real-time communication, sharing of information and at a lower capital Expenditure and Operating Expenditure than traditional solutions.

Market Share Insights & Key Companies

The key players are focusing their efforts on providing tools for collective collaboration, commonly known as hubs for meeting, communicating and calling. Solution providers have seen a dramatic increase in Daily Active Users (DAU) since the COVID-19 pandemic. The DAU for Teams platform grew from 11 million users in July 2019 to more than 115 million by October 2020. These are some of the most prominent players in global team collaboration software markets:

• Asana

• Avaya Inc.

• Cisco Systems, Inc.

• Citrix Systems, Inc.

• IBM Corp.

• Microsoft Corp.

• Slack Technologies, Inc.

Up Market Research published a new report titled “Team Collaboration Software Market research report which is segmented by Software Type (Conferencing, Communication & Coordination), by Application (Healthcare, Retail), By Players/Companies Avaya Inc, Slack Technologies Inc, Cisco Systems Inc, IBM Corp, Citrix Systems Inc, Asana, Microsoft Corp”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Team Collaboration Software Market Report Segments:

The market is segmented by Software Type (Conferencing, Communication & Coordination), by Application (Healthcare, Retail).

Team Collaboration Software Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Team Collaboration Software Market

Overview of the regional outlook of the Team Collaboration Software Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Team Collaboration Software Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Team Collaboration Software Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Conferencing

                2. Communication & Coordination

                1. Healthcare

                2. Retail

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Team Collaboration Software Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Team Collaboration Software Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.