Market Overview:

The global team collaboration software market reached a value of US$ 13.18 Billion in 2021. 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. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

Team collaboration software helps maximize teamwork effectiveness by providing a central platform wherein employees can share knowledge, data, and documents to solve specific business problems or complete creative projects together. Its core features include social networking, document management, powerful search engines, task management, and smooth user interfaces on any device. It also delivers a wide range of advantages, from cost savings to increasing productivity and enhancing security. Consequently, several organizations are incorporating team collaboration software into their day-to-day business operations for allowing teams to interact from any location on the cloud and boosting company productivity and growth.

Team Collaboration Software Market Trends:

With the increasing number of organizations adopting remote or hybrid working models, there is a rise in the need for team collaboration software to make remote work more transparent and efficient and maintain business continuity. Apart from this, due to the growing volume of financial transactions, banks are embedding digital collaboration into process workflows to improve employee productivity. In addition, with a large amount of sensitive data being handled, team collaboration software is gaining traction in the oil and gas industry as it helps increase communication while removing the disconnect between teams, thereby saving time, improving safety for ground teams, and identifying poor-performing workflows. Furthermore, the growing focus of health firms on delivering better patient care while reducing costs is driving the demand for team collaboration software to enable health workers in communicating and coordinating using mobile or desktop devices. Besides this, the thriving e-commerce industry is expanding the use of team collaboration software in the transportation sector to make a real-time network between suppliers, shippers, and carriers.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global team collaboration software market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on components, software type, deployment and industry vertical.

Breakup by Components:

• Solution
• Service
   

Breakup by Software Type:

• Conferencing
• Communication and Co-Ordination
   

Breakup by Deployment:

• On-Premises
• Cloud-based
   

Breakup by Industry Vertical:

• BFSI
• Manufacturing
• Healthcare
• IT and Telecommunications
• Retail and E-commerce
• Government and Defense
• Media and Entertainment
• Education
• Others
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Adobe Inc., AT&T Inc, Avaya Inc., Blackboard Inc. (Anthology Inc.), Cisco Systems Inc., Citrix Systems Inc, International Business Machines Corporation, Microsoft Corporation, Open Text Corporation, Oracle Corporation, Slack Technologies LLC (Salesforce Inc.) and SMART Technologies ULC (Hon Hai Precision Industry Co. Ltd.).

Report Coverage: