Global Team Collaboration Software Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Team Collaboration Software Market Insights, Trends, Products, Applications, End Users, Market Size and Share, Growth Rate and Forecast from 2020 to 2029”, is the title of an upcoming report by Trusted Business Insights. The report will include all important information and numerical data about the global team collaboration software market.  It will offer global market size, revenue shares of each of the segments, regions, and countries along with growth rates. The report will provide insights on drivers, restraints, challenges, ongoing consumer trends, and factors that could create revenue opportunities for existing players and investors planning to invest and venture into the target market. in addition, the final report will include company profiles of the prominent players existing in the global market with details such as revenue, operating segments, geographical presence, product portfolio, revenue from the business segment engaged in software for team collaboration, among other vital details. The global team collaboration software market is segmented on the basis of software type, deployment, end-use industry, and region.

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Overview: Team Collaboration Software

Team collaboration software as a product is gaining importance in various industries and commercial offices as it enables workers, employees and employers to communicate with each other without being present at the same location. The software allows sharing and management of important documents and files among several systems or users. It helps proper collaboration between a group of people to efficiently work on the same project. Numerous small and medium enterprises, and large scale enterprises have been using the software for streamlining business processes, better management of projects, and to improve work efficiency of employees.

Dynamics: Global Team Collaboration Software Market

Increasing usage of Internet, rising number of employees, and need to efficient communication system to collaborate and work on similar projects or tasks is one of the major factors driving market growth to a significant extent. In addition, increasing globalization, and increasing geographical presence of companies in more than one region or continent, rising focus of companies on business expansions, and decentralized nature of commercial setups, coupled with need for effective communication tool for smooth functioning of the business are other major factors expected to drive growth of the global team collaboration software market.

Team collaboration software provides facilities such as secured connection between communicators, protection from virus, data and information sharing, among others, and is ideal for businesses, distributors, manufacturing units, and logistics and transport sectors, etc. It enables efficient communication with clients, and enhance the client service experience.  Rising trend of bring your own device (BYOD) approach in various countries is expected to gain popularity. Employees are being allowed to bring their own smartphones to office, and this trend has been gaining traction at a faster pace with the constantly increasing utilization of smartphones and tablets. This is projected to have a positive impact on the growth of the target market to a considerable extent. Furthermore, constant advancements such as integration of Machine Learning and AI are expected to result in increasing adoption and deployment of team collaboration software in order to gain benefits such as to enhance communication between users and to create efficient collaboration within the organization. Integration of technologies such as AI with the software is expected to lead to higher demand for the software and to achieve desired automation of process and communication. AI-integrated software is useful in improving voice and chat accuracy and better translation of messages for organizations with linguistic diversity on real-time basis. Furthermore, AI has known to enhance collaboration capabilities in organizations with conversational platforms, offered by vendors including Cisco Spark, IBM Watson, Workplace by Facebook, and Microsoft Teams, among others.

However, high cost of software and maintenance, sluggish rate of adoption, especially in developing countries, lower efficiency, integration hurdles, lack of trained professionals to use software and security concerns related to cloud deployment of software are factors that could hamper growth of the global team collaboration software market.

Region Analysis: Global Team Collaboration Software Market

The North America and Europe markets are expected to account for major revenue share in the global team collaboration software market, owing to presence of major players in the two regions and higher adoption of advanced technologies and software for efficient functioning of the companies. The Asia Pacific team collaboration software market is projected to register a significantly higher growth rate over the next 10 years due to growing industrialization, and increasing number of subsidiaries and manufacturing units of major international companies in the countries in the region.

Global Team Collaboration Software Market Segmentation:

Segmentation by Deployment:

Cloud
On-premise

Segmentation by Software:

Conferencing software
Communication and coordination software

Segmentation by End-use Industry:

Manufacturing
BFSI
IT & telecom
Retail
Healthcare
Logistics & transportation
Education