Team Collaboration Software Market Size, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Team Collaboration Software Market


The global Team Collaboration Software market size is projected to reach US$ 17.79 billion by 2026, from US$ 10.61 billion in 2020, at a CAGR of 9% during 2021-2026. Rapid advancements in Artificial Intelligence (AI) and Machine Learning (ML) have resulted in increased deployment of team collaboration solutions for enhancing communication & collaboration efficiency within the workplace.

Increasing integration of AI with team collaboration software is leading to their greater demand in achieving automation and improved communication within an organization. The software integrated with AI is particularly useful in improving the accuracy of voice & chat assistants as well as in translating messages in real-time in organizations with linguistic diversity. Moreover, AI has brought intelligent collaboration capabilities to evolving conversational workplace platforms, represented by vendors/offerings such as Slack, Cisco Spark, Microsoft Teams, IBM Watson, and Workplace by Facebook, Inc.

Proliferation of Internet of Things (IoT) systems is enabling organizations to achieve their digital transformation goal. Soaring need for integrating devices & data with analytical IoT tools is allowing organizations to become more responsive towards improving their customer service experience. Integration of predictive analytics tools and sensors with collaborative platforms can help enterprises foresee outcomes or issues and address them before they occur. Such factors are leading to rise in need for deploying enterprise collaboration solutions in different end-use industries.

Collaboration platforms are helping organizations in streamlining their operations and boosting their productivity levels irrespective of location of team members and size of the project. As such, the trend of deploying virtual teams or geographically-dispersed teams is providing an impetus to the market growth. Besides this, growing penetration of software bots that can act as digital workers and assist remotely-located staff in collaborating and communicating with each other is likely to propel the market.

Market Segmentation, Outlook & Viewpoint: Global Team Collaboration Software Market

Deployment Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Cloud
  
On-premise

Software Type Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Conferencing software
  
Communication and coordination software

Application Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Manufacturing
  
BFSI
  
IT & telecom
  
Retail
  
Healthcare
  
Logistics & transportation
  
Education

Key Players, Recent Developments & Regional Insights: Global Team Collaboration Software Market

The healthcare sector is poised to represent more than 10.0% of the overall market revenue in 2017. Clinical enterprises are adopting these software to quickly access information from numerous locations to enhance operational performance and improve patient safety. Integration of voice, data, and location into one collaborative platform can act as a crucial strategy for healthcare professionals for processing patient information in critical situations.

Further, in the retail sector, these solutions offer a comprehensive portal for teamwork, employee-engagement, sharing of real-time information, feedback, news, and ideas. Implementation of team collaboration software in retail stores is likely to augment the sales and profit of the store.

Regional Insights

North America dominated the market in 2017. Rapid adoption of collaboration software by enterprises to offer enhanced features such as web conferencing, communication & coordination tools, and collaboration portals is expected to drive the regional market. Moreover, surging adoption of web conferencing among enterprises owing to increasing demand for visual meetings, growing user comfort, and rising access to high-quality internet connections is estimated to spur the growth of the regional market.

Furthermore, Asia Pacific is anticipated to emerge as the fastest growing regional market during the forecast period. Growing inclination towards digitization of enterprises is projected to stimulate the growth of the market. Increasing investments and presence of a large customer base is poised to boost high-speed data networks in economies such as India and China. Spiraling demand for workforce communication interaction and workforce optimization is making enterprise collaboration solution deployment necessary.

Team Collaboration Software Market Share Insights

Some of the prominent companies operating in the market are Cisco Systems, Inc.; Microsoft Corporation; Citrix Systems, Inc.; and Slack Technologies, Inc. Industry players are focusing on offering collective tools known as hubs for communicating, meeting, and collaborating application at workplaces. For instance, Microsoft Corporation offers Microsoft Teams, which combines workplace chat, meetings, notes, and attachments into a hub.

Moreover, solution providers are integrating AI technology to make tedious communication & coordination processes faster in their enterprise solution offerings. AI-integrated tools have the capability to boost innovation, increase efficiency, and improve employee outcomes.

Solution providers such as Cisco Systems, Inc. and Slack Technologies are offering AI-based tools, which are allowing users to build intelligent and human-like conversational interfaces for any application or device. In May 2017, Cisco Systems, Inc. acquired MindMeld, Inc., to bring AI capabilities into their collaboration portfolio.

Key Insights Covered: Global Team Collaboration Software Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Team Collaboration Software industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Team Collaboration Software industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Team Collaboration Software industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Team Collaboration Software industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Team Collaboration Software industry.

Research Methodology: Global Team Collaboration Software Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other