According to Fortune Business Insights, the global Team Collaboration Software Market Size is projected to hit USD 40.79 Billion in 2028, at CAGR of 13.2% during forecast period [2022-2028]
Pune, India, Nov. 22, 2022 (GLOBE NEWSWIRE) -- Based on the research conducted by Fortune Business Insights expert analysts, the increasing trend among companies regarding accepting intelligent meeting solutions for remote working offers thrilling business growth opportunities. Modern and creative technology makes unified merger among employees effortless and more lucrative, kindles innovation, and offers companies a competitive advantage.
The market is projected to grow from USD 17.15 billion in 2021 to USD 40.79 billion in 2028 at a CAGR of 13.2% during the 2021-2028 period, the global team collaboration software market size was USD 15.25 billion in 2020. This information is published by Fortune Business Insights™, in its report, titled, “Team Collaboration Software Market Forecast, 2022-2028.”
Industry Development
December 2020: Adobe Inc., is a global technology company attained Workfront, which is a software company that offers web-based work management software. Through this procurement, the companies are intending to offer a group of team management, merger, and planning support solutions.
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| Report Coverage | Details |
| Forecast Period | 2022 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 13.2 % |
| 2028 Value Projection | USD 40.79 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 15.25 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 180 |
Drivers & Restraints
Implementation of Collaboration Software among Businesses to Spur Growth
Progressive technologies are conducting a vital role in empowering businesses to form an environment that would motivate employees to achieve business goals with creativity to develop lasting economic values. Digital transformation produces novel product and service potentials that would empower businesses to raise sales significantly and reduce costs by attaining advanced performance.
Team Collaboration Software to Enable Remote Work and Video Conferencing during COVID-19 Pandemic
The Team Collaboration Software Market outbreak of COVID-19 provoked several businesses to take significance in reviewing their IT tactics. A huge number of companies have executed work from home programs for their workers in order to fight against the danger of coronavirus. Business trips are being terminated and organizations are progressively desiring audio and video conferences and other platforms for data sharing.
Regional Analysis
North America held maximum team collaboration software market share in 2020. The growth of the region is majorly owing to technological progressions and sturdy fiscal growth. Organizations in the region are demonstrating lucrative growth in the acceptance of collaboration and enterprise communications tools for internal team communications and for proficiently carrying out project events.
Asia Pacific is estimated to be the quickest growing region in the global market in terms of CAGR. The growth is primarily accredited to the rising investments in advanced technology, obtainability of cloud service suppliers, and large number of smartphone users in the region.
Europe is projected to dominate the global market and is set to inflate by displaying an incomparable CAGR by 2028.
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Report Coverage
The Team Collaboration Software Market report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry trends and analyzes technologies deployed at a rapid pace at the global level. The report examines various paradigm shifts associated with the transformation of software. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about this market.
Market Segmentation:
On the basis of components, the global market has been segregated into solutions and services.
In terms of deployment, the Team Collaboration Software Market is classified into cloud and on-premises.
By enterprise size, the global market is categorized into large enterprises and SMEs.
On the basis of end-user, the market is divided into BFSI, IT and telecommunications, manufacturing, retail and consumer goods, healthcare, travel and transportation, education, and others. The IT and telecommunications segment had the largest market share in 2020. The segment covers the team collaboration software adopted by IT and telecom companies.
Geographically, the market is branched across five major regions, namely, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
| Segmetation | By Component
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By Deployment
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By Enterprise Size
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By End-User
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The Report Offers:
- A 360-degree overview of the team collaboration software market
- Important Growth drivers, restraints, challenges and opportunities of the market
- Key industry developments and notable insights related to market
- List of significant players and key strategies adopted by them for attracting more team collaboration software market revenue
- Other market trends
Competitive Landscape
Attainments Commenced by Significant Companies to Promote Market Growth
The leading players in the Market incessantly opt for effective tactics to bolster their brand value as well as endorse the global team collaboration software market growth of the product with tackling least possible obstacles. One such proficient strategy is procuring competitive companies and further safeguarding a profit for both the companies.
Some of the key industry developments in the team collaboration software market are:
- September 2018 – Astro was acquired by Slack for helping about more than 12M Daily Active Users (DAU) and over 100k paid customers by simplifying the job of moving conversations from an email into Slack. The company is planning its strategic acquisition for improving the regular customer experience in terms of slack application.
- July 2019 –A new Unified Communications (UC) product, namely Grasshopper Connect, was launched by LogMeln, Inc. This product is designed for providing all types of business communications in a single and easy-to-use application format to small businesses. This will further help to strengthen the Unified Communications portfolio on the one hand and help business management easier for small companies on the other.
Companies Covered in Team Collaboration Software Market Report:
- Microsoft Corporation (Washington, U.S.)
- TeamViewer GmbH (Göppingen, Germany)
- Slack Technologies, Inc. (California, U.S.)
- Trello (Atlassian Corporation Plc) (Sydney, Australia)
- Cisco System, Inc. (California, U.S.)
- Zoom Video Communications, Inc. (California, U.S.)
- LogMeIn, Inc. (Massachusetts, U.S.)
- nTask (California, U.S.)
- Citrix Systems, Inc. (Florida, U.S.)
- AT&T, Inc. (Texas, U.S.)
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Major Points in TOC:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Cryptocurrency Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Team Collaboration Software Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Solution
- Web Conferencing
- Communications
- Task Management
- File Sharing and Synchronization
- Enterprise Social Network
- Others (Unified Messaging, Portals, Etc.)
- Services
- Professional
- Integration and Implementation
- Training and Education
- Support and Maintenance
- Managed
- Professional
- Solution
- By Deployment (Value)
- Cloud
- On-Premises
- By Enterprise Size (Value)
- Small & Medium-sized Enterprises (SMEs)
- Large Enterprises
- By End-User (Value)
- BFSI
- IT and Telecommunications
- Manufacturing
- Retail and Consumer Goods
- Healthcare
- Travel and Transportation
- Education
- Others (Government, Energy and Utilities, Etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
- North America Team Collaboration Software Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- Europe Team Collaboration Software Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- Global Team Collaboration Software Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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