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team collaboration software market

Team Collaboration Software Market Share, Size, Trends, Industry Analysis Report, By Software (Conferencing, Communication & Coordination); By Application; By Deployment; By Region; Segment Forecast, 2021 - 2028

  • Published Date: Oct 2021
  • Pages: 112
  • Format: PDF
  • Report ID: PM2096
  • Base Year: 2020
  • Historical Data: 2016 - 2019

Report Summary

The global team collaboration software market was valued at USD 10.43 billion in 2020 and is expected to grow at a CAGR of 12.7% during the forecast period. The growth of this market is driven by the surge in innovations in the field of communication & conferencing in enterprises, coupled with the robust growth in penetration of team collaboration software in the IT & telecom organizations, which is now required to optimize the utilization of the team collaboration platform and increase the efficiency of meetings by integrating such technology.

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Furthermore, the rising need for operational enterprise communication along with large-scale investment by several organizations for modernizing and simplifying communication networks is further expanding the implementation of video conferencing facilities in the global market. The outbreak of the COVID-19 pandemic is widespread globally, tapping communities, countries, and societies under massive pressure.

Several governments from the different geographic regions have further enforced stringent lockdowns and social distancing policies to control the spread of novel coronavirus, which are now widely acknowledged as the most effective way to combat the pandemic. Further, many companies are aggressively pursuing digital transformation strategies in remote working cultures to address the customer needs in the wake of the COVID-19 pandemic. This, in turn, has forced enterprises to use team collaboration software, which has positively impacted the market growth.

Industry Dynamics

Growth Drivers
The proliferation of team collaboration software is rising at a significant pace rate considering the global scenario. The surging trend among business enterprises to deploy smart meeting rooms has created a new opportunity for team collaboration software market growth worldwide. The recent, sophisticated technologies are particularly enabling corporates to boost productivity, allow seamless connectivity, and promote creativity while concurrently gaining a competitive advantage against their peers.

Furthermore, meeting rooms outfitted with integrated smart control panels can feasibly consolidate and simplify input commands, promote active team collaboration, and improve the meeting experience. Hence, it is expected to strengthen the trend for team collaboration software in developed and emerging markets. The proliferation of cloud-based solutions in the team collaboration software industry has been expanding continually in enterprises, and more computing needs are driven by the emergence of Big Data, IoT, and AI. As per the research conducted by Accenture and even Cisco, roughly 90% of the enterprises are using cloud technology in their business functioning during 2019.

This accelerating demand for cloud technology on the back of the digital transformation strategies has forced enterprises to replace to deploy cloud-based solutions by replacing conventional systems. Thus, global companies are looking forward to integrating cloud-based solutions and playing a critical role in changing the dynamics of the team collaboration software market during the forecast period.

Report Segmentation

The market is primarily segmented on the basis of software, application, deployment, and region.

By Software

By Application

By Deployment

By Region

  • Conferencing Software
  • Communication & Coordination Software
  • Manufacturing
  • BFSI
  • IT & Telecom
  • Retail
  • Healthcare
  • Logistics & Transportation
  • Education
  • Cloud
  • On-Premises
  • North America (U.S., Canada)
  • Europe (Germany, UK, France, Italy, Spain, Netherlands, Austria)
  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Malaysia)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, South Africa, Israel, UAE)

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Insight by Application

The IT & Telecom segment is likely to witness large revenue in the global team collaboration software market, owing to the rapid development and growing IT spending of several industries to adopt new technology solutions, opening new opportunities for new players in the marketplace. On the flip side, the healthcare segment is expected to pave a high team collaboration platform market share in terms of revenue during the forecast period, as healthcare professionals and clinicians are using sophisticated communication tools to share data amongst departments in real-time. Furthermore, the rising trend of digitalization in the healthcare sector is also projected to impel the market growth over the foreseen period.

Insight by Deployment

Based on the deployment type segment, the on-premises segment is expected to account for the highest market share in the global team collaboration platform market during the foreseen period. The is partly due to the extensive adoption of on-premises team collaboration software in business organizations, owing to the rise in security frameworks that keep the data safe along with the surge in organization strategies to pursue digital transformation technologies.

Furthermore, the adoption of such deployment models mitigates the need to invest in expensive internet services that offer cost-saving opportunities, and hence, is creating a huge implementation of such team collaboration software in the global market. On the contrary, the cloud-based team collaboration software segment accounted for the fastest CAGR in the team collaboration platform market by 2028, and hence, is observing significant market growth throughout the world.

The demand for cloud team collaboration software is anticipated to increase, backed by the rise in remote working individuals as these services are cost-effective. It is based on the pay-as-you-go model and delivers access to massive data volume. Furthermore, the robust growth in the integration of digital technologies in cloud-based software is also expected to propel the segment growth.

Geographic Overview

Geographically, North America dominated the global team collaboration platform market for team collaboration software and accounted for the largest share in revenue due to the robust growth and early implementation of advanced technologies and software associated with web conferencing in the market. Additionally, the rise in preference for continuous access to high-quality visual meetings, coupled with the high and easy accessibility of high-speed internet, is offering individuals the necessary flexibility during the working from home cultures, is further expanding the team collaboration platform market growth at a rapid pace considering the global scenario.

Countries such as the U.S and Canada are further estimated to register the increased number of initiatives and partnership agreements that will prolong unified communication (UC) and web conferencing solutions as well as introduce innovative features in their software to streamline enterprises of several sizes across these countries. As a result, in March 2020, U.S.-based Google LLC unveiled roll-free access to advanced or innovative features for hangouts meets to all G Suite customers worldwide, which is expected to bolster the market growth.

Moreover, Asia Pacific is expected to witness a high CAGR in the global team collaboration platform market in 2020. The demand for the team collaboration software in the region is attributed to an increase over the forecast period, owing to the rising utilization of technologies, including IoT, AI, and cloud computing, to effectively manage connected devices, coupled with the high proliferation of 5G and 4G networks that present huge opportunities for the acceptance of the team collaboration.

In June 2019, for instance, China’s Ministry of Industry and Information Technology (MIIT) distributed 5G licenses to the country’s telecom majors. As a result, team collaboration software has gained immense recognition, and so, the market is gaining significant prominence worldwide.

Competitive Landscape

Some of the Major Players operating in the global market include Airtable, Amazon Web Services, Inc., Asana, Inc., AT&T Intellectual Property, Avaya Inc, Bluebeam, Inc., Box, Cisco Systems, Inc, Fuze, Inc., Google LLC, International Business Machines Corporation, Jostle Corporation, Kintone Corporation, Liquid Planner, Inc., Microsoft Corporation, nTask, Oracle, Salesforce.com, inc., Slack Technologies, LLC, Smart Technologies, Trello, Wrike, Inc., and Zoom Video Communications, Inc.

Team Collaboration Software Market Report Scope

Report Attributes

Details

Market size value in 2020

USD 10.43 billion

Revenue forecast in 2028

USD 26.24 billion

CAGR

12.7% from 2021 - 2028

Base year

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD billion and CAGR from 2021 to 2028

Segments covered

By Software, By Application, By Deployment, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key Companies

Airtable, Amazon Web Services, Inc., Asana, Inc., AT&T Intellectual Property, Avaya Inc, Bluebeam, Inc., Box, Cisco Systems, Inc, Fuze, Inc., Google LLC, International Business Machines Corporation, Jostle Corporation, Kintone Corporation, Liquid Planner, Inc., Microsoft Corporation, nTask, Oracle, Salesforce.com, inc., Slack Technologies, LLC, Smart Technologies, Trello, Wrike, Inc., and Zoom Video Communications, Inc.

Key Take-Away
Polaris Market Research
Team Collaboration Software Market | 2021-28 | Size Report