The global team collaboration software market size is expected to reach USD 26.24 billion by 2028 according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The perceptible factors esteeming the team collaboration platform growth include the rise in trend among companies for the implementation of smart meeting solutions with the ever-increasing rate of adoption of connected devices. In addition, the surge focus towards the bring-you-own-device (BYOD) devices and increasing usage tools to efficiently manage business projects are the few integral factors accelerating the industry growth during the forecasting years.
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In the current scenario, the COVID-19 pandemic is spreading all over the world, and tapping societies, including businesses and individuals. Thus, several regional governments have implemented strict lockdowns and social distancing policies to reduce the widespread of novel coronavirus. Owing to this, the IT and telecom sector is playing a considerable role during the pandemic scenario to aid the digital infrastructure across the globe. Besides, with COVID-19, the overall workforce has experienced a significant transition toward remote working, paving a demand for team collaboration platform worldwide.
Market Participants such as Bluebeam, Inc., Amazon Web Services, Inc., Asana, Inc., Trello, Smart Technologies, Airtable, Zoom Video Communications, Inc., Box, Cisco Systems, Inc, Fuze, Inc., Salesforce.com, inc., Google LLC, International Business Machines Corporation, Jostle Corporation, Liquid Planner, Inc., Kintone Corporation, Microsoft Corporation, nTask, Oracle, Slack Technologies, LLC, Wrike, Inc., AT&T Intellectual Property, and Avaya Inc. are some of the key players operating in the global market.
Several manufacturers are often backing to opt for varied marketing strategies to expand their business operations globally. In May 2021, Microsoft corporation launched a new employee engagement platform, “Microsoft Viva,” which brings employees for work management, knowledge discovery, and learning, which thriving culture engages employees and employers.
Similarly, in July 2021, Meister, a cloud-based workplace developer, raised USD 52 million of funding to address and resolve workload management. Such initiatives drastically contribute towards the higher growth of the global team collaboration platform.
Polaris Market Research has segmented the team collaboration software market report on the basis of software, application, deployment, and region:
Team Collaboration Software, Software Outlook (Revenue, USD Billion, 2016 - 2028)
Team Collaboration Software, Application Outlook (Revenue, USD Billion, 2016 - 2028)
Team Collaboration Software, Deployment Outlook (Revenue, USD Billion, 2016 - 2028)
Team Collaboration Software, Regional Outlook (Revenue, USD Billion, 2016 - 2028)