Global Team Collaboration Software Market Report, Ongoing Trends, Growth Factors, Negative Factors, Opportunities, Untapped Markets, Strategies and Developments, Product Segments, and Forecast 2020 – 2029
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Global Team Collaboration Software Market Overview:
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 improving the work efficiency of employees.
Dynamics: Global Team Collaboration Software Market
Increasing usage of the Internet, the rising number of employees, and the need for an efficient communication system to collaborate and work on similar projects or tasks are 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 the need for effective communication tools for smooth functioning of the business are other major factors expected to drive the growth of the global team collaboration software market.
Team collaboration software provides facilities such as the secured connection between communicators, protection from viruses, data, and information sharing, among others, and is ideal for businesses, distributors, manufacturing units, logistics and transport sectors, etc. It enables efficient communication with clients and enhances the client service experience.
The rising trend of bringing your own device (BYOD) approach in various countries is expected to gain popularity. Employees are being allowed to bring their own smartphones to the 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 enhancing communication between users and creating 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 processes and communication.
AI-integrated software is useful in improving voice and chats accuracy and better translation of messages for organizations with linguistic diversity on a 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, the 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 the 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 the presence of major players in the two regions and higher adoption of advanced technologies and software for the 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 an 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:
Segmentation by Software:
- Conferencing software
- Communication and coordination software
Segmentation by End-use Industry:
- IT & telecom
- Logistics & transportation
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Microsoft Corporation
- Cisco Systems, Inc.
- Citrix Systems, Inc.
- Oracle Corporation
- IBM Corporation
- Box Inc.
- Google LLC
- Intralinks Holdings Inc.
- Slack Technologies
- Adobe Systems
- AT&T Inc.
- Smart Technologies
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