Pune, India, Jan. 27, 2022 (GLOBE NEWSWIRE) — The global team collaboration software market size was USD 15.25 billion in 2020. 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.
This information is published by Fortune Business Insights™, in its report, titled, “Team Collaboration Market, 2021-2028.”
Based on the research conducted by our 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.
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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.
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.
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.
To get to know more about the short-term and long-term impact of COVID-19 on this Team Collaboration Software Market,
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.
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.
Attainments Commenced by Significant Companies to Promote Market Growth
The leading players in the Team Collaboration Software 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.
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.
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 Table Of Content:
- 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 (Covered for key 10 players only)
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data available in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
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