Team Collaboration Software Market to Exhibit 13.2% CAGR from 2021-2028; Rising Usage of Personal or Enterprise-owned Devices to Favor Growth

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 Software Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, Services), By Deployment (Cloud, On-premises), By Enterprise Size (Small & Medium-sized Enterprises, Large Enterprises), By End-User (Banking, Financial Services and Insurance, IT and Telecommunications, Manufacturing, Retail and Consumer Goods, Healthcare, Transportation and Logistics, Education, and Others), and Regional Forecast, 2021-2028.”

As per our analysts, key players are collaborating with other substantial players to offer remote solutions to automate work procedures from any region, to merge efficiently, and to preserve communication among teams.

Team Collaboration Software to Enable Remote Work and Video Conferencing during COVID-19 Pandemic

The outbreak of COVID-19 provoked several businesses to take significance in reviewing their IT tactics. A huge number of companies have implemented work from home programs for their workers in order to fight against the danger of coronavirus. Business tours are being concluded and organizations are gradually desiring audio and video conferences and other platforms for data sharing.

LoopUp Unveils Microsoft Teams Voice Integration Set to Boost Growth

LoopUp, which is a first-class remote meetings company, lately declared the presentation of its exhilarating novel solution for Microsoft Teams. The global cloud communication service influences direct routing technology. This links Teams users to the global voice network for LoopUp. The consequence is a full telephony service where users can make and accept calls directly from Teams on any device.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/team-collaboration-software-market-101327

Acceptance of Collaboration Tools to Resourcefully Manage Projects will Enhance Growth

In latest times, the merging tools have become the most extensively utilized tools by distributed project teams. This software empowers businesses to design and manage all phases of the assignment and share ideas between all team members. It also aids the team members to make knowledgeable choices by pooling all the project particulars. These factors will contribute to the team collaboration software market growth during the forecast period.

Fundamental Players Emphasize on Extending Their Portfolios to Gain a Competitive Edge  

The market houses several corporations that are concentrating on procurements, mergers, and partnerships to contest against their competitors. Few of them are also trying to extend their existing product offerings by directing extensive research activities and presenting new solutions.

Industry Development

• September 2020: Google LLC and Cisco System, Inc. declared tactical collaboration to deliver interoperability for their diverse conference room hardware and collaboration software solutions to aid the increasing requirement for team collaboration as well as communication tools.

List of Key Players Covered in this 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.)

Further Report Findings-

• North America held maximum team collaboration software market share in 2020. The growth of the region is mainly owing to the technological advancements and stable economic growth. Organizations in the region are showcasing lucrative growth in the adoption of collaboration and enterprise communications tools for internal team communications and for efficiently carrying out project activities.


• Based on end-user, the market is segmented 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.

Table of Segmentation