The global team collaboration software market size will reach USD 18.30 billion by 2026 foresees a Fortune Business Insights™ report titled, “Team Collaboration Software Market Size, Share & Industry Analysis, By Component (Solutions, Services), By Solutions Type (Conferencing, Communications, Task Management, File sharing, and Synchronization, and Enterprise Social network), By Deployment Type (On-premise, Cloud), By Organization Size (SMEs, Large Enterprises), By End-User (BFSI, IT and Telecommunications, Manufacturing, Retail and Consumer Goods, Healthcare, Transportation and Logistics, Education and Others) and Regional Forecast, 2019-2026.” According to the report, the global team collaboration software market will rise from USD 8.53 Billion in 2018 and exhibit a CAGR of 10.3% between 2019 and 2026. As per current market trends, the IT and Telecommunication segment is enjoying a dominant share on account of the advent of digitalization and the surging adoption of software-as-a-service.
Rising Penetration of Smartphones to Boost Market.
The increasing demand for team collaboration software from various sectors such as BFSI, Healthcare, IT and Telecommunications, retail, and others is boosting the team collaboration software market growth. Besides this, the popularity of trends such as BYOB (Bring your own device) and Work from Home is also expected to help increase the team collaboration software market share in the coming years. In addition, the increasing penetration of smartphones and increasing adoption of digitalization in various businesses irrespective of their size is also anticipated to help attract high market revenues in the forecast period.
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Detailed Segmentation of Team Collaboration Market
- Component – On the basis of component, the market is bifurcated into solutions and services. Each of these segments is further categorized. The solutions segment is further divided into enterprise social network, file sharing and synchronization, communications, task management, and conferencing. On the other hand, the services segment is grouped into training and education, integration and implementation, managed services, and support and maintenance. Out of these, the service segment is likely to witness the fastest growth in the coming years on account of professional services such as support and maintenance, training and education, and support and maintenance.
- Deployment – With respect to deployment type, the market is bifurcated into the cloud and on premise. Organizations today are shifting towards cloud-based team collaboration software from on premise software. This is because cloud-based team collaboration software helps employees to access data irrespective of time and place.
- Organization Size – Based on organization size, the market is classified into large enterprises and SMEs or small to medium enterprises. Out of these, the SMEs sector is expected to witness the fastest growth on account of the emergence of virtual businesses worldwide, the need for connectivity and transparency in the entire business process.
- End User – With regard to the end user, the market is segmented into education, transportation and logistics, healthcare, retail and consumer goods, manufacturing, IT and Telecommunications, and BFSI (Banking, Financial Services, and Insurance). Among these, the IT and Telecommunication sector is dominating the market owing to the rise in need for efficient team coordination among team members in the respective sector.
- Region-Geographically, the market is extended into Asia Pacific, Europe, North America, Europe, Latin America, and the Middle East and Africa. Among these, North America generated USD 4.55 billion team collaboration software market share. This is attributable to the increasing adoption rate of smartphones and the advent of advanced technologies such as machine learning, cloud computing, artificial intelligence (AI), internet of things (IoT), and others. On the other hand, Asia Pacific will witness the fastest team collaboration software market growth rate in the forecast period on account of rising demand for team collaboration software from various sectors such as transportation and logistics, BFSI, IT and telecom, and others.
Companies Striving for Excelling in Software Features Further Intensifying Competition
Team collaboration software market vendors are emphasizing on the development of new software for attracting high market revenues in the forthcoming years. Therefore, large players such as Zoom Video Communications, Inc., LogMeln, Inc., and Microsoft Corporation, are investing heavily in product output. Companies are trying to introduce innovative options in their software such as collaborative meetings, free chats, enterprise security, additional storage, and others.
Recent key industry developments of the team collaboration software market include:
- July 2019 –A new Unified Communications (UC) product, namely Grasshopper Connect, was launched by LogMeln, Inc. This product is designed for providing all types of business communications in a single and easy-to-use application format to small businesses. This will further help to strengthen the Unified Communications portfolio on the one hand and help business management easier for small companies on the other.
- September 2018 – Astro was acquired by Slack for helping about more than 12M Daily Active Users (DAU) and over 100k paid customers by simplifying the job of moving conversations from an email into Slack. The company is planning its strategic acquisition for improving the regular customer experience in terms of slack application.
Some of the key team collaboration software market manufacturers are as follows:
- Cisco System, Inc.
- Microsoft Corporation
- BOX, Inc.
- SMART Technologies ULC
- Slack Technologies, Inc.
- Oracle Corporation
- TeamViewer GmbH
- LogMeIn, Inc.
- IBM Corporation
- Zoom Video Communications, Inc.
- AT&T Intellectual Property
- MindMeld Inc.
- Google (Alphabet Inc.)
- Citrix Systems Inc.
The global team collaboration software market is categorized in the following manner:
Value (USD Billion)
- Task Management
- File Sharing and Synchronization
- Enterprise Social Network
- Professional Services
- Integration and Implementation
- Support and Maintenance
- Training and Education
- Managed Services
By Deployment Type
By Organization Size
- Banking, Financial Services, and Insurance(BFSI)
- IT and Telecommunications
- Retail and Consumer Goods
- Transportation and Logistics
- North America (the U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, and the Rest of Europe)
- Asia Pacific (China, Japan, India, Southeast Asia, and the Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico, Argentina and the Rest of Latin America)