The Global Team Collaboration Software Market size was valued at USD 13.21 Billion in 2022 and is expected to surpass USD 37.83 Billion by 2031, expanding at a CAGR of 12.4% during the forecast period, 2023 – 2031. The growth of the market is attributed to rising need for visual data exchange and digitization.
Team collaboration software uses various types of software and online services available in the company and allows the employees to work together on mutual projects, irrespective of their location. The main aim of team collaboration software is to assign workers in a team and achieve a common goal.
Market Trends, Drivers, Restraints, and Opportunities:
Companies have started understanding the benefits of affordable video conferencing solutions, which in turn, is driving the demand for team collaboration software.
Rising demand among organizations for smart meeting rooms is driving the market.
Rooms furnished with integrated smart control panels improve meeting experiences by combining and simplifying input commands. This is raising the demand for team collaboration software.
Increasing need among employees to gain uninterrupted wireless access to meeting rooms is expected to boost the market.
Organizations are heavily investing in mobile technologies, which can enable anytime, anywhere workforce.
Scope of Team Collaboration Software Market Report
The report on the team collaboration software market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Team Collaboration Software Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Deployments (On-premise and Cloud-based), Software (Communication & Coordination and Conferencing), Applications (IT & Telecom, Retail, BFSI, Manufacturing, Healthcare, Logistics & Transportation, and Education)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
IBM Corporation, Adobe Systems Incorporated, Microsoft Corporation, AT&T, Inc., and Avaya Inc.
Team Collaboration Software Market Segment Insights
The on-premise segment held a major share of more than 55% in 2019
Based on deployments, the global team collaboration software market is bifurcated as on-premise and cloud-based. The on-premise segment is expected to expand at a robust CAGR during the forecast period. The growth of the segment is attributed to secure channels of meeting compliance and low data security issues. On-premise software guarantees less latency in data transfer rates, which in turn, helps organizations in cost effective data management. On-premise software also provides great control on the hardware of the server coupled with flexible customization of storage data.
The cloud-based segment is anticipated to expand at a rapid pace during the forecast period. Growth of the segment is attributed to reduction in IT expenses such as maintenance cost, staff training, and high initial costs. Access to data at anytime from anywhere ensures uninterrupted work operations. This factor is expected to increase the demand in the segment.
The communication & coordination segment held a major share of more than 55% of total revenue in 2019
On the basis of software types, the global team collaboration software market is fragmented as communication & coordination and conferencing. The communication & collaboration segment facilitates real-time data sharing and allows cross-functional teams to stay connected though voice mails, emails, conferencing, and instant messaging. Features such as the ability to track multiple events such as deadlines and meetings are encouraging organizations to opt for the communication & collaboration software.
Increasing trend in the use of Virtual Reality (VR) and Augmented Reality (AR) based software to conduct meetings with remote workforce has increased the demand. The ability to create holograms through these technologies improves presentations and brainstorming sessions as well as generates virtual presence of an individual, which helps in building strong work relationships.
The IT & telecom segment held a key share of the total revenue in 2019
In terms of applications, the global team collaboration software market is segregated as IT & telecom, retail, BFSI, manufacturing, healthcare, logistics & transportation, and education. Increasing acceptance of Unified Communication as a Service (UCaaS) in IT companies to enable effective communication and collaboration is driving the segment growth. Additionally, increasing demand for high quality video conferencing among IT companies is boosting the market.
Increasing demand in the banking sector to digitalize current communication between the staff for efficient output is driving the market. Reduction in communication time between different departments of the bank improves operational performance.
The market in North America held a major share of the global revenue in 2019
Based on regions, the global team collaboration software market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to expand at a rapid pace during the forecast period. Companies in the region are increasing expenditure on IT in order to improve security features such as encryption of end-to-end data transfer and secure access, which in turn, is expected to drive the market.
The market in Asia Pacific is anticipated to expand at a substantial CAGR during the forecast period. Rising demand for integrated connectivity and growing adoption of advanced technology among consumers is estimated to fuel the market.
The global team collaboration software market has been segmented on the basis of
- IT & Telecom
- Logistics & Transportation
- Communication & Coordination
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players in the global team collaboration software market include IBM Corporation, Adobe Systems Incorporated, Microsoft Corporation, AT&T, Inc., and Avaya Inc. Manufacturers have acquired several strategies, such as mergers and acquisitions to increase their market share.