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Global Team Collaboration Software Market to Reach USD 23.4 billion by 2026, Aided by Cloud-Based Services

According to a new report by EMR titled, ‘Global Team Collaboration Software Market Report and Forecast 2021-2026’, the global team collaboration software industry reached a value of USD 11.1 billion in 2020. The industry is further expected to grow at a CAGR of 13.2% in the forecast period of 2021-2026 to reach a value of around USD 23.4 billion by 2026.

The global team collaboration software market has witnessed significant growth in the historical period owing to the increase in cloud-based services.  The need for cloud-based platforms to effectively share and collaborate, and ensure enterprise-wide seamless communication, is growing as the number of people working remotely increases. Work-from-home trend is gaining traction among small and medium-sized businesses, which is expected to boost the market. Organisations are aggressively pursuing digital transformation strategies to ensure operational flexibility and enhance responsiveness and productivity. In the coming years, the IT and telecommunications industries expect widespread adoption of team collaboration software. This is due to an increase in IT spending by various industries in order to incorporate technological solutions into their operations.  The growing trend among businesses to implement smart meeting rooms has created new market growth opportunities. Corporates can use the latest, innovative technologies to facilitate seamless connectivity, boost productivity, and foster creativity while also gaining a competitive advantage over their competitors. Artificial Intelligence (AI) combined with collaboration tools allows organisations to automate and improve communication.

Service providers have also partnered with other organisations to develop mobility solutions that allow employees to automate work processes from any location, collaborate effectively, and maintain team communication. Cisco Systems Inc. (NASDAQ: CSCO) acquired BabbleLabs, Inc. in May 2020 to help businesses and teams reduce unwanted noise in meetings. Cisco will use BabbleLabs' advanced artificial intelligence (AI) techniques to improve the quality of communications in web conferencing applications because of this acquisition. This will provide further impetus to the market growth.

Market Analysis by Components, Deployment, Software Types, Industry Vertical, and Regions:

  • The components can be divided into software and service. 
  • On-Premises and cloud form the major deployment modes of this market.
  • The software types in the market include conferencing, communication, and co-ordination.
  • Banking, financial services and insurance (BFSI), manufacturing, healthcare, IT and telecommunications, retail and e-commerce, government and defence, media and entertainment, and education, among others are the industry vertical in the market. 
  • The regional markets for team collaboration software include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Development of high-speed data networks is accelerating the growth of the team collaboration software market.
  • The growth can also be attributed to the rapid adoption of web conferencing solutions, communication tools, and collaboration portals.
  • Work-from-home trends due to COVID-19 are gaining traction among small and medium-sized businesses, which is expected to augment the market growth.
  • New technologies such as machine learning, artificial intelligence (AI), virtual reality, and augmented reality is expected to be integrated into various collaboration tools, creating lucrative opportunities for players in the online collaboration software market.

Key Offerings of the report:

  • The EMR report gives an overview of the global team collaboration market for the periods (2016-2020) and (2021-2026). 
  • The report also offers the historical (2016-2010) and forecasted (2021-2026) markets components, deployment, software types, industry verticals, and major regions of team collaboration software.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global team collaboration software industry are Cisco Systems, Inc., Citrix Systems, Inc., Google LLC, International Business Machines Corporation, Microsoft Corporation, and Oracle Corporation, among others.

The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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