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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:
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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.
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