According to IMARC Group's latest research report, titled "Team Collaboration Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights into the team collaboration software market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global team collaboration software market size reached US$ 15.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 34.3 Billion by 2028, exhibiting a growth rate (CAGR) of 14% during 2023-2028.
Team Collaboration Software Market Overview:
Team collaboration software helps maximize teamwork effectiveness as it provides a central platform wherein employees can share knowledge, data, and documents to solve particular business problems or complete creative projects together. Its core features comprise document management, powerful search engines, social networking, task management, and smooth user interfaces on any device. This software also delivers numerous advantages, including cost savings, improved productivity, and enhanced security. Therefore, several organizations are incorporating this software into their day-to-day business operations to enable teams to communicate and boost the productivity and growth of the company.
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Team Collaboration Software Market Growth:
The elevating need for this software to make remote work more transparent and effective and maintain business continuity, on account of the growing number of firms adopting remote or hybrid working models, is among the key factors driving the team collaboration software market. Moreover, banks are embedding digital collaboration into process workflows to improve employee productivity, owing to the increasing volume of financial transactions, which is also stimulating the market growth. Besides this, the escalating demand for team collaboration software in the oil and gas industry, as it helps remove the disconnect between teams, save time, enhance safety for ground teams, and identify poor-performing workflows, on account of large amounts of sensitive data being handled, is acting as another significant growth-inducing factor.
Furthermore, the widespread adoption of this software to enable medical workers to communicate and coordinate using mobile or desktop devices is further propelling the global market. Apart from this, the thriving e-commerce industry uses team software in the transportation sector to form a real-time network between suppliers, shippers, and carriers is anticipated to fuel the team collaboration software market in the coming years.
Key Market Segmentation:
Competitive Landscape with Key Players:
- Adobe Inc.
- AT&T Inc
- Avaya Inc.
- Blackboard Inc. (Anthology Inc.)
- Cisco Systems Inc.
- Citrix Systems Inc
- International Business Machines Corporation
- Microsoft Corporation
- Open Text Corporation
- Oracle Corporation
- Slack Technologies LLC (Salesforce Inc.)
- SMART Technologies ULC (Hon Hai Precision Industry Co. Ltd.)
Breakup by Components:
- Solution
- Service
Breakup by Software Type:
- Conferencing
- Communication and Co-Ordination
Breakup by Deployment:
- On-Premises
- Cloud-based
Breakup by Industry Vertical:
- BFSI
- Manufacturing
- Healthcare
- IT and Telecommunications
- Retail and E-commerce
- Government and Defense
- Media and Entertainment
- Education
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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