The Global Team Collaboration Tools Market is expected to grow with a CAGR of 18.2% over the forecast period.
Global Team Collaboration Tools Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2021-2028: Soaring adoption of 5G and cloud technologies is one of the forefront factors anticipated to drive the growth of the Global Team Collaboration Tools Market.
Team collaboration tools are a platform that allows users to communicate quickly, respond to questions and inquiries, access shared information and files, and keep track of projects. This enables customers to conduct collaborative meetings, conversations, and discussions, as well as company security, enforcement, and additional storage, and it can be utilized by any size firm. These tools not only help to improve communication and productivity but also leads to more innovation. With its broad beneficial aspects, team collaboration tools are broadly used in diverse industries like healthcare, IT, retail, and many other industries.
The outbreak of Covid-19 forced some firms to revise their IT strategies as a top concern. To combat the threat of coronavirus, a considerable number of businesses have created work-from-home programs for their employees. Business travels are being cancelled, and firms are increasingly relying on audio and video conferencing, as well as other data-sharing platforms. Such interactive collaboration tools, by making communication safe and cost-effective, would not only assist in addressing this ongoing issue, but will also boost productivity in the long run. Although the virus's destruction has harmed the stock prices of many companies, certain software vendors, such as Zoom, have seen their stock prices soar significantly.
The team collaboration tools market is segmented on the basis of deployment, organization size and region & country level. Based on deployment, the global team collaboration market is classified into cloud and on-premise. On the basis of organization size, the global market is divided into small and medium enterprises and large enterprises.
The Key players in the global team collaboration tools market include
On May 24th, 2022; Microsoft introduced Live Share, a new capability for developers that allows them to create collaborative software experiences within Teams sessions. Live Share is designed to take advantage of a Teams call's inherent real-time nature in ways that weren't previously feasible. It's built on top of Microsoft Azure technologies that make putting together a collaborative app a lot easier.
On April 13th, 2022; Oracle, enterprise technology giant released Oracle ME, a new employee experience software platform aimed at assisting organizations enhance employee engagement and augment satisfaction by making personalized, immersive experiences.
Advent of 5G delivery model has boosted the adoption of team collaboration tools among businesses manifold. 5G has been a far-off concept that increase mobile network capacity by a factor of up to 100. Employees will be able to work from their preferred mobile devices thanks to 5G, bringing the mobile work experience up to level with that of consumers. Hence, large number of networks seen in many countries is 5G. As per GSM Association, in Greater China, 29% of connections were 5G in 2021 compared to North America at 13%. 5G connectivity is expected to benefit collaboration and cloud communications technologies the most. According to the Cisco Mobile Visual Networking Index (VNI) Forecast for 2019, 5G will serve 3% of global mobile devices and account for 12% of global mobile data traffic by 2022. By 2022, the average 5G connection will generate almost 3X the amount of traffic as a 4G connection. As a result adoption of 5G is dramatically changing the demand for team collaboration tools. Future 5G deployments can enhance digital workspaces with better data speeds and lower latency, and are ultimately boosting the performance of enterprise applications, as collaboration apps become more popular.
In addition, increasing adoption of cloud-based Software as a Service (SaaS) is another aspect responsible for the growth of team collaboration tool market. Software services are becoming increasingly important as the workplace evolves around the world. Globalization and digitization are leading activities that are rapidly spreading the Software as a Service (SaaS) concept. With the disruption of day-to-day business operations caused by the Coronavirus, SaaS-based models have seen a surge in adoption in 2019-2020. ProofHub, for example, is a team communication solution offered by ProofHub LLC that is placed on the cloud and provides a simplified experience with a simple job management system. The ability of cloud deployment strategies to minimize IT infrastructure expenses and training costs is encouraging the widespread adoption of this approach. Furthermore, cloud deployment ensures the distant task force's operational flexibility, allowing them to access data from any location at any time. The ease with which cloud systems can be implemented provides users with a competitive advantage over their peers, as well as tremendous development prospects. In the next years, cloud-based SaaS models are projected to fuel market expansion. However, risks of cyber security attacks and loss of important data may hinder the growth of the team collaboration tools market. On the contrary, the integration of modern technologies in team collaboration software is expected to expand the market for team collaboration software.
North America is expected to dominate the global team collaboration tools market owing to high number of players operating in the region. In addition, market players are introducing innovative collaboration software with addition in the existing software in this region. For example; many players such as Slack Technologies, Inc., Oracle Corporation, IBM Corporation, and others are hugely investing in the team collaboration software market. Such many technological advancements and investment in team collaboration tools are drastically escalating the market revenue in this region.
The Asia Pacific is predicted to be the fastest expanding region in the global market. Increased investments in modern technology, the availability of cloud service providers, and the vast number of smartphone users in the region are all contributing to the market growth. Rapid industrialization in countries like India and Japan emphasizes the significance of establishing effective team coordination systems. In addition, improved government efforts such as Make in India and Startup India, as well as the 2018 immigration reform passed in Japan, would help growth. Furthermore, the growing trend of bringing your own device (BYOD) among organizations would boost the market growth in this region.
Middle East and Africa
|2018 - 2021
|2021 - 2028
|Market Size in 2021:
|USD XXX Million
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD XXX Million
|Tables, Charts & Figures:
|Team Collaboration Tools Companies
|Citrix Systems Inc., Slack Technologies, Inc., Oracle Corporation, IBM Corporation, AT&T Intellectual Property, Cisco System, Inc., Microsoft Corporation, Google (Alphabet Inc.), BOX, Inc., TeamViewer GmbH, and others.
|By Deployment, By Organization Size
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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