NEWARK, Sept. 26, 2022 (GLOBE NEWSWIRE) — The global team collaboration tools market is forecast to grow from US$18.90 billion in 2021 to US$56.14 billion in 2021, according to the report published by The Brainy Insights 2030, at a CAGR of 12.86% over the forecast period 2022-2030.
Pandemic-related lockdowns led to a move to home office and hybrid work patterns. Businesses have used innovative team collaboration tools to keep their employees productive and efficient. Real-time communication, sharing of digital documents and co-creation are possible with the team collaboration tools. The rich functionality of these products enabled companies to seamlessly manage team communications and project schedules, leading to excellent results.
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The low cost of team collaboration tools has helped ensure their widespread adoption across the enterprise even after the pandemic that will drive the global market. Artificial intelligence, augmented reality, and virtual reality are examples of virtual technologies that are bringing new potential to the team collaboration tools market. The increasing use of augmented reality has enabled the construction of virtual workspaces that mimic physical office spaces, digital twins that mimic users, and a range of other advanced features to encourage virtual collaboration. Advanced technology development through the integration of artificial intelligence will make team collaboration tools more accessible and affordable, lowering the total cost of ownership for companies and providing lucrative business opportunities in the future. The increasing privacy and security concerns will limit the growth of the market. The lack of IT infrastructure in developing and underdeveloped countries will challenge the growth of the market. Technological advances, infrastructure development and strict data security and data protection laws can meet the challenges of the market.
To improve their market positions in the global Team Collaboration Tools Market, the major players are now focusing on adopting strategies such as product innovation, mergers and acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• March 2020 – The Microsoft Teams app for iOS and Android has been updated with new features that are likely to improve the functionality and user experience for all users. While you are in a group conversation or a meeting, the latest version allows you to turn on live subtitles.
Report coverage and details:
|Market size in 2021||$18.90 billion|
|Market size in 2031||$56.14 billion|
|Number of pages in the report||230|
|Covered Segments||Software Type, Deployment Type, Application, Regions|
|driver||Increasing acceptance of team collaboration tools to increase work efficiency|
|occasions||Technological advances in artificial intelligence and augmented reality|
|inhibits||Privacy and Security Concerns|
Market Growth & Trends
The social distancing norms brought about by the pandemic created tremendous opportunities for the market for team collaboration tools. Team collaboration tools allow companies to conduct business meetings, team meetings, brainstorming sessions and other collaborative activities in a virtual and real-time mode. The growing demand for smart connected devices will fuel the growth of the team collaboration tools market. Enhanced access to smart connected devices enables employees to work efficiently from anywhere. The growing bring-your-own-device culture in the corporate world will also drive the growth of the market. Integrating team collaboration tools with bring-your-own-device policies allows the employee to work from anywhere while staying up to date on the project/team’s progress. It also reduces infrastructure costs for the company and contributes to increasing market acceptance. Remote work allows employees flexibility, increases their satisfaction and work efficiency, and ultimately benefits the company.
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• In 2021, the conferencing software segment dominated the market with the largest market share of 57% and a market revenue of 10.77 billion.
The software type segment is divided into conference software and communication and coordination software. In 2021, the conferencing software segment dominated the market with the largest market share of 57% and a market revenue of 10.77 billion.
• The cloud segment is expected to grow at the fastest CAGR of 15.50% over the forecast period.
The deployment type segment is divided into cloud and on-premises. During the forecast period, the cloud segment is expected to grow at the fastest CAGR of 15.50%.
• In 2021, the IT and telecom segment accounted for the largest market share with 32% and a market turnover of 6.04 billion.
The application segment is divided into Retail & E-Commerce, Education, Manufacturing, IT & Telecom, Healthcare, BFSI, Logistics & Transportation, Government & Defense, Media & Entertainment, and others. In 2021, the IT & Telecom segment accounted for the largest market share with 32% and a market revenue of 6.04 billion.
Regional segmental analysis of the team collaboration tools market
• North America (USA, Canada, Mexico)
• Europe (Germany, France, Great Britain, Italy, Spain, rest of Europe)
• Asia Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and the rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region has emerged as the largest market for global team collaboration tools, with a market share of around 37% and a market revenue of 6.99 billion in 2021. Asia Pacific is expected to increase during the forecast period. The Asia Pacific team collaboration tools market has been growing rapidly. Countries like India, China, Japan, Singapore and South Korea dominate the team collaboration tools market. Increasing internet penetration following the telecom boom in the region is helping to develop the regional market. Increasing demand for smart connected devices and improved access to high-speed internet services in the remote parts of the regions will boost the growth of the market over the forecast period. The presence of significant market players and their growing investments in the development of advanced team collaboration tools will also impel the development of the Asia-Pacific market. The region’s exponentially growing IT sectors will contribute to the rising demand and acceptance of the team collaboration tools market.
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Major Players in the Global Team Collaboration Tools Market are:
• IBM Corporation
• Zoom Video Communications Inc.
• Slack Technologies LLC
• Google LLC
• Asana Inc.
• Cisco Systems Inc.
• Citrix Systems Inc.
• Oracle Corporation
This study forecasts global, regional and country sales from 2019 to 2030. The Brainy Insights has segmented the global Team Collaboration Tools Market based on the below mentioned segments:
Global Team Collaboration Tools Market, By Software Type:
• Conferencing software
• Communication and coordination software
Global Team Collaboration Tools Market, By Deployment Type:
• On the premises
Global Team Collaboration Tools Market by Application
• Retail and E-Commerce
• IT & Telecom
• Logistics & Transport
• Government & Defense
• Media & Entertainment
About the report:
The Global Team Collaboration Tools Market is analyzed by value (Billion USD). All segments have been analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each part. The report provides an in-depth analysis of the driving factors, opportunities, restraints, and challenges to gain a critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, commodity analysis, supply and demand analysis, competitive position grid analysis, sales and marketing channel analysis.
About the Brainy Insights:
The Brainy Insights is a market research company that aims to provide companies with actionable insights through data analysis to improve their business acumen. We have a robust forecasting and estimation model to achieve clients’ goals in terms of high quality results within a short period of time. We offer both customized (custom) and syndicated reports. Our repository of syndicate reports is diverse across all categories and subcategories across all domains. Our bespoke solutions are tailored to the needs of customers, whether they are expanding or planning to launch a new product on the global market.
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