Team Collaboration Software Market to Witness Growth at a CAGR of 9.5% from 2022-2030

Posted on 2022-06-30 by researchinsights in Software // 0 Comments

San Francisco, California , USA, June 30, 2022 — /EPR Network/ —

Team Collaboration Software Industry Overview

The global team collaboration software market size is anticipated to reach USD 56.67 billion by 2030, exhibiting a CAGR of 9.5% during the forecast period, according to a new report published by Grand View Research, Inc. The promising growth prospects of the market can be credited to the increasing adoption of communication and conferencing solutions across businesses to collaborate, brainstorm, and share content.

Amid the COVID-19 pandemic, numerous companies have transitioned to the remote working culture and rely chiefly on video conferencing solutions for team collaboration. The demand for these solutions is expected to increase further in the near future, as several organizations are willing to consider a hybrid working model even after the pandemic.

The heightened demand for collaborative solutions has encouraged industry players to provide affordable and technologically advanced video conferencing solutions. This has facilitated the large-scale deployment of these solutions across several organizations. For instance, in March 2021, Avaya Inc. introduced new features to its Workstream collaboration platform Spaces to cater to the rising demand for a hybrid remote working model. The new artificial intelligence-based collaborative meetings platform offers simple, integrated video and voice calling and can transform the existing on-premise calling technology.

The advent of virtual collaboration solutions based on Augmented Reality (AR) and Virtual Reality (VR) is expected to boost the market growth during the forecast period. Several market players have started offering these solutions owing to their increased popularity. For instance, in October 2021, WebexOne by Cisco Systems, Inc. released the preview of its next-generation hybrid work collaboration product Webex Hologram. This new tool is the industry’s first real-time meeting solution that leverages AR headsets to integrate Webex meeting functionality with immersive 3D holograms.

Team Collaboration Software Market Segmentation

Grand View Research has segmented the global team collaboration software market based on deployment, software type, application, and region:

Based on the Deployment Insights, the market is segmented into Cloud and On-premise.

The cloud segment is expected to dominate the market and expand at a CAGR of nearly 14.0% during the forecast period. This can be attributed to the increasing demand for cloud-based platforms for effective team collaboration across enterprises, in light of the rising number of people working remotely.

Based on the Software Type Insights, the market is segmented into Conferencing Software and Communication & Coordination Software.

The conferencing software segment is expected to witness the fastest growth rate of over 10.0% from 2022 to 2030. This can be attributed to the increasing usage of web conferencing as the primary means of communication across organizations.

Based on the Application Insights, the market is segmented into Manufacturing, BFSI, IT & Telecom, Retail, Healthcare, Logistics & Transportation and Education.

The healthcare segment is expected to expand at a CAGR of nearly 14% from 2022 to 2030. Clinicians are increasingly utilizing innovative communication and collaboration tools for real-time data sharing between departments and securely managing workflows from remote locations.
The retail segment is estimated to record a valuation of over USD 13.0 billion by 2030, owing to the increasing demand for comprehensive collaboration software for real-time data sharing, employee engagement, and the exchange of news, feedback, and ideas.

Team Collaboration Software Regional Outlook

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Key Companies Profile

The major players in the market are focusing on developing innovative collaboration software to attract a larger customer base and gain a competitive edge in the market.

Some prominent players in the global Team Collaboration Software market include

Adobe
Asana, Inc.
Avaya Inc.
AT&T, Inc.
Blackboard, Inc.
Cisco Systems, Inc.
Citrix Systems, Inc.
Google LLC
IBM Corporation
Microsoft
OpenText Corporation
Oracle
Slack Technologies, LLC
Zoom Video Communications, Inc.

Order a free sample PDF of the Team Collaboration Software Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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