Team Collaboration Software Market Players: Blackboard, Inc., Cisco Systems, Inc., Citrix Systems, Inc., And Google Llc

 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.


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. Besides, these cloud platforms offer flexibility to access collaborative tools through smartphones. 
  • The COVID-19 pandemic has played a crucial role in promoting the deployment of cloud-based communication tools, such as instant messaging software and video conferencing tools, to enable effective communication across businesses while the employees work remotely. Cloud-based platforms equally allow remote teams to streamline their business operations and manage projects of all sizes.

 

Based on the 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. Several platforms, such as Microsoft Teams and Google Workspace, have gained massive traction as the go-to tools for conducting virtual meetings in the past few years. 
  • The adoption of the Software as a Service (SaaS) model enables enterprises to conveniently deploy conferencing solutions, promoting continuous innovation and enhancing collaborative capabilities. The SaaS delivery model has significantly transformed team collaboration software into independent applications, mitigating slower response times and leading to lesser system failures.

 

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. Several government initiatives in this area are supporting the growth of the segment. For instance, in February 2022, the Department of Health and Human Services (HHS) announced that it would allocate nearly USD 55 million to provide healthcare to the underserved population through virtual care technologies such as remote patient monitoring, telehealth, and digital patient tools and health information tools.
  • 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 can help retailers with multiple locations or channels improve communication through voice communication, Instant Messaging (IM), and contact center channels.

 

Team Collaboration Software Regional Outlook

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

 

Key Companies Profile & Market Share Insights

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. For instance, in February 2022, work management platform provider Asana released Asana Flow, a complete range of solutions that businesses can use to build, run, and enhance their workflows. The increasing number of such new offerings is expected to favor the growth of the market during the forecast period. 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.

 

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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