Pune, Oct. 09, 2020 (GLOBE NEWSWIRE) — The global team collaboration software market is set to gain impetus from the increasing trend of bring-your-own-device (BYOD) in various small and medium-sized enterprises (SMEs). It helps in lowering the initial infrastructure costs that tend to limit early development. This information is given by Fortune Business Insights™ in a new report, titled, “Team Collaboration Software Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, Services), By Deployment (Cloud, On-Premises), By Enterprise Size (SMEs, Large Enterprises), By End-User (Banking, Financial Services and Insurance (BFSI), IT and Telecommunications, Manufacturing, Retail and Consumer Goods, Healthcare, Transportation and Logistics, Education, Others), and Regional Forecast, 2020-2027.” The report further mentions that the market size was USD 13.44 billion in 2019 and is projected to reach USD 35.71 billion by 2027, exhibiting a CAGR of 13.2% during the forecast period.
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COVID-19: Work from Home Initiative to Help Market Generate More Shares
In April 2020, Vyopta Incorporated published a blog that showcases that the number of participants joining online meetings increased by 3 times, as compared to January. This proves that the emergence of COVID-19 pandemic is compelling companies to adopt the software solutions for promoting the work from home culture. Some of the software providers, such as Zoom, are exhibiting high growth owing to the complete lockdown measures set by the regulatory agencies. We are providing extensive analysis of the current scenario of this market.
This Report Answers the Following Questions:
- Which region is expected to lead the market?
- Will the COVID-19 pandemic affect the market severely?
- What are the current industry developments in the market?
- How will team collaboration software providers boost the customer base?
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Drivers & Restraints-
Need to Surge Productivity & Improve Security will Bolster Demand
Team collaboration software solutions provide a wide range of benefits to organizations, such as enhanced security, increased productivity, and reduced costs. They also help virtual teams to work together across firms, functions, and geographies to accelerate innovation and efficiency. Therefore, several organizations are rapidly inclining towards advanced solutions from conventional communication techniques to create holistic collaboration strategies. However, these tools may open an insecure channel that can attract ransomware or malicious codes. This factor may hamper the team collaboration software market growth in the near future.
BFSI Segment to Grow Significantly Stoked by High Demand from Policy Makers & Influencers
Based on end-users, the banking, financial services and insurance (BFSI) segment earned 17.5% in 2019 in terms of team collaboration software market share. This growth is attributable to the increasing demand for such software solutions among influencers and policy makers to engage in discussions and meetings for strategizing successful banking systems.
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Rising Number of Smartphone Users to Augment Growth in Asia Pacific
In 2019, North America held USD 5.65 billion in terms of revenue. The stable economic growth and rising technological advancements in the region would aid growth. At the same time, the increasing usage of this software for efficiently carrying out project activities and improving internal team communications in the region is anticipated to bolster growth. Asia Pacific, on the other hand, is expected to show a high CAGR in the near future. This growth is attributable to the presence of numerous smartphone users in the region, as well as the availability of cloud service providers.
Key Companies to Develop New Team Collaboration Software for Intensifying Competition
The market includes several companies that are focusing on the strategy of innovative product launches to cater to the high consumer demand. Some of them are trying to invest in research and development activities as well. Below are two latest industry developments:
- June 2020: Slack Technologies, Inc. launched Slack Connect, a set of technologies that would refine the company’s real-time communications collaboration platform across 20 businesses.
- January 2020: Citrix Systems, Inc. introduced its next-generation service called Citrix® Analytics for Performance. It would help IT administrators to detect performance issues and address them proactively to provide a smooth experience.
List Of Key Companies Profiled In Team Collaboration Software Market Are
- Airtable (California, United States)
- Amazon Chime (Amazon Web Services, Inc.) (Washington, United States)
- Asana, Inc. (California, United States)
- AT&T, Inc. (Texas, United States)
- Basecamp LLC (Illinois, United States)
- Bluebeam, Inc. (California, United States)
- BOX, Inc. (California, United States)
- Chatter (Salesforce.com, Inc.) (California, United States)
- Cisco System, Inc. (California, United States)
- Citrix Systems, Inc. (Florida, United States)
- Flock FZ-LLC (Mumbai, India)
- Fuze, Inc. (Massachusetts, United States)
- Google LLC (Alphabet Inc.) (California, United States)
- IBM Corporation (New York, United States)
- Jostle Corporation (Vancouver, Canada)
- Kintone Corporation (California, United States)
- LiquidPlanner, Inc. (Washington, United States)
- LogMeIn, Inc. (Massachusetts, United States)
- Microsoft Corporation (Washington, United States)
- MindMeld, Inc. (California, United States)
- monday.com (Tel Aviv-Yafo, Israel)
- Nomadesk NV (Belgium)
- nTask (California, United States)
- Open Text Corporation (Waterloo, Canada)
- Oracle Corporation (California, United States)
- Slack Technologies, Inc. (California, United States)
- SMART Technologies (Calgary, Canada)
- TeamViewer GmbH (Göppingen, Germany)
- Trello (Atlassian Corporation Plc) (Sydney, Australia)
- Wrike, Inc. (California, United States)
- Zoom Video Communications, Inc. (California, United States)
Quick Buy – Team Collaboration Software Market Research Report:
Detailed Table of Content:
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Team Collaboration Software Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Component (Value)
- Web Conferencing
- Task Management
- File Sharing and Synchronization
- Enterprise Social Network
- Others (Unified Messaging, Portals, Etc.)
- Integration and Implementation
- Training and Education
- Support and Maintenance
- By Deployment (Value)
- By Enterprise Size (Value)
- By End-User (Value)
- IT and Telecommunications
- Retail and Consumer Goods
- Travel and Transportation
- Others (Government, Energy and Utilities, Etc.)
- By Region (Value)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
- By Component (Value)
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