Pune, June 09, Jun 09, 2020 (GLOBE NEWSWIRE via COMTEX) -- Pune, June 09, 2020 (GLOBE NEWSWIRE) -- The global team collaboration software market size is prognosticated to grow remarkably on account of the advent of digitalization into business worldwide. A Fortune Business Insights(TM) report titled, " Team Collaboration Software Market Size, Share & Industry Analysis, By Component (Solutions, Services), By Solutions Type (Conferencing, Communications, Task Management, File sharing, and Synchronization, and Enterprise Social network), By Deployment Type (On-premise, Cloud), By Organization Size (SMEs, Large Enterprises), By End-User (BFSI, IT and Telecommunications, Manufacturing, Retail and Consumer Goods, Healthcare, Transportation and Logistics, Education and Others) and Regional Forecast, 2019-2026" offers a comprehensive overview of the same.
According to the report, the global team collaboration software market size will be worth USD 18.30 Billion by 2026, exhibiting a CAGR of 10.3%. The report states the market to be valued at USD 8.53 Billion in 2018. As per the current team collaboration software market trends, the communications and IT telecommunications segment will hold a dominant team collaboration software market share on account of the advent of digitalization and the rising adoption of software-as-a-service.
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The Report Offers:
A 360-degree overview of the team collaboration software market
Important Growth drivers, restraints, challenges and opportunities of the market
Key industry developments and notable insights related to team collaboration software market
List of significant players and key strategies adopted by them for attracting more team collaboration software market revenue
Other team collaboration software market trends
Work-from-home and BYOB Trends to Aid in Expansion of Market
The advent of digitalization is the prime factor promoting team collaboration software market growth. Additionally, the rising prevalence of smartphone users, coupled with the advancements in the latest technologies, is further expected to help increase the overall team collaboration software market size in the forecast period. Furthermore, the rising trend of Bring Your Device (BYOB), and Work-from-home culture is further anticipated to help attract more team collaboration software market revenues in the coming years.
Rising Penetration of Smartphones to Help North America Emerge Dominant
From a geographical perspective, the global team collaboration software market is widespread into the following regions, namely Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa. Among these North America earned a dominant team collaboration software market share owing to the stable economic growth, accompanied by the technological developments and rise in penetration of smartphones in and around the region. In 2018, North America earned USD 4.54 billion and this is likely to increase up to USD 9.26 billion by the end of the forecast year.
Launch of New Softwares to Intensify Market Competition
Various team collaboration software market manufacturers are investing time and money into research and development of new software for improving communication among co-workers. For instance, in 2018, Microsoft launched a free version of Microsoft Teams software. This will permit consumers to have collaborative meetings, calls and chats, coupled with enterprise security, compliance, and additional storage. This software can be utilized by all companies irrespective of size. Such innovations are likely to intensify market competition among players and ultimately augment the overall team collaboration software market growth in the forecast period.
Some of the key industry developments in the team collaboration software marketare:
September 2018 - Astro was acquired by Slack for helping about more than 12M Daily Active Users (DAU) and over 100k paid customers by simplifying the job of moving conversations from an email into Slack. The company is planning its strategic acquisition for improving the regular customer experience in terms of slack application.
July 2019 -A new Unified Communications (UC) product, namely Grasshopper Connect, was launched by LogMeln, Inc. This product is designed for providing all types of business communications in a single and easy-to-use application format to small businesses. This will further help to strengthen the Unified Communications portfolio on the one hand and help business management easier for small companies on the other.
List of the key companies in the team collaboration software marketinclude:
Google (Alphabet Inc.)
Citrix Systems Inc.
Slack Technologies, Inc.
Zoom Video Communications, Inc.
SMART Technologies ULC
AT&T Intellectual Property
Cisco System, Inc.
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Detailed Table of Content
Global Team Collaboration Software Market Analysis, Insights and Forecast, 2015-2026
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