USD 23.75 billion
Global Team Collaboration Software Market Size, Share, Growth Analysis, By Deployment(Cloud, and On-premise), By Software Type(Conferencing Software, and Communication & Coordination Software), By Application(Manufacturing, BFSI) - Industry Forecast 2024-2031
Report ID:
SQMIG45E2139 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|
Tables:
92 |
Figures:
76
Global Team Collaboration Software Market Insights
Global Team Collaboration Software Market size was valued at USD 23.75 billion in 2022 and is poised to grow from USD 26.01 billion in 2023 to USD 53.75 billion by 2031, growing at a CAGR of 9.50% during the forecast period (2024-2031).
The market's promising growth prospects may be attributed to the shift in the contemporary work environment and the growing requirement to adopt efficient team collaboration methods across organizations. COVID-19 restrictions and lockdowns forced enterprises around the world to use the remote working paradigm in 2020, increasing demand for software that allows teams to collaborate for virtual communication.
The demand for solutions for collaboration and smart meeting spaces in offices is projected to stay robust following the epidemic, as organizations seek to adopt alternate work practices. Leading market companies are proposing innovative solutions to foster active collaboration and engagement among workers. For example, the company Zoom Video Communications created an online show-floor Expo for Video Events in January 2022, giving organizations more options to engage with participants. The 2D virtual area allows users to roam around a virtual persona and engage with sponsors, participants, or other users.
Additionally, the market benefits from the incorporation of innovations like artificial intelligence (AI) and teamwork solutions, which simplifies automation and increases communication within an organization. AI has the ability to improve the accuracy of chat rooms and voice aides and aid in real-time message translation. It can also enhance the sophisticated collaboration capabilities of developing conversational workplace platforms such as Cisco Spark, Slack, Teams by Microsoft, Workplace by Facebook, Inc, and Watson by IBM.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Cloud
Fastest Growth
Cloud
Growth Rate
9.50% CAGR
Global Team Collaboration Software Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
Global Team Collaboration Software Market By Deployment 2022-2030 ($ Bn)
Global Team Collaboration Software Market By Deployment 2022-2030 (%)
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Global Team Collaboration Software Market Segmental Analysis
The global team collaboration software market is segmented based on deployment, software type, application, and region. In terms of deployment, the market is segmented into cloud and on-premise. Based on software type, the market is segmented into conferencing software and communication & coordination software. Based on application, the market is segmented into manufacturing, BFSI, IT & telecom, retail, healthcare, logistics & transportation, and education. Regionwise, the global team collaboration software market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Team Collaboration Software Market Analysis by Deployment
The cloud category is predicted to dominate the market & increase at a CAGR of roughly 14.0% over the forecast period. This might be attributable to the growing demand for cloud-based tools for efficient teamwork across organizations, as the number of individuals working remotely grows. Furthermore, these cloud platforms enable mobile access to collaborative tools. They also have enhanced functions, such as the ability to record events for later viewing.
The COVID-19 epidemic has been instrumental in pushing the use of cloud-based communication technologies, such as messaging apps and video conferencing capabilities, to enable efficient communication among enterprises while employees work remotely. Remote teams can also use cloud-based solutions to optimize their corporate processes and oversee projects of any size.
Team Collaboration Software Market Analysis by Software Type
The conferencing software market is expected to grow at the quickest rate of more than 10% between 2023 and 2030. This could be attributed to the increasing usage of internet conferencing as the primary mode of communication within enterprises. In recent years, several platforms, notably Microsoft Teams or Google Workspace, have gained substantial popularity as the go-to options for organizing virtual meetings. By facilitating enterprise-wide, real-time, and online communication, these technologies have aided in the digital transformation of workplaces.
The Software as a Service (SaaS) paradigm enables organizations to easily install conferencing systems, supporting ongoing innovation and improving collaboration capabilities. The SaaS distribution model has drastically converted team communication tools into stand-alone applications, resulting in faster reaction times and fewer system failures.
Global Team Collaboration Software Market By Deployment 2022 (%), 2023 (%)
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Global Team Collaboration Software Market Regional Insights
North America held dominance in 2022 with 33% market share, owing to the region's growing adoption of online meeting solutions as well as collaboration portals. Furthermore, simple access to fast internet, which is required for operating freelance models, is projected to help the regional market's growth prospects. The industry is likely to benefit from the strong presence of numerous prominent market players, including Microsoft, Cisco Systems, a subsidiary, and Asana.
Asia Pacific accounted for over 22.0% of total revenue due to increased enterprise digitization & the creation of high-speed internet connections in the region. As a result of such improvements, firms are being pushed to deploy software for teamwork in order to maximize their workforce and foster effective employee connection. In India, Microsoft Teams Starter will become available in December 2021. This solution was developed to give a low-cost, competent team solution, especially to benefit small businesses.
Global Team Collaboration Software Market By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
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Global Team Collaboration Software Market Dynamics
Team Collaboration Software Market Drivers
Increasing Remote Work
- The rise of remote work and distributed teams has created a greater need for effective collaboration tools. Team collaboration software enables seamless communication and collaboration among team members regardless of their physical location, driving its adoption.
Growing Adoption of Cloud Technology
- The widespread adoption of cloud computing has facilitated the development and deployment of team collaboration software. Cloud-based collaboration tools offer scalability, flexibility, and accessibility, making them attractive to businesses of all sizes.
Team Collaboration Software Market Restraints
Integration Challenges
- While integration with other business applications is a driver, it can also be a restraint. Integrating team collaboration software with existing systems and workflows can be complex and time-consuming, particularly in organizations with legacy infrastructure.
Security and Data Privacy Concerns
- As team collaboration software involves sharing sensitive business information, organizations have concerns about data security and privacy. The risk of data breaches and unauthorized access to confidential information can deter some organizations from adopting team collaboration software.
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Global Team Collaboration Software Market Competitive Landscape
The market's top players are working on producing novel collaboration software in order to acquire a wider client base and achieve a competitive advantage. For example, work management system provider Asana announced Asana Flow in February 2022, a comprehensive suite of tools that businesses can utilize to develop, run, and improve their workflows. The growing number of such innovative offers is likely to boost market growth over the forecast period.
Team Collaboration Software Market Top Player’s Company Profiles
- Zoom
- Google Meet
- Asana
- Trello
- Monday.com
- Atlassian Corporation Plc
- Basecamp
- Wrike
- Airtable
- Notion
- Samepage
- Flock
- Chanty
- Mattermost
- Twist
- Rocket.Chat
- Ryver
Team Collaboration Software Market Recent Developments
- In March 2021, Microsoft Teams announced new features, including end-to-end encryption for one-to-one calls, the ability to add custom gallery views, and the integration of Teams with Microsoft Viva, a platform for employee experience.
- In November 2021, Slack introduced Slack Huddles, a new feature that allows teams to hold impromptu audio conversations within Slack channels.
Global Team Collaboration Software Key Market Trends
- Increased Demand for Remote Collaboration Tools: The COVID-19 pandemic has led to a significant increase in remote work, which has driven the demand for team collaboration software. Businesses are seeking tools that can enable their employees to communicate and collaborate effectively, regardless of their location.
- Integration with Other Business Applications: To enhance productivity and streamline workflows, team collaboration software providers are integrating their solutions with other business applications. This integration allows users to access and share information from different tools within a single platform, reducing the need for context switching and improving efficiency.
- AI-powered Collaboration Tools: With the advancements in artificial intelligence, team collaboration software providers are incorporating AI capabilities into their solutions. This includes features such as natural language processing for chatbots, automated task management, and personalized recommendations based on user behavior.
- Focus on Security and Compliance: As team collaboration software becomes increasingly critical for business operations, there is a growing focus on security and compliance. Providers are investing in advanced security features, such as end-to-end encryption and multi-factor authentication, to protect user data and prevent unauthorized access.
- Increased Adoption of Video Conferencing: Video conferencing has become an essential part of team collaboration, particularly in the remote work era. Providers are offering advanced video conferencing capabilities, such as virtual backgrounds, noise cancellation, and real-time transcription, to enhance the user experience.
Global Team Collaboration Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global team collaboration software market, the shift in the contemporary work environment and the growing requirement to adopt efficient team collaboration methods across organizations are the key growth drivers. The rise of remote work and distributed teams has created a greater need for effective collaboration tools. Team collaboration software enables seamless communication and collaboration among team members regardless of their physical location, driving its adoption. Video conferencing has become an essential part of team collaboration, particularly in the remote work era. Providers are offering advanced video conferencing capabilities, such as virtual backgrounds, noise cancellation, and real-time transcription, to enhance the user experience.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 23.75 billion |
| Market size value in 2031 | USD 53.75 billion |
| Growth Rate | 9.50% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Team Collaboration Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Team Collaboration Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Team Collaboration Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Team Collaboration Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Team Collaboration Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Team Collaboration Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Team Collaboration Software Market Report Snapshots
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