The Global Team Collaboration Software Market to Reach $23.05 Billion by 2028

According to a Triton Market Research report on the global team collaboration software market, it is anticipated that the industry, which accounted for $8.797 billion in 2018, is likely to progress at a CAGR of 10.35% by the year 2028.

A study by Triton Market Research with the title ‘Global Team Collaboration Software Market,’ covers the Global Analysis and Forecast for 2019-2028 by Type (Conferencing Software, Communication & Coordination Software), Deployment (On-premises, Cloud-based), Application (IT & Telecom, Manufacturing, Healthcare, BFSI, Logistics & Transportation, Retail, Education), and by Geographical Region (Asia-Pacific, North America, Middle East and Africa, Europe, Latin America).

A team collaboration tool enables users to address questions quickly, manage tasks efficiently and access shared files. Through these tools, teams with remote employees can ensure that every member is involved and connected.

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According to the report, the global team collaboration software market will reach $28.797 billion by 2028, growing with a CAGR of 10.35% in the projected period from 2019 to 2028. The increased adoption of cloud-based SaaS (Software as a Service) as an efficient platform to integrate dispersed teams together is the basic driver of the growth of the team collaboration market. In addition, the growing adoption of high-quality video conferencing and their declining cost is also driving the global market growth.

However, the huge cost of proper network infrastructure and the rising security concerns regarding sensitive data and credential breaches are impeding the growth of the global team collaboration software market.
According to type, the market is segmented into two parts, conferencing software and communication & coordination software. Based on deployment, the team collaboration software market is segmented as on-premise and cloud-based. While based on the application, it is divided into IT & telecom, manufacturing, healthcare, BFSI, logistics & transportation, retail and education.

As per the regional landscape, Asia-Pacific is anticipated to be the fastest-growing region for the team collaboration software market in the forthcoming years. The growth of the logistics industries in China, Australia and ASEAN countries is expected to increase the application of collaboration tools in the market, thereby impacting the growth rate positively.

Similarly, Europe is expected to be the largest market for team collaboration with the highest revenue. Cloud computing has been gaining traction in Russia for the past decade. Not only the big players but the small and medium enterprises are also adapting to cloud services. The growing adoption of cloud technology is likely to boost the regional market growth.

Few companies engaged in the team collaboration software market are Asana Inc, International Business Machines Corporation, Microsoft, Oracle, Slack Technologies Inc, Blackboard Inc, Cisco Systems Inc, Citrix Systems Inc, Open Text Corporation, Adobe Systems Incorporated, AT&T Intellectual Property and Avaya Inc.

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Question & Answer: Team Collaboration Software Market

Question 1: What are the factors driving the growth of the global team collaboration software market growth?
Answer: The increased adoption of cloud-based SaaS (Software as a Service) as an efficient platform to integrate dispersed teams together is the basic driver of the growth of the team collaboration market. In addition, the growing adoption of high-quality video conferencing and their declining cost is also driving the global market growth.

Question 2: Which factors are impeding the growth of the global team collaboration software market?
Answer: The huge cost of proper network infrastructure and the rising security concerns regarding sensitive data and credential breaches are impeding the growth of the global team collaboration software market.

Question 3: How are the Asia-Pacific and Europe influencing the team collaboration software market outlook?
Answer: As per the regional landscape, the Asia-Pacific is anticipated to be the fastest-growing region for the team collaboration software market in the forthcoming years. The growth of the logistics industries in China, Australia and ASEAN countries is expected to increase the application of the collaboration tools in the market, thereby impacting the growth rate positively.

Similarly, Europe is expected to be the largest market for team collaboration with the highest revenue. Cloud computing has been gaining traction in Russia for the past decade. Not only the big players, but the small and medium enterprises are also adapting to cloud services. The growing adoption of cloud technology is likely to boost the regional market growth.

Question 4: Which are the companies mentioned in the competitive landscape of the report on the team collaboration software market?
Answer: Few companies engaged in the team collaboration software market are Asana Inc, International Business Machines Corporation, Microsoft, Oracle, Slack Technologies Inc, Blackboard Inc, Cisco Systems Inc, Citrix Systems Inc, Open Text Corporation, Adobe Systems Incorporated, AT&T Intellectual Property and Avaya Inc.

Related Report:
Global Cloud Collaboration Market

The global cloud collaboration market is anticipated to exhibit revenue growth at $110.51 billion by 2028, with a CAGR of 14.75% in the forecasting years 2019-2028.

The workplaces across the world are witnessing an increased adoption of BYOD (bring your own device) policies. These changing trends and increased mobility are the basic drivers of the growth of the global cloud collaboration market. In addition, the ever-increasing need for workforce productivity and the need for frequent interaction are other factors driving the global market.

Lower capital expenditure requirements, as there is no need for investment in hardware components, is an added benefit to the market growth. Faster deployment of the cloud contact center is also a marketing opportunity. Moreover, the increasing demand for cloud-based solutions, owing to their benefits over conventional methods, is aiding the growth of the global cloud collaboration market.

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