Team Collaboration Software Market Evaluates to reach $26,493 million by 2027

Rise in adoption of cloud-based software as service (SaaS), major shift toward virtual businesses due to covid-19 pandemic, and increase in popularity of team collaboration software to reduce administration and maintenance drive the growth of the global team collaboration software market.

Moreover, the market across North America region dominated in 2019 with highest market share, and is expected to lead the trail throughout the forecast period.

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According to the report published by Allied Market Research, the global team collaboration software industry was pegged at $9.87 billion in 2019, and is expected to reach $26.49 billion by 2027, at a CAGR of 13.2% from 2020 to 2027.

The team collaboration software market is segmented on the basis of component, deployment, software type, industry vertical, and region. Based on deployment mode, the cloud segment held the highest market share with nearly three-fifths of the global market revenue in 2019 and is anticipated to lead by the end of 2027. Additionally, the segment is also expected to showcase the fastest CAGR of 14.3% throughout the forecast period.

Based on software type, the communication and co-ordination segment dominated the market with more than half of the global market share in 2019, and is expected to maintain its dominance by 2027.However, the conferencing segment is projected to portray the fastest CAGR of 14.8% throughout 2027.

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Based on geography, North America garnered the highest share in 2019, generating nearly two-fifths of the global team collaboration software market.

The factor that North American players are introducing innovative collaboration software with addition in the existing software drives the market growth. Simultaneously, Asia-Pacific would manifest the fastest CAGR of 17.9% during the study period, owing to high number of players operating in the region.

The major market players profiled in the report include IBM Corporation, Microsoft Corporation, MindMeld Inc., Oracle Corporation, Slack Technologies, Inc., SMART Technologies ULC, AT&T Intellectual Property, Cisco System Inc., Citrix Systems Inc., and Google LLC.

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Impact of Covid-19 on Team collaboration Software Market:

• The demand for team collaboration software has increased during the pandemic thereby augmenting the market growth.

• The prolonged lockdowns and restrictions have further fueled the adoption of team collaboration software market.

Key Benefits For Stakeholders:

• This study includes team collaboration software market trends, opportunity, analysis, and future estimations to determine the imminent investment pockets.

• The report presents information related to key drivers, restraints, and opportunities of the team collaboration software industry.

• The team collaboration software market share is quantitatively analyzed from 2019 to 2027 to highlight the financial competency of the industry.

• Porter's five forces analysis illustrates the potency of the buyers & suppliers in the team collaboration software market.

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