Team Collaboration Software Market Future Looks Bright for Market Size with Soaring Projections | AT&T Intellectual Property, Cisco System, Citrix Systems, Google LLC, IBM Corporation, Microsoft Corporation

Team collaboration software provides common features such as messaging, file/document sharing, screen sharing, and many others. These types of software are majorly used in almost all the organizations to help their employee separate conversation from personal chats, which helps to boost productivity and allows an organization to operate transparently. Many team collaboration software have evolved from messaging to video or audio calls. Moreover, many team collaboration software are part of large collaborative platforms that are designed to integrate various other applications in an enterprise environment. On-going COVID-19 pandemic have imposed work-from-home policies across the globe, which in turn is a major factor to drive high adoption of team collaboration software in 2020. Team collaboration software provides coordination of cross-continent teams which helps achieve transparency in mode of communication in an organization.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments' success, ICT vendors now annually set aside funding for the growth of the online market. Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%.

Moreover, rise in demand for collaborative platforms that improve the workflow efficiencies is driving the team collaboration software market. As these platforms streamline and improve communication as employees work from a shared system, and positively impact the external relationships as the information is recorded and edited in a central system. Some of the other factors expected to boost the growth of the team collaboration software market include increase in adoption of cloud-based Software as a Service (SaaS), growing shift toward virtual businesses due to COVID-19 pandemic, and growing popularity of team collaboration software to reduce administration and maintenance cost. However, lack of IT infrastructure in developing regions could hamper the market growth to a certain extent. Contrary, integration of advanced technologies in team collaboration software is expected to create significant revenue growth opportunities for players operating in the global market.

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The team collaboration software market is segmented on the basis of component, deployment, software type, industry vertical, and region. On the basis of component, it is categorized into software and service. On the basis of deployment, it is classified into on-premise and cloud. By software type, it is bifurcated into conferencing and communication and co-ordination. Depending on industry vertical, it is divided into BFSI, manufacturing, healthcare, IT & telecommunications, retail & e-commerce, government & defense, media & entertainment, education, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the current & future trends of the market to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the global team collaboration software market share is provided.
- Porter's five forces analysis illustrates the potency of the buyers and suppliers operating in the team collaboration software industry.
- The quantitative analysis of the market from 2019 to 2027 is provided to determine the market potential.

KEY MARKET PLAYERS
- AT&T Intellectual Property
- Cisco System Inc.
- Citrix Systems Inc.
- Google LLC
- IBM Corporation
- Microsoft Corporation
- MindMeld Inc.
- Oracle Corporation
- Slack Technologies, Inc.
- SMART Technologies ULC

KEY MARKET SEGMENTS
By Component

- Software
- Service

By Deployment Mode
- On-Premise
- Cloud

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By Software Type
- Conferencing
- Communication and Co-ordination

By Industry Vertical
- BFSI
- Manufacturing
- Healthcare
- IT & Telecommunications
- Retail & E-commerce
- Government & Defense
- Media & Entertainment
- Education
- Others (Travel & Hospitality, Oil & Gas, and Energy & Utilities)

By Region
- North America
o U.S.
o Canada
- Europe
o Germany
o France
o UK
o Rest of Europe
- Asia-Pacific
o Japan
o China
o India
o Rest of Asia-Pacific
- LAMEA
o Latin America
o Middle East
o Africa

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