Collaboration Tools Market Expected to Expand at a Steady CAGR through 2026

Collaboration tools are designed to facilitate and handle group work involved in a certain task to achieve desired goal. It enables sharing, processing and management of files, documents and other data types among co-workers internally and externally which include business partners, employees, consultants and customers. This results into effective team collaboration in an enterprise or across enterprises depending on the workflow processes. Collaboration tools are integrated on a platform making it a category of business software. It includes an interface where each user creates a workspace and adds data to it and any changes made to it are synced across, which is accessible by all other users regardless of their location.

Collaboration tools integrate three crucial elements which are people, process and technology. These tools help in achieving productivity, innovation and efficiency. Main features of collaboration tools include communication, conferencing, and coordination.

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Collaboration Tools Market: Drivers and Restraints

Rise of social networking, digital transformation, and cloud and mobile computing are the most important and key drivers of collaboration tools market. User access controls and effective knowledge pooling resulting in employee engagement and better productivity are also some factors resulting in growth of collaboration tools market. Better connectivity among stakeholders due to collaborative solutions is also an important driver for this market.

Data security concerns, uncertainty while implementing the tool for appropriate collaboration of work and employees and slow adoption rate are some challenges faced by collaboration tools market.

Collaboration Tools Market: Segmentation

The collaboration tools marketcan be segmented on the basis of deployment type, solution, end-user enterprise size, end-user industry vertical and region wise. On the basis of deployment it is further segmented as on-premise and off-premise and hybrid. On the basis of solution it is further segmented into email, application sharing, web services, management processes and others.

End-user enterprise size category, includes SME’s and large enterprises. On the basis of industry verticals it is further segmented as BSFI, IT and Telecommunications, Transportation and Logistics, Manufacturing, Government and Defence, E-commerce, Healthcare, Energy and Utilities, Retail, Media and Entertainment and Others. Region wise collaboration tools marketis further segmented into key regions such as North America, Latin America, Asia-Pacific, Europe and Middle East and Africa.

Collaboration Tools Market: Regional Overview

North America is the biggest market for collaboration tools market and expected to dominate in future owing to rise in adoption of cloud technology, particularly in USA and Canada. Latin America along with Europe is also showing potential growth in collaboration tools market owing to technological innovation and gain competitive advantage. Collaboration tools market in Asia-Pacific and Middle East region is also growing at a considerable rate as organisations are focusing on better customer experience.

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Collaboration Tools Market: Key Players

Microsoft Corporation, Cisco Systems, Inc., Citrix Systems, Inc.,Oracle, IBM Corporation, Atlassian,Box Inc., Google, Inc., Intralinks, Inc., Dropbox, Inc., Slack Technologies, Inc, Igloo Software, Jive Software, VMware, Inc, Polycom, Inc.,Hewlett-Packard Development Company,andSurveyMonkey are some of the key players in collaboration tools market

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This release was published on openPR.