The global team collaboration software market size was USD 8.53 Billion in 2018 is projected to reach USD 18.30 Billion by 2026, exhibiting a CAGR of 10.3% during the forecast Period. Increasing shift towards an online platform to fuel demand in the global Team Collaboration Software market. The market has been witnessing the development of new technology. Fortune Business Insights has announced publishing of a report, titled “Team Collaboration Software Market Size, Industry Share and Growth Rate 2019-2026”.
Top Players Overview:
Some of the leading players operating in the global Team Collaboration Software Market include;
- Mitel Networks Corp.
- Avaya Inc.
- Comindware Inc.
- AT & T
- Blackboard Inc.
- AudioCodes Limited
- Citrix Systems Inc.
Integration of internet of things with the system is a major factor anticipated to fuel the demand in the market during the forecast period 2018-2025. Additionally, the rising adoption of e-financial services is expected to boost the global market.
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Work-from-home and BYOB Trends to Aid in Expansion of Market
The advent of digitalization is the prime factor promoting team collaboration software market growth. Additionally, the rising prevalence of smartphone users, coupled with the advancements in the latest technologies, is further expected to help increase the overall team collaboration software market size in the forecast period. Furthermore, the rising trend of Bring Your Device (BYOB), and Work-from-home culture is further anticipated to help attract more team collaboration software market revenues in the coming years.
Some of the key industry developments in the team collaboration software market are:
September 2018 – Astro was acquired by Slack for helping about more than 12M Daily Active Users (DAU) and over 100k paid customers by simplifying the job of moving conversations from an email into Slack. The company is planning its strategic acquisition for improving the regular customer experience in terms of slack application.
July 2019 –A new Unified Communications (UC) product, namely Grasshopper Connect, was launched by LogMeln, Inc. This product is designed for providing all types of business communications in a single and easy-to-use application format to small businesses. This will further help to strengthen the Unified Communications portfolio on the one hand and help business management easier for small companies on the other.
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
As stated in the report, North America held a significant share in the market in 2017. The region is expected to witness impressive growth during the forecast period. Owing to intense research and development taking place in the region for IoT integration in the system is likely to enable the growth in the region. Besides this, Asia Pacific is expected to witness promising growth owing to the rising adoption of a sedentary lifestyle in nations such as India and China.
The report also offers insights into the key players operating in the global Team Collaboration Software market.
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