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”.
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“Key players are expected to emphasize integrating Artificial Intelligence in the system. This is anticipated to propel the growth in the global Team Collaboration Software market,” said a lead analyst at Fortune Business Insights.
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The Report Offers:
- A 360-degree overview of the team collaboration software market
- Important Growth drivers, restraints, challenges and opportunities of the market
- Key industry developments and notable insights related to team collaboration software market
- List of significant players and key strategies adopted by them for attracting more team collaboration software market revenue
- Other team collaboration software market trends
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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Rising Penetration of Smartphones to Help North America Emerge Dominant
From a geographical perspective, the global team collaboration software market is widespread into the following regions, namely Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa. Among these North America earned a dominant team collaboration software market share owing to the stable economic growth, accompanied by the technological developments and rise in penetration of smartphones in and around the region. In 2018, North America earned USD 4.54 billion and this is likely to increase up to USD 9.26 billion by the end of the forecast year.
Major Segments Mentioned:
- By Component
- By Deployment
- By End-user
- By Geography
On the contrary, high cost associated with upgraded technology is a factor that may restrain the global Team Collaboration Software market.
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.
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