The global team collaboration software market is set to gain impetus from the increasing trend of bring-your-own-device (BYOD) in various small and medium-sized enterprises (SMEs). It helps in lowering the initial infrastructure costs that tend to limit early development. This information is given by Fortune Business Insights™ in a new report, titled, “Team Collaboration Software Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, Services), By Deployment (Cloud, On-Premises), By Enterprise Size (SMEs, Large Enterprises), By End-User (Banking, Financial Services and Insurance (BFSI), IT and Telecommunications, Manufacturing, Retail and Consumer Goods, Healthcare, Transportation and Logistics, Education, Others), and Regional Forecast, 2020-2027.” The report further mentions that the market size was USD 13.44 billion in 2019 and is projected to reach USD 35.71 billion by 2027, exhibiting a CAGR of 13.2% during the forecast period.
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COVID-19: Work from Home Initiative to Help Market Generate More Shares
In April 2020, Vyopta Incorporated published a blog that showcases that the number of participants joining online meetings increased by 3 times, as compared to January. This proves that the emergence of COVID-19 pandemic is compelling companies to adopt the software solutions for promoting the work from home culture. Some of the software providers, such as Zoom, are exhibiting high growth owing to the complete lockdown measures set by the regulatory agencies. We are providing extensive analysis of the current scenario of this market.
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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.
Rising Number of Smartphone Users to Augment Growth in Asia Pacific
In 2019, North America held USD 5.65 billion in terms of revenue. The stable economic growth and rising technological advancements in the region would aid growth. At the same time, the increasing usage of this software for efficiently carrying out project activities and improving internal team communications in the region is anticipated to bolster growth. Asia Pacific, on the other hand, is expected to show a high CAGR in the near future. This growth is attributable to the presence of numerous smartphone users in the region, as well as the availability of cloud service providers.
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Key Companies to Develop New Team Collaboration Software for Intensifying Competition
The market includes several companies that are focusing on the strategy of innovative product launches to cater to the high consumer demand. Some of them are trying to invest in research and development activities as well. Below are two latest industry developments:
- June 2020: Slack Technologies, Inc. launched Slack Connect, a set of technologies that would refine the company’s real-time communications collaboration platform across 20 businesses.
- January 2020: Citrix Systems, Inc. introduced its next-generation service called Citrix® Analytics for Performance. It would help IT administrators to detect performance issues and address them proactively to provide a smooth experience.
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