Pune, India, Jan. 27, 2022 (GLOBE NEWSWIRE) — The world Team Collaboration Software Market the size was $15.25 billion in 2020. The market is expected to grow from $17.15 billion in 2021 for $40.79 billion in 2028 at a CAGR of 13.2% during the period 2021-2028.
This information is published by Fortune Business Insight™, in its report, entitled, “Team Collaboration Market, 2021-2028.”
Based on research conducted by our expert analysts, the growing trend of businesses accepting smart meeting solutions for remote work offers exciting business growth opportunities. Modern and creative technology makes the unified merger between employees effortless and more lucrative, drives innovation, and gives companies a competitive edge.
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Team collaboration software to enable remote work and video conferencing during the COVID-19 pandemic
The outbreak of COVID-19 in the team collaboration software market has prompted several companies to gain prominence in revising their IT tactics. A large number of companies have been running work-from-home programs for their workers to combat the danger of the coronavirus. Business travel is on hold and organizations are increasingly wanting audio and video conferencing and other data sharing platforms.
The Team Collaboration Software Market report highlights major regions across the globe to offer better understanding about the user. Additionally, the report provides an overview of the latest industry trends and analyzes the technologies being rolled out at a rapid pace globally. The report examines various paradigm shifts associated with software transformation. It further highlights some of the growth-promoting factors and restraints, helping the reader to gain in-depth knowledge of this market.
On the basis of components, the global market has been segregated into solutions and services.
In terms of deployment, the team collaboration software market is categorized into cloud and on-premises.
By company size, the global market is divided into large enterprises and SMEs.
On the basis of end user, the market is divided into BFSI, IT & Telecom, Manufacturing, Retail & Consumer Goods, Healthcare, Travel & Transportation, Education and Others. The IT and telecommunications segment held the largest market share in 2020. The segment covers team collaboration software adopted by IT and telecommunications companies.
Geographically, the market is divided into five major regions, namely North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
To learn more about the short term and long term impact of COVID-19 on this Team Collaboration Software Market,
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Drivers and Constraints
Implementing business collaboration software to drive growth
Progressive technologies play a vital role in enabling companies to create an environment that would motivate employees to achieve business goals creatively to develop sustainable economic values. The digital transformation produces new potentials of products and services that would allow companies to significantly increase their sales and reduce their costs by achieving advanced performance.
North America held maximum team collaboration software market share in 2020. Growth in the region is mainly driven by technological advancements and robust budget growth. Organizations in the region are showing lucrative growth in the acceptance of enterprise communication and collaboration tools for internal team communications and for the effective delivery of project events.
Asia-Pacific is estimated to be the fastest growing region in the global market in terms of CAGR. The growth is mainly due to increased investment in advanced technologies, accessibility of cloud service providers and large number of smartphone users in the region.
Europe is expected to dominate the global market and is expected to swell by posting an unrivaled CAGR by 2028.
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Achievements started by significant companies to promote market growth
Key Players in the Team Collaboration Software market continuously opt for effective tactics to enhance their brand equity and endorse the growth of the Global Team Collaboration Software Market by tackling as few obstacles as possible . One such effective strategy is to source competitive businesses and further preserve a profit for both businesses.
December 2020: Adobe Inc., is a global technology company with Workfront, which is a software company that offers web-based work management software. Through this market, companies intend to offer a set of solutions to help with team management, mergers and planning.
Companies Covered in the Team Collaboration Software Market Report:
- Microsoft Corporation (Washington, USA)
- TeamViewer GmbH (Göppingen, Germany)
- Slack Technologies, Inc. (California, USA)
- Trello (Atlassian Corporation Plc) (Sydney, Australia)
- Cisco System, Inc. (California, USA)
- Zoom Video Communications, Inc. (California, USA)
- LogMeIn, Inc. (Massachusetts, USA)
- nTask (California, USA)
- Citrix Systems, Inc. (Florida, USA)
- AT&T, Inc. (Texas, USA)
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Main table of contents:
- Definition, by segment
- Methodology/Research Approach
- Information source
- Key points to remember
- Market dynamics
- Macro and micro economic indicators
- Drivers, constraints, opportunities and trends
- Impact of COVID-19
- Short term impact
- Long term impact
- Competition Landscape
- Global Cryptocurrency Key Players Market Insights and Analysis, 2020
- Key market insights and strategic recommendations
- Profiled companies (Covered for the 10 key players only)
- Key management
- Headquarters, etc.
- Offers/Business Segments
- Key details (Key details are subject to data available in the public domain and/or paid databases)
- Employee size
- Key financial data
- Past and current income
- Geographic share
- Industry share
- RECENT DEVELOPMENTS
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