Selbyville, Delaware, April 29, 2020 (GLOBE NEWSWIRE) -- According to latest report “Team Collaboration Software Market by Component (Solution [Conferencing, Content Sharing, Project Management, Enterprise Social Networking, Messaging], Service), Deployment Model (On Premise, Cloud), Organization Size (SME, Large Enterprises), Application (BFSI, IT & Telecommunications, Retail & Consumer Goods, Healthcare, Education, Government), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of team collaboration software will reach $30 billion by 2026. The growing demand for integrated processing, managing, and sharing files or resources at real-time is driving enterprises to adopt team collaboration software solutions.
The team collaboration software enhances the task processing and management capabilities by coordinating with a group of workers. It provides a centralized environment for collaborative process management. The growing demand for critical information exchange between enterprise and business partners outside the organization is expected to contribute to the market growth.
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The steady adoption rate of team collaboration software across SMEs and scalability concerns is hampering the software market growth. Moreover, low efficiency, integration with existing infrastructure, and scalability concerns are also affecting the adoption rate of team collaboration software. However, the development of flexible and advanced collaboration software with robust integration capabilities may drive enterprises to adopt team collaboration software solutions.
The demand for project management solutions in the team collaboration software market is expected to grow significantly from 2020 to 2026. Enterprises working on a project distribute the work and applications to multiple teams. The team collaboration software helps multiple teams to process, communicate, and manage the project processes at real-time. It provides unified platform for communicating and transmitting the project resources across project teams. The software also provides advanced features to track the productivity and tasks completed in accordance with the dispatch timeframe.
The adoption of cloud team collaboration software market is expected to grow at a CAGR of over 20% from 2020 to 2026. The growing adoption of cloud services is enabling enterprises to digitize their business processes. The cloud-based deployment helps enterprises to reduce the resource utilization and focus more on productivity. The collaboration software is provided as a software-as-a-service to the enterprises for cloud deployment. This provides enhanced accessibility and collaborative business processing by minimizing costs and integration complexities.
The demand for team collaboration software across large enterprises operating in multiple industry verticals is increasing exponentially. As these enterprises have extensive regional presence, the project teams across multiple offices require to coordinate and work on the same project. The enterprises are adopting cloud-based team collaboration software solutions for connecting team members across diverse sites and providing combined project management capabilities.
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The team collaboration software solution in the education application segment is expected to grow at a CAGR over 13% through 2026. The ongoing COVID-19 outbreak has affected multiple industry verticals including educational institutions. Colleges and universities are adopting team collaboration software solutions for providing uninterrupted educational services to students.
North America held a significant share of the global team collaboration software market in 2019 and is expected to grow steadily from 2020 to 2026. The growth is attributed to extensive presence of enterprises including IBM Corporation, Google LLC, and Slack Technologies. The well-established companies in the region are adopting collaboration software for large project management.
Some major findings of the team collaboration software market report include:
- The growing need for remote interoperability and management of projects across enterprises are supporting the market growth.
- Extensive adoption of cloud services by enterprises is enabling them to deploy team collaboration software as a service solution.
- Major players operating in the collaboration software market are Zoom Video Communications Inc., Slack Technologies Inc., Microsoft Corporation, Oracle Corporation, and Google LLC.
- Companies operating in the market are focusing on strategic collaborations for the development of advanced team collaboration software solutions.
Table of Contents (ToC) of the report:
Chapter 3. Team Collaboration Software Market Insights
3.1. Introduction
3.2. Industry segmentation
3.3. Industry landscape, 2015 – 2026
3.4. Impact of COVID-19 outbreak
3.4.1. Impact by region
3.4.1.1. North America
3.4.1.2. Europe
3.4.1.3. Asia Pacific
3.4.1.4. Latin America
3.4.1.5. Middle East & Africa
3.5. Technological evolution
3.6. Industry ecosystem analysis
3.7. Technology & innovation landscape
3.7.1. Bring Your Own Device (BOYD)
3.7.2. Artificial Intelligence
3.7.3. WebRTC
3.8. Regulatory landscape
3.8.1. Markets in Financial Instruments Directive (MiFID)
3.8.2. The Privacy and Electronic Communications (EC Directive) Regulations 2003
3.8.3. The Dodd-Frank Act
3.8.4. Health Insurance Portability and Accountability Act (HIPAA)
3.8.5. Protection of Personal Information Act (2013)
3.8.6. Electronic Communications and Transactions Act 25 of 2002
3.8.7. Nigeria Communications Act (2003)
3.9. Industry impact forces
3.9.1. Growth drivers
3.9.2. Industry pitfalls & challenges
3.10. Porter’s analysis
3.11. PESTEL analysis
3.12. Growth potential analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.