Newark, Sept. 26, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global team collaboration tools market is expected to grow from USD 18.90 billion in 2021 to USD 56.14 billion by 2030, at a CAGR of 12.86% during the forecast period 2022-2030.
Pandemic-induced lockdowns prompted a move to work from home and hybrid work patterns. Companies have used innovative team collaboration tools to sustain staff productivity and efficiency. Real-time communication, digital document sharing, and co-creation are possible with the team collaboration tools. These products' extensive functionality allowed businesses to manage team communications and project timelines smoothly, resulting in excellent outcomes.
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The low cost of team collaboration tools has aided their widespread adoption across the business, even after the pandemic, which will drive the global market. Artificial intelligence, augmented reality, and virtual reality are examples of virtual technologies providing new potential for the team collaboration tools market. The growing use of augmented reality has enabled the construction of virtual workspace environments that mimic physical office spaces, digital twins who mimic users, and a slew of other advanced features to boost virtual collaboration. The advanced technology development by integrating artificial intelligence will make team collaboration tools more accessible and affordable, lowering overall operating costs for businesses and presenting lucrative business opportunities in the future. The increasing data privacy and security concerns will restrict the market's growth. The lack of IT infrastructure in developing and under-developed nations will challenge the market's growth. Technological advancements, infrastructural development, and stringent data security and privacy laws can overcome the challenges of the market.
Competitive Strategy
To enhance their market position in the global team collaboration tools market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• March 2020 - The Microsoft Teams app for iOS and Android was upgraded with new features that will likely improve the functioning and usability of all users. While in a group conversation or meeting, the latest version allows you to turn on live subtitles.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2030 |
| Base Year | 2021 |
| Market Size in 2021 | USD 18.90 billion |
| Market Size in 2031 | USD 56.14 billion |
| CAGR | 12.86% |
| No. of Pages in Report | 230 |
| Segments Covered | Software Type, Deployment Type, Application, Regions |
| Drivers | Growing adoption of team collaboration tools to increase work efficiency |
| Opportunities | Technological advancements in artificial intelligence and augmented reality |
| Restrains | Data privacy and security concerns |
Market Growth & Trends
The pandemic-induced social distancing norms opened vast opportunities for the team collaboration tools market. Team collaboration tools allow companies to conduct business meetings, team meetings, brainstorming sessions, and other collaborative activities in a virtual and real-time mode. The growing demand for smart connected devices will augment the growth of the team collaboration tools market. Increased access to smart connected devices enables the employees to work efficiently from anywhere. The growing culture of bring-your-own-device into the corporate world will also propel the market's growth. Integrating team collaboration tools with bring-your-own-device policies will allow the employee to work from anywhere while keeping them updated with the progress of the project/team. It also reduces the infrastructural costs for the company, contributing to rising adoption in the market. Remote working enables flexibility for employees, increasing their satisfaction and work efficiency, eventually benefitting the company.
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Key Findings
• In 2021, the conferencing software segment dominated the market with the largest market share of 57% and market revenue of 10.77 billion.
The software type segment is divided into conferencing software and communication & coordination software. In 2021, the conferencing software segment dominated the market with the largest market share of 57% and market revenue of 10.77 billion.
• The cloud segment is expected to grow at the fastest CAGR of 15.50% over the forecast period.
The deployment type segment is divided into cloud and on-premises. Over the forecast period, the cloud segment is expected to grow at the fastest CAGR of 15.50%.
• In 2021, the IT & telecom segment accounted for the largest share of the market, with 32% and market revenue of 6.04 billion.
The application segment is divided into retail & E-commerce, education, manufacturing, IT & telecom, healthcare, BFSI, logistics & transportation, government & defense, media & entertainment, and others. In 2021, the IT & telecom segment accounted for the largest share of the market, with 32% and market revenue of 6.04 billion.
Regional Segment Analysis of the Team Collaboration Tools Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North American region emerged as the largest market for global team collaboration tools, with a market share of around 37% and 6.99 billion of market revenue in 2021. The Asia Pacific is expected to rise in the forecast period. The team collaboration tools market in the Asia Pacific has been growing rapidly. Countries like India, China, Japan, Singapore, and South Korea dominate team collaboration tools marketspace. The increased internet penetration after the telecom boom in the region is a contributing factor in the development of the regional market. The increasing demand for smart connected devices and improved access to high-speed internet services in the remote part of the regions will augment the market's growth during the forecast period. The presence of significant market players and their growing investment in developing advanced team collaboration tools will also propel the development of the Asia Pacific Market. The exponentially growing IT sectors of the region will contribute to the rising demand and adoption of the team collaboration tools market.
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Key players operating in the global team collaboration tools market are:
• Adobe
• IBM Corporation
• Zoom Video Communications Inc.
• Microsoft
• Slack Technologies LLC
• Google LLC
• Asana Inc.
• Cisco Systems Inc.
• Citrix Systems Inc.
• Oracle Corporation
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global team collaboration tools market based on the below-mentioned segments:
Global Team Collaboration Tools Market by Software Type:
• Conferencing Software
• Communication & Coordination Software
Global Team Collaboration Tools Market by Deployment Type:
• Cloud
• On-Premises
Global Team Collaboration Tools Market by Application:
• Retail & E-Commerce
• Education
• Manufacturing
• IT & Telecom
• Healthcare
• BFSI
• Logistics & Transportation
• Government & Defense
• Media & Entertainment
• Others
About the report:
The global team collaboration tools market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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