Team Collaboration Software Market size is anticipated to reach USD 56.67 billion by 2030

 Team Collaboration Software Industry Overview

The global team collaboration software market size is anticipated to reach USD 56.67 billion by 2030, exhibiting a CAGR of 9.5% during the forecast period, according to a new report published by Grand View Research, Inc. The promising growth prospects of the market can be credited to the increasing adoption of communication and conferencing solutions across businesses to collaborate, brainstorm, and share content.

 

Team Collaboration Software Market Segmentation

Grand View Research has segmented the global team collaboration software market based on deployment, software type, application, and region:

 

Based on the Deployment Insights, the market is segmented into Cloud and On-premise

  • The cloud segment is expected to dominate the market and expand at a CAGR of nearly 14.0% during the forecast period. This can be attributed to the increasing demand for cloud-based platforms for effective team collaboration across enterprises, in light of the rising number of people working remotely. Besides, these cloud platforms offer flexibility to access collaborative tools through smartphones. They also come with enriched features, including the capability of recording events to help review the proceedings later.
  • The COVID-19 pandemic has played a crucial role in promoting the deployment of cloud-based communication tools, such as instant messaging software and video conferencing tools, to enable effective communication across businesses while the employees work remotely. Cloud-based platforms equally allow remote teams to streamline their business operations and manage projects of all sizes.

 

Based on the Software Type Insights, the market is segmented into Conferencing Software, Communication & Coordination Software

  • The conferencing software segment is expected to witness the fastest growth rate of over 10.0% from 2022 to 2030. This can be attributed to the increasing usage of web conferencing as the primary means of communication across organizations. Several platforms, such as Microsoft Teams and Google Workspace, have gained massive traction as the go-to tools for conducting virtual meetings in the past few years.
  • The adoption of the Software as a Service (SaaS) model enables enterprises to conveniently deploy conferencing solutions, promoting continuous innovation and enhancing collaborative capabilities. The SaaS delivery model has significantly transformed team collaboration software into independent applications, mitigating slower response times and leading to lesser system failures.

 

Based on the Application Insights, the market is segmented into Manufacturing, BFSI, IT & Telecom, Retail, Healthcare, Logistics & Transportation, Education

  • The healthcare segment is expected to expand at a CAGR of nearly 14% from 2022 to 2030. Clinicians are increasingly utilizing innovative communication and collaboration tools for real-time data sharing between departments and securely managing workflows from remote locations. 
  • Several government initiatives in this area are supporting the growth of the segment. For instance, in February 2022, the Department of Health and Human Services (HHS) announced that it would allocate nearly USD 55 million to provide healthcare to the underserved population through virtual care technologies such as remote patient monitoring, telehealth, and digital patient tools and health information tools.
  • The retail segment is estimated to record a valuation of over USD 13.0 billion by 2030, owing to the increasing demand for comprehensive collaboration software for real-time data sharing, employee engagement, and the exchange of news, feedback, and ideas.

 

Team Collaboration Software Regional Outlook 

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

 

Key Companies Profile & Market Share Insights

The major players in the market are focusing on developing innovative collaboration software to attract a larger customer base and gain a competitive edge in the market. For instance, in February 2022, work management platform provider Asana released Asana Flow, a complete range of solutions that businesses can use to build, run, and enhance their workflows.

Some prominent players in the global team collaboration software market include:

  • Adobe
  • Asana, Inc.
  • Avaya Inc.
  • AT&T, Inc.
  • Blackboard, Inc.
  • Cisco Systems, Inc.
  • Citrix Systems, Inc.
  • Google LLC
  • IBM Corporation
  • Microsoft
  • OpenText Corporation
  • Oracle
  • Slack Technologies, LLC
  • Zoom Video Communications, Inc.

 

Order a free sample PDF of the Team Collaboration Software Market Intelligence Study, published by Grand View Research.

 

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