Team Collaboration Software Industry Overview
The global team collaboration software market size was valued at USD 21.69 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 9.5% from 2022 to 2030.
The promising growth prospects of the market can be credited to the evolution of the modern workplace and the rising need to incorporate effective means of team collaboration across organizations. COVID-19 lockdowns and restrictions compelled businesses across the globe to implement the remote working model in 2020, which increased the demand for team collaboration software for virtual communication.
Gather more insights about the market drivers, restrains and growth of the Global Team Collaboration Software Market
The demand for collaboration solutions and smart meeting rooms in offices is expected to remain strong post the pandemic, as organizations continue to adopt hybrid working models. Leading market players are introducing new solutions to encourage active collaboration and employee engagement.
The market further benefits from the integration of technologies such as Artificial Intelligence (AI) with team collaboration software solutions, which, in turn, facilitates automation and improves communication within an organization. AI can potentially increase the accuracy of voice and chat assistants and help real-time translation of messages. It can also add advanced collaboration capabilities to emerging conversational workplace platforms, including Cisco Spark, Slack, Microsoft Teams, Workplace by Facebook, Inc, and IBM Watson.
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- Telehealth Market – The global telehealth market size was valued at USD 83.5 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 24.0% from 2023 to 2030. The rising penetration of the internet and innovation in smartphones is enabling to address the gaps in the delivery and availing of telehealth services conveniently.
- Smartphone Market – The global smartphone market is expected to gain significant demand owing to the growing demand for mobile internet services and applications along with real-time need for information exchange. Constant technological advancements for enhanced experiences are expected to provide positive avenues to market growth over the next seven years. Increasing disposable income worldwide and particularly for Asia Pacific region is expected to drive the market.
Team Collaboration Software Market Segmentation
Grand View Research has segmented the global team collaboration software market based on deployment, software type, application, and region:
Team Collaboration Software Deployment Outlook (Revenue, USD Billion, 2018 – 2030)
Team Collaboration Software Type Outlook (Revenue, USD Billion, 2018 – 2030)
- Conferencing Software
- Communication & Coordination Software
Team Collaboration Software Application Outlook (Revenue, USD Billion, 2018 – 2030)
- IT & Telecom
- Logistics & Transportation
Team Collaboration Software Regional Outlook (Revenue, USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- 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.
- 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.
- January 2022: Zoom Video Communications, Inc. introduced a virtual show-floor Expo for Zoom Events that gives organizations more ways of engaging with participants. The 2D virtual space allows users to move around an avatar and communicate with sponsors, exhibitors, or other users.
- December 2021: Microsoft released Teams Essentials in India. This solution has been designed to offer an affordable and professional collaborative solution, especially for small businesses.
Key Companies profiled:
Some prominent players in the global team collaboration software market include
- Asana, Inc.
- Avaya Inc.
- AT&T, Inc.
- Blackboard, Inc.
- Cisco Systems, Inc.
- Citrix Systems, Inc.
- Google LLC
- IBM Corporation
- OpenText Corporation
- Slack Technologies, LLC
- Zoom Video Communications, Inc.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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