15-July-2019: The global team collaboration
software market size is poised to reach USD 16.60 billion
by 2025, according to a new report by Grand View Research, Inc., rising at a
CAGR of 9.5% during the forecast period. Surging demand for communication and
conferencing solutions among enterprises is likely to drive the market.
Increasing need for
digitization and visual data sharing is anticipated to stir up the demand for
communication and conferencing solutions. Declining cost of video conferencing
solutions is encouraging its large-scale deployment across organizations, which
earlier was not possible due to high cost of installation. Moreover,
integration of web conferencing with other communication tools to develop
additional applications into collaborative workspaces is projected to augment
the market over the next few years.
Application Program
Interfaces (APIs) have enabled organizations to bridge together multiple
platforms, providing an omnichannel experience to customers. APIs allow users
to work efficiently from remote locations, as they integrate both cloud and
on-premise applications, creating a seamless communication between systems and
employees.
Organizations are
increasingly deploying voice-based virtual team members to assist employees in
daily meetings and reporting as part of their efforts to ensure a comfortable
workspace for employees. Artificial intelligence is also being used to develop
innovative team collaboration software. Augmented Reality (AR) and Virtual
Reality (VR) are also being increasingly utilized for the development of team
collaboration software.
Enterprises have
started realizing the importance of using AI bots and Smart Virtual Personal
Assistants (SVPAs) in automating various tasks and improving workplace
collaboration. This, in turn, is working in favor of the market. Organizations
are already using bots for collaboration purposes, such as taking notes and
scheduling meetings.
In
depth research report on Team Collaboration Software Market
Further key findings from the report suggest:
·
Cloud-based software is expected to witness substantial
growth over the forecast period as it reduces the infrastructure cost and
offers a centralized management system
·
The conferencing software segment is expected to post a
significant CAGR over the forecast period. Growing deployment of conferencing
solutions, such as Cisco Webex Meetings, Cisco Jabber, and Adobe Connect, is
expected to supplement segment growth
·
The healthcare segment is projected to register the highest
CAGR during the forecast period. The growth can be attributed to increasing
need for patient engagement and sharing real-time information with them
·
Key market players include Microsoft Corporation, Cisco
Systems, Inc., Citrix Systems, Inc., and Oracle Corporation. Integrating
software, hardware, and network capabilities together is the growth strategy
adopted by the key players to stay ahead in the market.
Grand View Research
has segmented the global team collaboration software market on the basis of
deployment, software, application, and region.
Team Collaboration Software Deployment Outlook (Revenue, USD
Million, 2014 - 2025)
·
Cloud
·
On-premise
Team Collaboration Software Type Outlook (Revenue, USD
Million, 2014 - 2025)
·
Conferencing software
·
Communication & coordination software
Team Collaboration Software Application Outlook (Revenue, USD
Million, 2014 - 2025)
·
Manufacturing
·
BFSI
·
IT & telecom
·
Retail
·
Healthcare
·
Logistics & transportation
·
Education
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About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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