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Global Team Collaboration Software Market Expected To Reach USD 24.02 Billion By 2028 With A CAGR Of 12.4 % | Growth Market Reports
[May 03, 2021]

Global Team Collaboration Software Market Expected To Reach USD 24.02 Billion By 2028 With A CAGR Of 12.4 % | Growth Market Reports


PUNE, India, May 3, 2021 /PRNewswire/ -- According to a recent market study published by Growth Market Reports titled, "Team Collaboration Software Market by Deployments (On-premise and Cloud-Based), Software (Communication & Coordination and Conferencing), Applications (IT & Telecom, Retail, BFSI, Manufacturing, Healthcare, Logistics & Transportation, and Education), and Region: Size, Share, Trends and Opportunity Analysis, 2018-2028", the market was valued at USD 9.3 billion in 2020 and is expected to reach USD 24.02 billion by 2028, expanding at a CAGR of 12.4 % during the forecast period, 2021 – 2028. The growth of the market is attributed to rising need for visual data exchange and digitization.

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Team collaboration software uses various types of software and online services available in the company and allows the employees to work together on mutual projects, irrespective of their location. The main aim of team collaboration software is to assign workers in a team and achieve a common goal.

Key Market Players Profiled in the Report

  • IBM Corporation
  • Adobe Systems Incorporated
  • Microsoft Corporation
  • AT&T, Inc.
  • Avaya Inc.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Get Exclusive Free Sample Report: https://growthmarketreports.com/request-sample/420

This report also includes a complete analysis of industry players that cover their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.

Highlights on the segments of the Team Collaboration Software Market

Based on Deployments, the global team collaboration software market is bifurcated as on-premise and cloud-based. The on-premise segment is expected to expand at a robust CAGR during the forecast period. The growth of the segment is attributed to secure channels of meeting compliance and low data security issues. On-premise software guarantees less latency in data transfer rates, which in turn, helps organizations in cost effective data management. On-premise software also provides great control on the hardware of the server coupled with flexible customization of storage data.

The cloud-based segment is anticipated to expand at a rapid pace during the forecast period. Growth of the segment is attributed to reduction in IT expenses such as maintenance cost, staff training, and high initial costs. Access to data at anytime from anywhere ensures uninterrupted work operations. This factor is expected to increase the demand in the segment.

On the basis of software types, the global team collaboration software market is fragmented as communication & coordination and conferencing. The communication & collaboration segment facilitates real-time data sharing and allows cross-functional teams to stay connected though voice mails, emails, conferencing, and instant messaging. Features such as the ability to track multiple events such as deadlines and meetings are encouraging organizations to opt for the communication & collaboration software.

Increasing trend in the use of Virtual Reality (VR) and Augmented Reality (AR) based software to conduct meetings with remote workforce has increased the demand. The ability to create holograms through these technologies improves presentations and brinstorming sessions as well as generates virtual presence of an individual, which helps in building strong work relationships.



Based on region, the global Team Collaboration Software market is classified into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (LAMEA). North America region is further bifurcated into countries such as U.S., and Canada. Europe is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe, Asia Pacific is further segmented into China, South Korea, Japan, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America is further segmented into Brazil, Mexico, and Rest of Latin America. Middle East & Africa is categorized into Saudi Arabia, South Africa, UAE, Qatar, Oman, Kuwait, Bahrain, and Rest of Middle East & Africa.

To Buy the Complete Report: https://growthmarketreports.com/report/team-collaboration-software-market-global-industry-analysis


Key Benefits for Industry Participants & Stakeholders

  • Companies have started understanding the benefits of affordable video conferencing solutions, which in turn, is driving the demand for team collaboration software.
  • Rising demand among organizations for smart meeting rooms is driving the market.
  • Rooms furnished with integrated smart control panels improve meeting experiences by combining and simplifying input commands. This is raising the demand for team collaboration software.
  • Increasing need among employees to gain uninterrupted wireless access to meeting rooms is expected to boost the market.
  • Organizations are heavily investing in mobile technologies, which can enable anytime, anywhere workforce.

Read 142 Pages Research Report with Detailed ToC on "Global Team Collaboration Software Market by Deployments (On-premise and Cloud-Based), Software (Communication & Coordination and Conferencing), Applications (IT & Telecom, Retail, BFSI, Manufacturing, Healthcare, Logistics & Transportation, and Education) and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa)"

For Any Questions on This Report: https://growthmarketreports.com/enquiry-before-buying/420

Segments Covered in the Report:

The global team collaboration software market has been segmented on the basis of

Deployments

  • On-premise
  • Cloud-based

Applications

  • IT & Telecom
  • Retail
  • BFSI
  • Manufacturing
  • Healthcare
  • Logistics & Transportation
  • Education

Software

  • Communication & Coordination
  • Conferencing

Regions

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

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About Growth Market Reports:

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Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, and secondary research & consumer surveys.

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