Team Collaboration Software Market by Application, Software Type, Deployment and Region - Forecast to 2027 - ResearchAndMarkets.com

The "Team Collaboration Software Market Size, Share & Trends Analysis Report by Application, by Software Type, by Deployment, and Segment Forecasts, 2020-2027" report has been added to ResearchAndMarkets.com's offering.

The global team collaboration software market size is anticipated to reach USD 24.2 billion by 2027, exhibiting a CAGR of 12.7% over the forecast period.

A rising trend amongst enterprises to indulge in distributed workforce strategies and embrace the gig economy by teaming up with freelancers is expected to offer significant prospects to market growth. The need to establish efficient and seamless operations and effective communication between team and project members is expected to offer an impetus to the demand. Furthermore, increasing spending on team chat applications is expected to rise due to the demand for collaboration and communication software among enterprises.

The transportation and logistics segment is expected to benefit significantly due to the adoption of team collaboration software. Adoption of these software in logistics enables companies to effectively manage leads, bookings, document procurement, and facilitate seamless operations in geographically distant places. Furthermore, the rising trend amongst service providers to develop mobile and tablet PC specific collaboration applications to enable the functioning of more seamless business practices in logistics and supply chain organizations in various locations is further expected to offer significant growth opportunities. Deploying such software in the logistics sector enables effective collaboration between fleet maintenance, custom officers at customs, warehouse employees, and fleet drivers, thus ensuring effective management of resources and practicing cost-saving methodologies.

Another factor that has boosted the adoption of team collaboration is the advent of 5G delivery model. Rising demands of clients and increasing remote workforce facilitate the requirement to be connected and be productive, which can be achieved by leveraging 5G technology. The provision of high-speed internet offers the ability to indulge in seamless video conferencing, superior VoIP experience, and faster data processing and transfer rates. Organizations are preparing to introduce 5G by investing in a flexible network, which can adapt to new collaboration and communications tools. The adoption of upgraded software with 5G capability is expected to trigger the market growth over the next few years.

Furthermore, the trend among enterprises to implement open-office floor plans in place of cubicles has given rise to instances of dampened productivity of employees. The need to indulge in a quick impromptu or scheduled meetings is promoting organizations to invest in huddle rooms equipped with team collaboration technologies. Huddle rooms offer privacy to user teams, thus facilitating more focused brainstorming sessions and confidential discussions. Moreover, the low cost and effort of the creation of these rooms enable large enterprises and SMEs to benefit from them, which is expected to offer significant growth prospects to the market.

Market Highlights

• The cloud-based deployment segment is expected to witness the highest CAGR of more than 17% from 2020 to 2027, owing to a more connected and efficient infrastructure
• The conferencing segment is envisioned to witness the fastest growth owing to rising demand among corporations to facilitate seamless collaboration between remote workforce and on-site employees
• Healthcare segment is anticipated to witness growth attributed to the rising need to gain real-time insights on patient health and monitor their health even in the absence of doctors
• Team collaboration software is expected to witness an increased demand in Asia Pacific owing to the growing trend towards digitization of enterprises

Market Drivers

• Growing Adoption of Cloud-Based Software as a Service (SaaS)
• Increasing Demand for Communication & Conferencing Solutions in Enterprises

Market Restraints/Challenges

• High Initial Capital Cost
• Growing Security Concerns

Companies Profiled

• Adobe Systems Incorporated
• Asana
• Avaya Inc.
• AT&T, Inc.
• Blackboard Inc.
• Cisco Systems, Inc.
• Citrix Systems, Inc.
• IBM Corporation
• Microsoft Corporation
• OpenText Corporation
• Oracle Corporation
• Slack Technologies, Inc.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20200526005327/en/