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, restraints, 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. For instance, in 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.
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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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. The increasing number of such new offerings is expected to favor the growth of the market during the forecast period.
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.
Key Companies profiled:
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.
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