DUBLIN, September 21, 2023 (GLOBE NEWSWIRE) — “Team Collaboration Software Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” Report added ResearchAndMarkets.com Recruitment.
The global team collaboration software market, which reached USD 15.1 billion in 2022, is expected to grow significantly and is projected to reach USD 34.3 billion by 2028. This expected expansion reflects a robust compound annual growth rate (CAGR) of 14% in 2022. From 2023 to 2028.
About team collaboration software:
Team collaboration software is a vital tool for optimizing teamwork by providing a centralized platform where employees can share knowledge, data, and documents. This enables employees to tackle specific business challenges and collaborate effectively on creative projects. The software includes key features such as social networking, document management, a robust search engine, task management, and a user-friendly interface that can be accessed from a variety of devices. It offers numerous benefits, from cost savings to increased productivity to increased security. As a result, many organizations are integrating team collaboration software into their daily operations, facilitating remote team interaction through cloud-based solutions and driving enterprise productivity and growth.
The team collaboration software market is being shaped by several important trends.
- Remote and hybrid work models: As organizations adopt remote and hybrid working models, there is a growing demand for team collaboration software to facilitate transparent and efficient remote working and ensure business continuity.
- Financial sector integration: Banks and financial institutions are incorporating digital collaboration into their processes to improve employee productivity and streamline financial transactions.
- Oil and gas industry: Team collaboration software is gaining traction in the oil and gas sector, improving communication, safety, and workflow efficiency for ground teams.
- Healthcare focus: In the healthcare field, there is an increasing focus on team collaboration software to enhance communication and coordination among healthcare professionals, with the aim of providing better patient care while reducing costs.
- Expansion of e-commerce: In the transportation sector, the thriving e-commerce industry is driving the use of team collaboration software to create real-time networks between suppliers, shippers, and carriers.
The market is segmented on the basis of:
- Software type: Meetings, communication and coordination.
- introduction: On-premises and cloud-based.
- By Industry: Includes BFSI, Manufacturing, Healthcare, IT & Telecom, Retail & E-Commerce, Government & Defense, Media & Entertainment, Education, and more.
- region: Covering North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa.
Key players in the team collaboration software market include Adobe Inc., AT&T Inc., Avaya Inc., Blackboard Inc. (Anthology Inc.), Cisco Systems Inc., Citrix Systems Inc., International Business Machines Corporation, Microsoft Corporation, Open Contains Text. Corporation, Oracle Corporation, Slack Technologies LLC (Salesforce Inc.), and SMART Technologies ULC (Hon Hai Precision Industry Co. Ltd.).
Main questions answered:
- What will be the size of the global team collaboration software market in 2022?
- What is the expected growth rate of the global team collaboration software market from 2023 to 2028?
- What is the impact of COVID-19 on the global team collaboration software market?
- What are the key factors driving the global Team Collaboration Software market?
- What is the market breakdown based on components, software type, deployment, and industry?
- Which region plays a key role in the global Team Collaboration Software market?
- Who are the key players in the global Team Collaboration Software market?
|number of pages||148|
|Estimated market value in 2022 (USD)||$15.1 billion|
|Projected market value to 2028 (USD)||$34.3 billion|
|compound annual growth rate||14.7%|
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