Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Team Collaboration Software Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”
LOS ANGELES, July 27, 2021 (GLOBE NEWSWIRE) -- The Global Team Collaboration Software Market is expected to grow at a CAGR of around 13.5% from 2021 to 2028 and to reach around US$ 27.8 Bn by 2027.
North America holds the dominating share for the team collaboration software market; Asia Pacific to record all time high CAGR in the coming years
North America dominated the team collaboration software market in 2020 and is expected to maintain this dominance throughout the forecast period. According to a World Economic Forum report, 69% of US financial service companies, or nearly two-thirds of the workforce, expect to work from home once a week in the future. Furthermore, 48% of US employees said they wanted to continue working from home after the pandemic, which bodes well for the growth of the team collaboration software market in this region.
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On the other hand, Asia Pacific is expected to have an all-time high CAGR for the team collaboration software market in the coming years. According to the U.S. BUREAU OF LABOR STATISTICS report, 44% of Asians tele worked in July due to the pandemic, which is significantly higher than the proportions of Whites (26%), Blacks (23%), and Hispanics (19%). This has ultimately resulted in robust adoption of advanced technological software such as team collaboration software ultimately resulting for the global growth of the market.
The team collaboration software market has resulted in improved organizational performance. It is more difficult to record performance when employees work remotely or in a more flexible manner. As a result, team collaboration software is widely used to track or monitor the performance of employees at work. With the advancement of technology, it has become increasingly important in hybrid working. Employees must be able to work seamlessly between the workplace and their homes, and remote teams must be easily connected. As a result of these factors, there has been a high adoption of team collaboration software, resulting in market growth overall.
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Impact of COVID-19 on team collaboration software market
According to the CIPD's Embedding new ways of working post-pandemic report, 40% of companies or employers expect more than half of their employees to continue working from home post the pandemic. Despite the significant complexities and challenges of living and working during the global pandemic, employees have identified numerous benefits to working from home, both for themselves and the organization. These advantages include improved work-life balance, increased focus with fewer distractions, reduced commuting time and costs, IT upskilling, and high levels of motivation. These factors are driving the expansion of the global team collaboration software market.
Apart from that, the high demand for hybrid models among various organizations has resulted in the widespread adoption of advanced technology tools for monitoring performance, such as team collaboration software. Such factors contribute to the expansion of the global team collaboration software market.
The global team collaboration software market is segmented as deployment, software type, and application. Deployment is bifurcated into cloud and on-premise. Software type is classified into conferencing software and communication & coordination software. Based on application, the market is segregated as Manufacturing, BFSI, IT & telecom, retail, healthcare, logistics & transportation, and education.
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The prominent players of team collaboration software involve Asana, Avaya, Cisco Systems, Inc., Citrix Systems, Inc., International Business Machines Corporation (IBM), Microsoft Corporation, Slack Technologies, Inc., and among others.
Some of the key observations regarding team collaboration software include:
In October 2020, IBM announced the acceleration of a hybrid cloud growth strategy that drives digital transformation for its client base. Also, IBM will separate the Managed Infrastructure Service unit of its Global Technology Services division into a new public company namely, "NewCo".
In March 2021, Avaya announced "Avaya Spaces" the modern workstream collaboration (WSC) platform that provides evolved unified communication capabilities through a preferred device.
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