The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global team collaboration software market size is poised to reach USD 16.60 billion by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 9.5% during the forecast period. Surging demand for communication and conferencing solutions among enterprises is likely to drive the market.
Increasing need for digitization and visual data sharing is anticipated to stir up the demand for communication and conferencing solutions. Declining cost of video conferencing solutions is encouraging its large-scale deployment across organizations, which earlier was not possible due to high cost of installation. Moreover, integration of web conferencing with other communication tools to develop additional applications into collaborative workspaces is projected to augment the market over the next few years.
Application Program Interfaces (APIs) have enabled organizations to bridge together multiple platforms, providing an omnichannel experience to customers. APIs allow users to work efficiently from remote locations, as they integrate both cloud and on-premise applications, creating a seamless communication between systems and employees.
Organizations are increasingly deploying voice-based virtual team members to assist employees in daily meetings and reporting as part of their efforts to ensure a comfortable workspace for employees. Artificial intelligence is also being used to develop innovative team collaboration software. Augmented Reality (AR) and Virtual Reality (VR) are also being increasingly utilized for the development of team collaboration software.
Enterprises have started realizing the importance of using AI bots and Smart Virtual Personal Assistants (SVPAs) in automating various tasks and improving workplace collaboration. This, in turn, is working in favor of the market. Organizations are already using bots for collaboration purposes, such as taking notes and scheduling meetings.
Further key findings from the report suggest:
- Cloud-based software is expected to witness substantial growth over the forecast period as it reduces the infrastructure cost and offers a centralized management system
- The conferencing software segment is expected to post a significant CAGR over the forecast period. Growing deployment of conferencing solutions, such as Cisco Webex Meetings, Cisco Jabber, and Adobe Connect, is expected to supplement segment growth
- The healthcare segment is projected to register the highest CAGR during the forecast period. The growth can be attributed to increasing need for patient engagement and sharing real-time information with them
- Key market players include Microsoft Corporation, Cisco Systems, Inc., Citrix Systems, Inc., and Oracle Corporation. Integrating software, hardware, and network capabilities together is the growth strategy adopted by the key players to stay ahead in the market.