According to a new report Global Team Collaboration Software Market, published by KBV research, The Global Team Collaboration Software Market size is expected to reach $17.3 billion by 2026, rising at a market growth of 12.9% CAGR during the forecast period. The increase in the need for visual data sharing and digitization is an opportunity for market development. Integrating online conferencing systems with other collaboration tools improves the flexibility of collaborative solutions and facilitates effective communication between participant participants. In addition, companies have started to understand the advantages of utilizing inexpensive video conferencing tools that promote the wide-ranging adoption of team collaboration technologies.
The on-premise deployment segment gained a dominant market share in 2019, due to a more efficient platform for enforcement and data protection issues. On-premise solutions ensure low latency in data transfer rates, which in return aid organizations in the practice of cost-effective data management.
The use of team collaboration software for communication and coordination recorded the highest growth rate of the market. Team collaboration software promotes real-time data sharing and enables cross-functional teams to remain linked via email, instant messaging, voice mail and conferencing. The conferencing segment recorded a significant market share in 2019. The rising trend in the use of Augmented Reality (AR) and Virtual Reality (VR) based collaboration software to meet on-site and remote workers to provide productive and accessible telepresence solutions has resulted in higher rates of adoption.
In 2019, the IT and Telecom segment accounted for a substantial market share. Growing acceptance of Unified Communication as a Service (UCaaS) between IT companies to promote effective contact and cooperation is an impetus for business development. The BFSI sector recorded a significant growth rate. The rising trend in the banking sector to digitize current contact activities between staff for more productive efficiency is providing impetus to market growth.
North America led the global market for team collaboration software in 2019. The dominance of the region can be due to a growing trend among companies to increase IT budgets to upgrade legacy communication systems and improve employee productivity. Asia Pacific is predicted to see the fastest growth in the forecast period. Growth can be attributed to expanded spending in technology, cloud service providers and mobile usage.
Structural Insights: https://www.kbvresearch.com/team-collaboration-software-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of AT&T, Inc., Adobe, Inc., Citrix Systems, Inc., IBM Corporation, Microsoft Corporation, OpenText Corporation, Oracle Corporation, Avaya Holdings Corporation, Cisco Systems, Inc., and Blackboard, Inc. (Providence Equity Partners).
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