The global team collaboration software market size is projected to touch USD 24.2 billion by 2027, as per a new report by Million Insights. The market is predicted to grow at a CAGR of 12.7% over the forecast duration. The growing trend of the distributed workforce and the need for effective collaboration with freelancers is estimated to propel the market growth. Further, rising demand for effective communication to ensure seamless operations are expected to create a lucrative opportunity for the industry players.
Owing to the growing adoption of team collaboration software, transportation and logistics category is projected to benefit significantly over the forecast years. Team collaboration software enables smooth communication that helps in managing bookings and document procurement across different locations. Logistics get benefited by efficient cooperation among fleet maintenance, warehouse employees, fleet drivers and custom officers.
The emergence of 5G technology has positively affected the team collaboration software market growth. Superior internet connectivity allows seamless video conferencing, faster data transfer and enhanced user-experience. However, 5G technology is yet to be embraced at the global level.
Further, the growing trend for open-floor offices among enterprises has led to a rising instance of low productivity. The growing need for impromptu meetings are encouraging enterprises to invest in team collaboration software, which, in turn, is anticipated to propel the market growth over the forecast duration.
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Further key findings from the report suggest:
• Cloud-based deployment is projected to ascend at a CAGR of 17% over the forecast period.
• The conferencing system is likely to grow at the fastest pace over the forecast duration.
• Growing investment in healthcare and the need for a patient check-up in the absence of doctors are expected to proliferate the segment growth over the forecast duration.
• Growing trend of digitalization in Asia Pacific is projected to drive the regional growth from 2020 to 2027.
Million Insights has segmented the global team collaboration software market on the basis of deployment, software type, application, and region:
Team Collaboration Software Deployment Outlook (Revenue, USD Million, 2016 - 2027)
Team Collaboration Software Type Outlook (Revenue, USD Million, 2016 - 2027)
• Communication & Coordination
Team Collaboration Software Application Outlook (Revenue, USD Million, 2016 - 2027)
• IT & Telecom
• Logistics & Transportation
Team Collaboration Software Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• Latin America