The global Team Collaboration Software Market size is anticipated to reach USD 27.47 billion by 2028, exhibiting a CAGR of 13.0% over the forecast period, according to a new report by Grand View Research, Inc. The growing demand for communication & conferencing solutions from enterprises, especially due to the COVID-19 pandemic, is expected to drive the growth of the market over the forecast period. The demand for flexible and agile working solutions is expected to increase as several organizations are expected to adopt a hybrid working culture in the post-pandemic era. As such, the pandemic is expected to have a long-term impact on how organizations utilize communication & collaboration tools to manage their remote workforce.
Continued digitalization and advances in visual data sharing technology are expected to contribute significantly to the growing demand for communication & conferencing solutions. The availability of affordable video conferencing solutions has allowed the large-scale deployment of communication & conferencing solutions across several organizations, which were previously unable to invest in such solutions due to high costs. Several video conferencing solution providers, such as Cisco Systems, Inc.; Avaya, Inc.; and RingCentral, Inc., have either announced free services or waived off the time limits on existing offers. At the same time, market players are also integrating web conferencing technology with other communication tools and developing new applications for web conferencing to facilitate collaborative workspaces.
The demand for virtual collaboration solutions, which are based on the integration of Augmented Reality (AR) and Virtual Reality (VR) with meeting rooms, is expected to gain traction over the forecast period. Various features, such as video filters, voice recognition, and hand-gesture control, are increasingly being added to virtual meeting rooms to better manage the meetings and increase engagement. These techniques can particularly allow remote users to be virtually present in the meeting room and collaborate, brainstorm, search, and share content.
Having realized that AI bots and Smart Virtual Personal Assistants (SVPA) can play a vital role in automating tasks and improving workplace collaboration, organizations have started deploying bots for tasks, such as taking notes and scheduling meetings. Chatbots are gradually emerging as a standard feature for both frontline and deskless workers to access digital services through smart devices. Implementation of bots is also expected to help organizations in saving on costs incurred on IT infrastructure and hiring.
Related Press Release@ Team Collaboration Software Market Report
Team Collaboration Software Market Report Highlights
- The cloud segment is expected to register the fastest CAGR over the forecast period. The adoption of cloud-based team collaboration software is expected to gain traction as these tools help save on infrastructure cost and offer a centralized management system
- The conferencing software segment is expected to register the maximum growth rate over the forecast period
- The continued adoption of conferencing solutions, such as Cisco WebEx meetings, Jabber, and Adobe connect, bodes well for the growth of the segment
- The retail application segment is expected to account for the highest revenue share by 2028. The increasing need of the retail companies to enhance employee engagement and share information in real-time is expected to drive the segment growth
- Integrating software & hardware and strengthening network capabilities are some of the strategies being adopted by key companies to increase their market share