Major players in the collaboration software market are Citrix Systems Inc., Slack Technologies, Inc., Oracle Corporation, IBM Corporation, AT&T Intellectual Property, Cisco System, Inc., Microsoft Corporation, Google (Alphabet Inc.), BOX, Inc., and TeamViewer GmbH.
The global collaboration software market is expected to decline from $22.67 billion in 2020 to $13.1 billion in 2021 at a compound annual growth rate (CAGR) of -42.2%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $19.69 billion in 2025 at a CAGR of 11%.
The collaboration software market consists of sales of team collaboration software and its related services.The collaboration software aims to facilitate communication between the team members by providing a convenient and informal space to the user, perform group talks, and share relevant information.
Team collaboration software is a platform to facilitate quick communication, address questions and queries, access shared knowledge & files, and check tasks. It offers various features such as task management, file sharing, messaging, document collaboration, VoIP and video conferencing, task management, calendar, integration, and search.
The collaboration software market covered in this report is segmented by software type into conferencing software, communication and coordination software. It is segmented by deployment into cloud, on premise; end user into IT & telecom, BFSI, retail, healthcare, government, others.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growing security concern is anticipated to limit market growth during the period.According to an article on the tech industry’s biggest challenges by Forbes in 2019 published in December 2018, data governance, security, and privacy are some of the major challenges faced by the software industry including collaboration software market, beyond skills gap, and AI transformation.
Therefore, growing security and privacy concerns are projected to act as a major restraint for the growth of the team collaboration software market over the forecast period.
In February 2018, Microsoft., an US-based company, develops, manufactures, licenses, supports, and sells a range of software products and services acquired Chalkup for an undisclosed amount. Through this acquisition Microsoft said that it will bring some of the features that Chalkup had built to the Microsoft Teams for Education product experience. Chalkup, a class collaboration platform that connects classes to simplify the process of assigning homework, studying with peers, grading, and sharing resources.
Increasing remote work culture is a major driver for the growth of the collaboration software market.According to Flexi Jobs’ Remote Work Statistics published in February 2020, major growth was recorded in the number of people working remotely in the USA.
The number of people working remotely increased to 159% between 2005 and 2017. The count of people working remotely in the USA was 3.9 million in 2015 and increased to 4.7 million or 3.4% of the total population in February 2020. Moreover, the COVID-19 outbreak has forced many companies to streamline work from home which in turn is projected to generate higher demand for the team collaboration software market in the forecast period.
Companies in the collaboration software market are increasingly investing in research and development to cater to the needs of the users and enhance coordination amongst the teams.Microsoft, for example, released a free version of the Microsoft Teams software in 2018.
This software will allow customers to have joint meetings, calls, and talks, along with company security, enforcement, and extra storage and it can be used for the whole organisation, regardless of size. Such developments are likely to strengthen market competition among players and consequently increase forecast-period growth in the overall team collaboration software market.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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