Team Collaboration Tools Market Size
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
*Disclaimer: Major Players sorted in no particular order
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Team Collaboration Tools Market Analysis
The team collaboration tools market will register a CAGR of 18% over the forecast period. Team collaboration tools are a subclass of collaboration platforms. They have certain features in common, but the main distinction is that team collaboration tools concentrate on real-time messaging and can take the place of email among teams. Voice calls and video conferencing are two additional features of team collaboration tools.
- The term "team collaboration tools" or "team collaboration software" refers to various software programs and online resources that businesses and individuals can utilize to work effectively on shared projects, regardless of their physical location or appearance. The tools can range from a straightforward email tool to a highly complex project management tool. The main objective of a team collaboration tool is to enable a group of two or more people to achieve a common goal by supporting them and synchronizing their efforts.
- Further, to achieve automation and better communication inside a business, it is anticipated that the developments of artificial intelligence and its integration with team collaboration tools will increase demand. A significant team benefit of artificial intelligence is greater productivity and attention to high-value work, as expected by most enterprises.
- Additionally, with cloud collaboration, every team member has an equal chance to contribute, and they may do it whenever they want, from wherever they are. By using cloud computing to share information and interact, projects can be finished more quickly and with higher-quality results. On-premise apps have lost ground to cloud-based online collaboration solutions in market share, which now exceeds 50%.
- Unfortunately, there are still issues with team collaboration tools despite the availability of various features and applications. For instance, if too many individuals participate with divergent viewpoints, the convenience of offering input may turn out to be detrimental, and the original worker may lose focus on their initial goal. Roadblocks can also be caused by a lack of team management or the capacity to specify essential performance indicators (KPIs) and precise objectives.
- Team collaboration technologies are anticipated to rise in response to the COVID-19 pandemic. Due to the lockdown, many businesses are encouraging the use of team collaboration solutions since, during a crisis, employees frequently work from home. The transition of enterprises to remote work resulted in a 40% increase in demand for Microsoft Teams, a team collaboration tool from Microsoft. As remote meetings become the norm rather than the pre-pandemic exception, Microsoft announced new Teams tools intended to enhance them.
Team Collaboration Tools Industry Segmentation
Team collaboration tools engage in helping project managers and teams manage changes, communicate, save time, and remain effective at the same time. The team collaboration tools market is segmented by type of deployment (cloud and on-premise), organization size (small and medium enterprises and large enterprises), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
|By Type of Deployment|
|By Organization Size|
|Small and Medium Enterprises|
Team Collaboration Tools Market Trends
This section covers the major market trends shaping the Team Collaboration Tools Market according to our research experts:
Continuous Innovation in Team Collaboration Tool Offerings to Increase Market Growth
- Tools for team collaboration make working together on business tasks more convenient and efficient. Real-time communication is enabled, and feedback and approval delays are reduced. Team collaboration focuses on managing projects and tasks, sharing files, and developing effective communication methods.
- Additionally, it is anticipated that the advancement of artificial intelligence and its integration with team collaboration technologies will lead to increased demand for automation and enhanced communication within organizations. A significant benefit of artificial intelligence is greater productivity and attention to high-value work, as expected by most enterprises.
- To increase an organization's efficiency, AI can be used with team collaboration tools to filter and highlight the most pertinent emails based on work patterns and behavior, understand email content, suggest intelligent responses, and type emails using voice commands while also correcting typos and attaching relevant files.
- The most recent technological developments in team collaboration tools allow for analyzing information and data from various sources and their connection, scheduling meetings with relevant parties at times that work for everyone, and using face recognition to join meetings once they begin automatically.
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North America is Expected to Hold a Significant Share
- Due to the growing use of team collaboration tools by businesses that provide enhanced features like web conferencing, communication and coordination tools, and collaboration portals, which are anticipated to affect the region positively, North America is predicted to hold a significant market share.
- In addition, the market in this area is driven by the rapid uptake of web conferences among businesses due to the rise in demand for visual meetings, which saves firms travel time, improves user comfort, and expands availability to high-quality internet connections.
- The majority-holding businesses in the market for team collaboration technologies, including Microsoft Corporation and Slack Technologies Inc., are headquartered in the US. Furthermore, the region is experiencing the majority of technical breakthroughs due to the incorporation of AI into specific team collaboration tools.
- The US-based Comanche County Memorial Hospital selected Google's G Suite cloud collaboration suite. This facilitates the migration of crucial resources to the public cloud and provides staff with new real-time collaboration and communication options.
- On the regional front, the cloud industry in Canada is also expected to grow as companies continue to digitize their business data and internal systems. The increasing demand for cloud technology led domestic and foreign IT companies to introduce new cloud services for consumers and businesses.
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Team Collaboration Tools Industry Overview
The team collaboration tools market is moderately consolidated. The top competitors hold the majority of the market share. Additionally, established players in the industry under study already have a client base that typically does not migrate to new competitors. New players face fierce rivalry from established players. Some significant players include Microsoft Corporation, Slack Technologies Inc., Asana Inc., and Smartsheet Inc.
- July 2022: Microsoft Corporation has announced new collaboration tools for team video calling platforms. Microsoft has introduced the live share feature that allows users to "collaborate on certain content within the teams meeting window," where members and participants in the meeting can edit the workbooks simultaneously with other people on the call.
Team Collaboration Tools Market Leaders
Slack Technologies Inc.
Atlassian Corporation PLC
*Disclaimer: Major Players sorted in no particular order
Team Collaboration Tools Market News
- April 2022: Slack Technologies Inc., along with Salesforce, announced the release of new tools to accelerate team performance. This includes the digital HQ to give customers unlimited ways to customize Slack, automate workflows, and adapt their workspaces to meet the specific needs of their teams.
- February 2022: Asana Inc announced Asana Flow, a new set of workflow tools that aid in the automated movement of work within and between teams. A project manager can create a reusable workflow containing all the steps, data, and tools necessary to complete and approve a project. It is a UI where managers can plan the workflow handoffs across the team, taking into account all of the integrations that various people use [as well as] all of the handoffs across cross-functional teams.
Team Collaboration Tools Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Assessment of the Impact of COVID-19 on the Industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Need for Tools to Make Work Seamless and Agile
5.1.2 Continuous Innovation in Team Collaborative Tool Offerings
5.2 Market Restraints
5.2.1 Compliance and Governance Issues
6. MARKET SEGMENTATION
6.1 By Type of Deployment
6.2 By Organization Size
6.2.1 Small and Medium Enterprises
6.2.2 Large Enterprises
6.3 By Geography
6.3.1 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 Rest of Asia-Pacific
6.3.4 Latin America
18.104.22.168 Rest of Latin America
6.3.5 Middle East and Africa
22.214.171.124 United Arab Emirates
126.96.36.199 Saudi Arabia
188.8.131.52 Rest of Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Microsoft Corporation
7.1.2 Slack Technologies Inc.
7.1.3 Atlassian Corporation PLC
7.1.4 Smartsheet Inc.
7.1.5 Asana Inc.
7.1.6 Huddle (Ninian Solutions Limited)
7.1.7 TigerConnect Inc.
7.1.8 Wrike Inc
7.1.9 Symphony Communication Services LLC
7.1.10 Cybozu Inc.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
Team Collaboration Tools Market Research FAQs
What is the study period of this market?
The Team Collaboration Tools Market is studied from 2017 - 2027.
What is the growth rate of Team Collaboration Tools Market?
The Team Collaboration Tools Market is growing at a CAGR of 18% over the next 5 years.
Which region has highest growth rate in Team Collaboration Tools Market?
Asia Pacific is growing at the highest CAGR over 2017-2027.
Which region has largest share in Team Collaboration Tools Market?
North America holds highest share in 2021.
Who are the key players in Team Collaboration Tools Market?
Microsoft Corporation, Slack Technologies Inc., Smartsheet Inc., Asana Inc., Atlassian Corporation PLC are the major companies operating in Team Collaboration Tools Market.
Team Collaboration Tools Industry Report
Statistics for the 2023 Team Collaboration Tools market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Team Collaboration Tools analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.