Collaboration Software Global Market To Reach Value Of About $20 Billion In 2025
30 Nov, 2021
Global Collaboration Software Market Size And Drivers:
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 collaboration software market is expected to reach $19.69 billion in 2025 at a CAGR of 11%. Increasing remote work culture is a major driver for the growth of the collaboration software market.
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Trends In The Global Collaboration Software Market
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 organization, 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.
Global Collaboration Software Market Segments:
The global collaboration software market is further segmented –
By Software Type: Conferencing Software, Communication And Coordination Software
By Deployment: Cloud, On-Premise
By End User: IT & Telecom, BFSI, Retail, Healthcare, Government, Others
By Geography: The global collaboration software market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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https://www.thebusinessresearchcompany.com/report/collaboration-software-global-market-report-2020-30-covid-19-implications-and-growthCollaboration Software Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides collaboration software market overviews, analyzes and forecasts market size and growth for the global collaboration software market, collaboration software market share, collaboration software market players, collaboration software market segments and geographies, collaboration software market’s leading competitors’ revenues, profiles and market shares. The collaboration software market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.