Transparency Market Research
With growing integration of advanced technologies, including machine learning and artificial intelligence has increased demand for team collaboration software. Use of this software assists in improving communication and enhances work place efficiency. The team collaboration software is capable of translating messages in real-time basis and has linguistic diversity. It ensures better voice and chat assistance as well as improved video conferencing.
Expanding businesses in different geographies has encouraged companies to install team collaboration software at large to manage projects of different sizes, and to improve working efficiency across the management. Use of team collaboration software is seen in logistics and transportation, BFSI, healthcare, retail, IT and telecom, education, and manufacturing sectors.
Expansion of Software-As-A-Service Expanded Use of Team Collaboration Software
Significant factor that led the demand in the global team collaboration software market includes large number of diverse labor force, expansion of software-as-a-service, and virtualization of devices. Bring your own device (BYOD) and rise in related practices have further augmented demand in this market. Growth opportunities are also created by increasing use of several public networking services. Rise in social networking websites has paved way in developing this market.
However, limited technical expertise, lack of security issues, and redesigning of cloud network might hamper growth in the global team collaboration software market. But growing demand for team collaboration software is growing in both developed and developing regions. Growing adoption of web conferencing for visual meeting and rising access to high-quality internet connections fueled growth in the global team collaboration software market.
Team collaboration software allows the processing, management and sharing of documents, files and other documents among systems or several users. Team collaboration software allows two or more remote customers to equally work on a same project or task. Thus, this type of software is very efficient for group processes helping people involved in a mutual task to complete their goals. In addition with the help of team collaboration software, groupassociates are able to build workspaces that are accessible and viewable by all other users from different location. Additionally, collaboration and conferencing solutions are regularly becoming a mainstream tool for effective communication. Across the globe, various organizations already has installed collaboration software in order to streamline their business process, better manage projects of all sizes, and boost their work efficiency across the management or board.This in turn is increasing the demand of Team Collaboration Software market during the forecast period 2017- 2025.
Global Team Collaboration Software market has been segmented on the basis of deployment, service, end use industry and geography. On the basis of deployment type, global Team Collaboration Software market has been segregated into audio conferencing services, video conferencing services and web conferencing among others. In modern technological trends, video conferencing provides a cost cutting and improve communication experience to the end users. This team collaboration software is very much effective for video and audio conferencing services. Additionally, rising demand of video to be integrated in all communication modes is expected to increasing the usage of team collaborating software. This in turn is predicted to increase the demand of Team Collaboration Market in coming years. On the basis of service global Team Collaboration Software market has been bifurcated into integration services, maintenance services and consulting services. Furthermore, on the basis of end user industry, Team Collaboration Software market is segmented into segregated Banking, Financial services and Insurance (BFSI), telecommunication and information technology, research and development, wholesale and retail, education sector, and aerospace and defense among others. New technologies development that allow communication over a broader variety of end points is anticipated to deliver opportunity for this market growth during the forecast period. Moreover, rising attractiveness of various public networking web services are also expected to offer new opportunities for the growth of Team Collaboration Software market in coming years. Team collaboration software is contributing to higher productivity, increased morale and greater business opportunities. In addition, cyber threat is expected to be a challenge for the Team Collaboration Software market growth.In coming years this team collaboration software is able to customize according to industry vertical. Thus, various software vendors are focusing on research and development and customization of team collaboration software to give an extra enhancement. This in turn is expected to increase the demand of various customize software in coming years. However, in developing countries lack of software knowledge and higher investment infrastructure cost involved in implementing such systems is restraining the growth of global Team Collaboration Software market.
Geographically, global Team Collaboration Software market has been bifurcated into North America, Europe, Asia Pacific, Middle- East and Africa (MEA) and Latin America. In 2016, North America led the Team Collaboration Software market followed by Europe and Asia Pacific. Asia Pacific is estimated to be the fastest growing market for Team Collaboration Software market, followed by Europe. In addition, in Asia Pacific, owing to industrially emerging economies in China, Japan, South Korea, India and Taiwan is increasing the demand for Global Team Collaboration Software market. High internet penetration and cloud based services is mainly driving the Asia Pacific Team Collaboration Software market during the forecast period from 2017- 2025.
The key companies operating in the Team Collaboration Software Market are Adobe Systems (The U.S), AT&T (The U.S), Avaya (The U.S), Citrix Systems (The U.S), Cisco Systems (The U.S), YAHOO (The U.S), Smart Technologies (Canada), Unify Software and Solutions GmbH & Co. KG (Germany), Polycom (The U.S), Novell (The U.S), Microsoft Corporation (The U.S), IBM (The U.S), Oracle Corporation (The U.S), Blackboard (The U.S), AudioCodes (The Israel) and Radisys (The U.S) among others.
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