DUBLIN--(BUSINESS WIRE)--The "Team Collaboration Tools Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The team collaboration tools market is expected to register a CAGR of 18%, over the forecast period (2021-2026).
Companies Mentioned
- Microsoft Corporation
- Slack Technologies Inc.
- Atlassian Corporation PLC
- Smartsheet Inc.
- Asana Inc.
- Huddle (Ninian Solutions Limited)
- TigerConnect Inc.
- Wrike Inc.
- Symphony Communication Services LLC
- Cybozu Inc.
Key Market Trends
The Outbreak of COVID-19 is Expected to Increase the Usage of Team Collaboration Tools
- With the outbreak of COVID-19 in various countries, globally, many governments, including the United States, major European countries, and the Asia-Pacific countries ( like China, India, and Singapore), announced lockdown to curb the virus. This resulted in many organizations and educational institutions promoting the usage of team collaboration tools, as employees and students are working from home during the crisis.
- Microsoft Teams, a team collaboration software from Microsoft, witnessed a 40% increase in demand, due to adjustment of the businesses to remote work and school closures, which required the adoption of e-learning techniques. The company even launched new Teams features that are designed to improve remote meetings, as Teams has become the default work mode, rather than the pre-pandemic exception. In the week from March 11 to March 18, 2020, Microsoft Teams witnessed 12 million new users using its service on a daily basis.
- With millions of people now suddenly working from home because of COVID-19's impact, team collaboration tools are witnessing considerable spikes in demand. Microsoft revealed its Microsoft Teams' collaboration, and its communication service has seen a 775% increase in monthly users in Italy, where social-distancing measures or shelter-in-place orders have been enforced. Moreover, companies, such as Ernst & Young, SAP, Continental AG, and Accenture, which together have over 440,000 employees are using Microsoft Teams.
North America is Expected to Hold a Significant Share
- North America is expected to hold a significant market share, due to the increasing adoption of team collaboration tools by enterprises that offer enhanced features, such as web conferencing, communication, and coordination tools, and collaboration portals, which are expected to create a positive impact in the region.
- Moreover, the surge in the adoption of web conferences among enterprises, owing to increasing demand for visual meetings, which saves traveling time for organizations, growing user comfort, and rising access to high-quality internet connections are other factors that drive the market in this region.
- Major companies of the team collaboration tools market, such as Microsoft Corporation and Slack Technologies Inc., who occupy the majority of the share in the market, are based out of the United States. Additionally, the region is witnessing the majority of technological advancements with the deployment of Artificial Intelligence in certain team collaborative software.
- The United States witnessed the highest number of patients affected by COVID-19, in March 2020. Therefore, this is another factor for the massive surge in the usage of team collaboration tools, due to the lockdowns imposed in various states of the country.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Need for Tools to Make Work Seamless and Agile
4.2.2 Continuous Innovation in Team Collaborative Tool Offerings
4.3 Market Restraints
4.3.1 Compliance and Governance Issues
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.5 Assessment of COVID-19 on the Industry
5 MARKET SEGMENTATION
5.1 Type of Deployment
5.2 Organization Size
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia Pacific
5.3.4 Latin America
5.3.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Microsoft Corporation
6.1.2 Slack Technologies Inc.
6.1.3 Atlassian Corporation PLC
6.1.4 Smartsheet Inc.
6.1.5 Asana Inc.
6.1.6 Huddle (Ninian Solutions Limited)
6.1.7 TigerConnect Inc.
6.1.8 Wrike Inc.
6.1.9 Symphony Communication Services LLC
6.1.10 Cybozu Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ots8up
