Collaboration Software Market study on key players, Industry Share and Regional Analysis

Collaboration Software Market study on key players, Industry Share and Regional Analysis

3 pivotal trends augmenting collaboration software market forecast

It’s hard to believe that collaboration tools have been around for almost two decades. After all, it’s only recently that enterprises have started to rely on collaborative platforms to connect their distributed workforce. Collaboration and communication tools have become critically important in these unprecedented times, as the global coronavirus outbreak has forced businesses to work remotely.

It is estimated that global collaboration software market size will be worth more than US$30 billion by 2026. Let’s take a look at some of the most influential trends propelling the adoption of collaborative and communication tools.

  • Strong demand for project management solutions

Collaboration tools significantly improve task management and processing capabilities by allowing a group of people to work coordinate and work together. More and more enterprises are adopting collaborative platforms to exchange securely exchange critical information with business partners outside the organization. These tools offer a centralized environment for effective management of collaborative process.

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Content sharing tools, project management solutions, enterprise social networking platforms, and conferencing tools are the different types of collaboration software solutions and services. Project management solutions help multiple teams to communicate and manage project processes effectively in real-time. It serves a unified platform for interacting and transmitting critical project information and resources across different teams.

  • Widespread use in education sector amid COVID-19

In terms of the deployment model, cloud collaboration software industry will grow at over 20% CAGR through 2026. Cloud-based solutions enable enterprises to digitize their business processes and offer greater accessibility while minimizing integration complexities and cutting costs. Cloud-based deployment also helps enterprises boost productivity and minimize resource utilization. Cloud-based collaboration and communication tools are currently playing a key role in the education sector to facilitate remote learning.

The COVID-19 pandemic has affected business, industries, and not to mention, educational institutions. Schools, colleges, and universities worldwide are relying on collaborative tools to offer uninterrupted educational services remotely. For instance, Avaya Holdings Corp. had announced the cost-free availability of its Avaya Spaces platform to educational institutions in March 2020. The deployment of collaboration solutions in educational application will grow at nearly 13% CAGR in the upcoming years.

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  • Presence of multinational giants in North America

Considering the regional landscape, North America collaboration software industry is slated to witness notable growth in the near future, with the presence of software giants including Google LLC, Microsoft Corporation, IBM corporation, and Slack Technologies. These companies are implementing collaboration tools to manage large-scale projects.

For instance, Microsoft had launched a partner-to-partner collaboration platform in its partner network in June 2019 to offer efficient cloud-based solutions. These companies are also considering partnerships as a major strategy for the development of next-generation collaboration and communication platforms.

In June 2019, Microsoft had announced a partnership with Oracle Corporation for the integration of Microsoft Azure and Oracle cloud platforms. The tech giants jointly built a cloud-based interoperability platform for enterprises. The partnership enabled both the companies to deliver advanced collaboration solutions to their customer enterprises.