Increasing remote work culture is a major driver for the growth of the collaboration software market. According to Flexi Jobs’ Remote Work Statistics published in February 2020, major growth was recorded in the number of people working remotely in the USA. The count of people working remotely in the USA was 3.9 million in 2015 and increased to 4.7 million or 3.4% of the total population in February 2020. Moreover, the COVID-19 outbreak has forced many companies to streamline work from home, which in turn is projected to generate higher demand for the team collaboration software market in the forecast period.
The global collaboration software market is expected to grow from $8.9 billion in 2019 to about $23 billion in 2020. Collaboration software allows processing, management and sharing of documents and other files among systems or several users. During COVID-19, collaboration software enables hassle-free remote working for employees that are working from home. Several organizations are utilizing collaboration software for their regular meetings and updates; therefore, the market is expected to see rapid growth in market size in 2020. It is expected to stabilize and reach $17.1 billion at a rate of 17.6% through 2023.
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Collaboration Software Market Segmentation
The collaboration software market covered in this report is segmented by software type into conferencing software and communication and coordination software. It is segmented by deployment into cloud and on-premise, and by end user into IT & telecom, BFSI, retail, healthcare, government, and others. Among the geographical segments, Asia Pacific’s collaboration software market share is expected to be the fastest growing during 2019-2023.
Collaboration Software Industry Limited By Security Concerns
Growing security concerns are anticipated to limit market growth during the forecast period. According to an article on the tech industry’s biggest challenges by Forbes published in December 2018, beyond skills gap and AI transformation, some of the major challenges faced by the software industry – including the collaboration software market – are data governance, security, and privacy. Therefore, these growing security and privacy concerns are projected to act as a major restraint for market growth.
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Research And Development Undertaken To Strengthen Market Growth And Market Competition
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. For example, the free version of the Microsoft Teams software allows customers to have joint meetings, calls and talks, along with company security, enforcement, and extra storage. It can be used for the entire 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.
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