Selbyville, Delaware According to the business intelligence report titled ‘Collaboration Software Market Size By Component, By Deployment Model, By Organization Size, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’ available with Market Study Report LLC, global collaboration software market is predicted to accrue lucrative gains during 2020-2026.
The research report states that escalating demand for enhanced enterprise communication coupled with technological advancements in the business sphere are augmenting the growth of global collaboration software market size.
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For the record, collaboration software, also known as collaborative software or groupware is an application designed to assist individuals working on a common task to efficiently meet their goals and targets. The software facilitates various activities such as processing, sharing, and management of documents, files and other type of data among multiple users and systems.
Moreover, advantageous attributes such as improved productivity of individuals in a group or team within an organization along with rising adoption by enterprises for task coordination and enhancement of workflow are positively swaying the global collaboration software market dynamics.
Based on component type, the managed service sub-segment of the service component segment is projected to register a noteworthy CAGR of 20% during 2020-2026, owing to surging demand for third party service providers.
With regards to application spectrum, global collaboration software market is fragmented into government, education, healthcare, retail & consumer goods, IT & telecom, BFSI, and others. Among these, the BFSI sector accounted for 15% of the market share in 2019 and is expected to expand substantially through 2026, on account of rising adoption of cloud-based technologies across the vertical.
Speaking of deployment model, the overall industry is split into cloud and on-premise. Speaking of organization size, the market is segmented into large enterprises and SMEs.
As per the regional analysis of the report, Middle East & Africa collaboration software market is slated to exhibit a robust CAGR of 10% over the stipulated timeframe, primarily due to improving enterprise communication.
Prominent players that have a commanding status in worldwide collaboration software market are Zoom Video Communications, Inc., TeamViewer GmbH, Oracle Corporation, SMART Technologies, LogMeIn, Inc., Slack Technologies, Inc., Polycom, Inc., Zoho Corporation Private Limited, OpenText Corporation, Microsoft Corporation, Micro Focus International plc, IBM Corporation, Google LLC, Citrix Systems Inc., Cisco Systems Inc., BOX, Inc., Blackboard Inc., Avaya Inc., AudioCodes Ltd., Atlassian Corporation Plc, and AT&T Inc.
Question and Answers: Global Collaboration Software Market
Q1) Which factors govern the expansion of global collaboration software market?
Answer: Escalating demand for enhanced enterprise communication, technological advancements in the business sphere, and rising adoption by enterprises for task coordination and enhancement of workflow are augmenting the growth of global collaboration software market.
Q2) What are the growth prospects of Middle East & Africa collaboration software market through 2026?
Answer: Improving enterprise communication in the region is responsible for the rapid expansion of Middle East & Africa collaboration software market over the forecast period.
Q3) Which organizations boast of an authoritative status in worldwide collaboration software market?
Answer: Major players operating in worldwide collaboration software market are IBM Corporation, Google LLC, Citrix Systems Inc., Cisco Systems Inc., BOX, Inc., Blackboard Inc., Avaya Inc., AudioCodes Ltd., Atlassian Corporation Plc, and AT&T Inc. among others.
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