Collaboration Software Market Size, Share And Growth

Overview and Scope

Collaborative software allows individuals to collaborate on the same documents and projects over local and remote networks simultaneously.

Sizing and Forecast

The collaboration software market size has grown steadily in recent years. It will grow from $13.58 billion in 2023 to $14.16 billion in 2024 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to globalization and remote work, increased use of cloud computing, mobility and byod (bring your own device), demand for productivity and efficiency, rise of saas models.

The collaboration software market size is expected to see steady growth in the next few years. It will grow to $16.53 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to integration of artificial intelligence, rise of hybrid work environments, security and compliance focus, emphasis on user experience, interoperability and integration. Major trends in the forecast period include team collaboration and messaging, video conferencing and virtual meetings, document collaboration and sharing, project management integration, augmented reality (ar) integration.

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Segmentation & Regional Insights

The collaboration software market covered in this report is segmented –

1) By Software Type: Conferencing Software, Communication and Coordination Software

2) By Deployment: Cloud, On-premise

3) By End User: IT & Telecom, BFSI, Retail, Healthcare, Government, Other End-Users

Asia-Pacific was the largest region in the collaboration software market in 2023. North America was the second largest region of the collaboration software market. The regions covered in the collaboration software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The increasing remote working expected to propel the growth of the collaboration software market going forward. Remote working refers to a work arrangement in which employees perform their job responsibilities from a location outside the traditional office, typically from their homes or other remote locations. The growth of remote work has accelerated the development and adoption of collaboration software, as organizations recognize the need for effective remote collaboration tools to maintain productivity, communication, and teamwork. For instance, in June 2023, according to Forbes, a US-based business magazine, men who work remotely full-time make up 38% of the workforce, while 23% do so part-time. Comparatively, 22% of women work part-time and 30% of women work remotely full-time. Therefore, the increasing remote working is driving the growth of the collaboration software market.

Key Industry Players

Major companies operating in the collaboration software market include Citrix Systems Inc., Slack Technologies Inc., Oracle Corporation, IBM Corporation, AT&T Intellectual Property, Cisco System Inc., Microsoft Corporation, Google LLC, BOX Inc., TeamViewer GmbH, LogMeIn Inc., Zoom Video Communications Inc., SMART Technologies ULC, MindMeld Inc., Adobe Systems Incorporated, Asana Inc., Avaya Inc., Blackboard Inc., OpenText Corporation, Siemens AG, Dropbox, Box Inc., Intralinks Holdings Incorporations and Survey Monkey, International Business Machines Corporation, Zoho Corporation, Smartsheet Inc., Wrike Inc., Notion Labs Inc., Trello Inc., Airtable Inc.

The collaboration software market report table of contents includes: