SAN FRANCISCO, May 28, 2019 /PRNewswire/ -- The global team collaboration software market size is poised to reach USD 16.60 billion by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 9.5% during the forecast period. Surging demand for communication and conferencing solutions among enterprises is likely to drive the market.

Key suggestions from the report:

• Cloud-based software is expected to witness substantial growth over the forecast period as it reduces the infrastructure cost and offers a centralized management system
• The conferencing software segment is expected to post a significant CAGR over the forecast period. Growing deployment of conferencing solutions, such as Cisco Webex Meetings, Cisco Jabber, and Adobe Connect, is expected to supplement segment growth
• The healthcare segment is projected to register the highest CAGR during the forecast period. The growth can be attributed to increasing need for patient engagement and sharing real-time information with them
• Key market players include Microsoft Corporation, Cisco Systems, Inc., Citrix Systems, Inc., and Oracle Corporation. Integrating software, hardware, and network capabilities together is the growth strategy adopted by the key players to stay ahead in the market.

Read 141 page research report with TOC on "Team Collaboration Software Market Analysis Report By Application, By Software Type (Conferencing, Communication & Coordination), By Deployment (Cloud, On-Premise), And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/team-collaboration-software-market

Increasing need for digitization and visual data sharing is anticipated to stir up the demand for communication and conferencing solutions. Declining cost of video conferencing solutions is encouraging its large-scale deployment across organizations, which earlier was not possible due to high cost of installation. Moreover, integration of web conferencing with other communication tools to develop additional applications into collaborative workspaces is projected to augment the market over the next few years.

Application Program Interfaces (APIs) have enabled organizations to bridge together multiple platforms, providing an omnichannel experience to customers. APIs allow users to work efficiently from remote locations, as they integrate both cloud and on-premise applications, creating a seamless communication between systems and employees.

Organizations are increasingly deploying voice-based virtual team members to assist employees in daily meetings and reporting as part of their efforts to ensure a comfortable workspace for employees. Artificial intelligence is also being used to develop innovative team collaboration software. Augmented Reality (AR) and Virtual Reality (VR) are also being increasingly utilized for the development of team collaboration software.

Enterprises have started realizing the importance of using AI bots and Smart Virtual Personal Assistants (SVPAs) in automating various tasks and improving workplace collaboration. This, in turn, is working in favor of the market. Organizations are already using bots for collaboration purposes, such as taking notes and scheduling meetings.

Grand View Research has segmented the global team collaboration software market on the basis of deployment, software, application, and region.

• Team Collaboration Software Deployment Outlook (Revenue, USD Million, 2014 - 2025)
• Cloud
• On-premise
• Team Collaboration Software Type Outlook (Revenue, USD Million, 2014 - 2025)
• Conferencing software
• Communication & coordination software
• Team Collaboration Software Application Outlook (Revenue, USD Million, 2014 - 2025)
• Manufacturing
• BFSI
• IT & telecom
• Retail
• Healthcare
• Logistics & transportation
• Education
• Team Collaboration Software Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Mexico
• Middle East and Africa (MEA)

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.