Emergence of unified communication as a service and increasing smartphone penetration on a global level are expected to be the key factors driving the team collaboration software market growth over the forecast period. Furthermore, increasing uptake of BYOD (Bring Your Own Device) approach across organizations and the emergence of new team collaboration tools, and associated practices are also expected to fuel market growth.
Increasing internet usage, evolving workforce demographics, virtualization of data & devices, rise of Software as a Service (SaaS) and technology developments are expected to further drive the team collaboration software market growth. Organizations focus on moving from a document-focused work style to a people-focused work style, which is also expected to favorably impact the team collaboration market growth over the forecast period. Organizations focus on adopting team collaboration software in order to create processes, products and or services that differentiate the company from the competition. Development of new technologies that enable communication over a wider variety of end points is expected to provide opportunity for the team collaboration market growth over the coming years. Increasing popularity of social networking websites are also expected to provide avenues for market growth over the next few years.
However, factors such as lack of IT infrastructure, particularly in developing regions and issues in calculating ROI may pose to be a challenge to the team collaboration software market growth. In addition, high initial investment cost involved in adopting such systems and lack of interoperability between multiple vendors’ platforms may pose to be a challenge for the team collaboration industry growth.
Key industry participants include Cisco Systems Inc., IBM, Microsoft, Siemens and AT&T. As a part of growth strategy vendor’s focus on offering customized team collaboration software solutions across several verticals.
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