Collaboration software is designed to help people that are working on a common task or project to achieve their goals. It includes every possible tool that is needed for a team to work together on a particular project. It facilitates users in setting up quick communication, group conversations, share files, address questions, and provide relevant information from any location or from different devices. It also helps to set up effective communication between users so that they can discuss about projects in depth and make important decisions.
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Due to growth remote culture all across the globe and adoption of work from home culture in many organizations fuel the demand of collaboration software. Various organizations are encouraging employees to work from home, owing to the pandemic situation across the globe. For instance, amid the corona virus, Twitter has announced work from home forever option, which is expected to drive the growth of the market in the future.
Increase in shift of organizations toward online platforms is the major factor that drives growth of the market. In addition, encouraging remote work culture by organizations is expected to supplement the market growth. However, lack of technical expertise hampers growth of the market. Furthermore, integration of internet of things (IoT) with devices and artificial intelligence (AI) across the globe is expected to provide lucrative opportunities for the global collaboration software market.
Major players include : Adobe Inc., Avaya Inc., AT and T, Blackboard Inc., AudioCodes Limited, Cisco Corporation, Citrix Systems Inc., Dropbox, Inc., Google LLC, IBM Corporation, Microsoft Corporation , Mitel Networks Corp., Oracle, and Slack.
North America is expected to have the largest market share during the forecast period, owing to technological advancements. In addition, prominent players dealing in collaboration software are introducing new tools and features to sustain in the competitive market and fulfill growing needs. Asia-Pacific region is also anticipated to witness significant growth, owing to emerging economies such as India, China, and Japan and growing IT sector in the region.
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