According to the research 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, global collaboration software market is expected to register substantial growth during 2020-2026.
 

Focus towards improving communication within the enterprise along with technological advancements are prime factors fostering the growth of global collaboration software market. For those uninitiated, collaboration software enables sharing, processing, and management of files, documents, and other data among various systems and users.
 

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It greatly helps in improving the productivity of employees within a company in order to achieve a particular goal. Moreover, collaboration software allows users to not only coordinate tasks, but also develop an individual workspace through which workflow and data could be integrated.
 

As per component type, global collaboration software market is segmented into services and solutions. The services segment is further bifurcated into managed services and professional services. The solution segment is also classified into messaging, enterprise social networking, project management, content sharing, and conferencing.
 

The report states that the managed services segment is expected to grow with a CAGR of 20% between 2020 and 2026, primarily due to high reliability on third-party service vendors.
 

Highlighting the application scope, the market is categorized into government, healthcare, education, retail & consumer goods, IT & telecom, BFSI, and others. As per the report, BFSI sector accounted for 15% market share in the recent past and is predicted to expand continuously during the forecast duration, owing to increasing utilization of cloud computing technologies.
 

From the regional point of view, collaboration software market in Middle East & Africa is anticipated to showcase a y-o-y growth rate of 10% between 2020 and 2026, primarily driven by rising adoption of the solution in order to enhance enterprise communication systems.
 

The major contenders in global collaboration software market are Zoom Video Communications Inc., Box Inc., Avaya Inc., Zoho Corporation Private Limited, SMART Technologies, Polycom Inc., Oracle Corporation, OpenText Corporation, Microsoft Corporation, TeamViewer GmbH, Micro Focus International plc, LogMeIn Inc., Slack Technologies Inc., IBM Corporation, Google LLC, Citrix Systems Inc., Cisco Systems Inc., Blackboard Inc., AudioCodes Ltd., Atlassian Corporation Plc, and AT&T Inc. among others.