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.
 

Shifting focus towards improving enterprise communication along with technological advancements are major factors fueling the demand for collaboration software across the globe. The solution enables enterprises to share, manage and process documents and files across multiple systems.
 

Collaboration software helps in enhancing the productivity of a group or a team in an enterprise in order to acquire organizational goals, which in turn is driving the market growth. The software not only allows users to coordinate tasks but also create an individual workspace to upload workflows and data, which can accessed, viewed and updated by other users. The three basic functions of a collaboration software are information storage, shared access to data, and knowledge management.
 

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As per component type, managed services segment is projected to expand with a CAGR of 20% during 2020-2026, primarily due to increasing dependency of enterprises on third party service vendors.
 

Based on the application landscape, BFSI segment held 15% share of collaboration software market in 2019 and is poised to accumulate notable returns in the ensuing years. The growth is attributed to increasing utilization of cloud computing technologies in BFSI sector.
 

Regionally, Middle East & Africa collaboration software industry is predicted to record a y-o-y growth rate of 10% between 2020 and 2026, primarily due to growing demand for enhancing communication within organizations.
 

Zoom Video Communications Inc., Zoho Corp. Pvt. Ltd., TeamViewer GmbH, SMART Technologies, Slack Technologies Inc., Polycom Inc., Oracle Corp., OpenText Corp., Microsoft Corp., Micro Focus International Plc., LogMeIn Inc., IBM Corp., Google LLC, Citrix Systems Inc., Cisco Systems INC., BOX Inc., Blackboard Inc., Avaya Inc., AudioCodes Ltd., Atlassian Corp. Plc and AT&T Inc. are the major participants in global collaboration software market.