The Increasing Trend for Remote or Hybrid Work Culture in the It Sector is the Key Factor Promoting the Growth of the Workstream Collaboration Tool Market During the Forecast Period 2022-2027

The Workstream Collaboration Tool Market size is projected to grow at a CAGR of 17.28% during the forecast period 2022-2027 and reach US$15,208.66 million by 2027. The growth of the Workstream Collaboration Tool Market is primarily driven by the growth of the IT sector. The use of workstream collaboration tools in the IT sector allows team members within an organization to stay more organized and get work completed in a faster and more efficient manner by allowing them to connect quickly and communicate and collaborate from anywhere. It bridges the gap between external and internal teams by bringing all groups within an IT organization together. This helps fulfill the goal of creating unified operations while connecting everyone with the critical data they need irrespective of the time and place. The surging adoption of remote or hybrid work culture in the IT sector has led to considerable growth in the Workstream Collaboration Tool market. 

On the basis of the end-user, the Workstream Collaboration Tool Market can be segmented into banking & financial services, retail, IT sector, education and others. The IT sector is evaluated to hold the largest share in the workstream collaboration tool market in 2021. During the forecast period 2022-2027, the IT sector segment is expected to grow at a CAGR of 16.29%. This can be attributed to various reasons such as the increasing adoption of remote or hybrid work culture in the IT sector. For instance, Fujitsu, a Japan-based IT company, implemented some significant changes to its working model post COVID-19 pandemic and promoted remote work culture in the company. Currently, 80% to 90% of its IT employees work from home in 2022.

On the basis of geography, the Workstream Collaboration Tool Market can be segmented into North America, South America, Europe, APAC and EMEA. According to IndustryARC’s analysis, North America has emerged as the most dominant region in the market. In 2021, the North American region held over 35% share of the total revenue earned by the market globally. North American countries including the U.S. and Canada are comparatively ahead in terms of the growth of the IT sector. According to recent insights from the World Economic Forum report statistics, 69% of U.S. service companies or nearly two-thirds of the workforce, expect to work from home once or twice a week in the coming years. Such factors would drive the adoption of Workstream Collaboration Tools in the North American region.

Key companies holding major shares in the Workstream Collaboration Tool Market are Microsoft Corporation, Slack Technologies, RingCentral Inc., Google LLC, Meta Inc. (Facebook), Atlassian Corporation, Cisco, Asana Inc., GoTo (LogMeIn Inc.) and Smartsheet Inc. among others. The key strategies adopted by the companies include launches, partnerships and acquisitions. 

In July 2022, Microsoft announced its plan to launch new collaboration tools for Teams which would include a range of additional features. It would allow users to draw or type on top of content shared in a meeting using the suite of tools provided by Microsoft Whiteboard.