Workstream Collaboration Tool Market - Forecast(2024 - 2030)
Workstream Collaboration Tool Market Overview
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. Rapid growth in the adoption of remote working culture after the COVID-19 pandemic has generated a surge in the adoption of workstream collaboration tools in 2021 as organizations are replacing existing unified communications systems with more effective workstream collaboration applications. Workstream collaboration tools enable employees within an organization to maximize productivity and communication levels through the use of capabilities such as chat, voice, video and more. These applications provide superior workflow integration and coordination, while also providing rapid access to relevant information, thereby improving both internal as well as external collaboration. Furthermore, the use of workstream collaboration tools helps organizations connect remote workers, boost workflow, improve employee engagement and drive return on investment.
Workstream Collaboration Tool Market Report Coverage
The "Workstream
Collaboration Tool Market Report – Forecast (2022-2027)” by IndustryARC, covers an
in-depth analysis of the following segments in the Workstream Collaboration Tool Market.
By Deployment Type: On-premise and Cloud-based.
By End-user: Banking & Financial
Services, Healthcare, Government, Retail, IT Sector, Media, Education and Others.
By Organization Size: Small Scale & Medium
Businesses and Large Enterprises.
By Type: Platform and Software.
By Features: Document Management, Real-time Editing, Video Conferencing, Version Control, Content Management, Project
Management and Others.
By Geography: North America (the U.S., Canada and Mexico), South America
(Brazil, Argentina and the Rest of South America), Europe (the UK, Germany, France,
Italy, Spain and the Rest of Europe), Asia-Pacific (China, Japan, India, South
Korea, Australia, New Zealand and the Rest of APAC) and the Rest of the World (the Middle East
and Africa).
Key Takeaways
- Cloud-based collaboration tools are witnessing major demand in the Workstream Collaboration Tools market due to improved version control features.
- North America dominated the Workstream Collaboration Tool Market in 2021, owing to the rising adoption of web and application-based services for digital workplaces.
- There is an increasing demand for Workstream Collaboration Tools by large organizations due to their ability to offer optimum transparency and team coordination in the work environment.
Figure: Workstream Collaboration Tool Market Share, by Geography, 2021 (%)
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Workstream Collaboration Tool Market Segment Analysis – by Deployment Type
The cloud-based segment held the
largest share in the Workstream Collaboration Tool Market and it is expected to grow at a CAGR of 19.88% between
2022 and 2027. This is due to the range of characteristics and benefits it offers
over the on-premise deployment model. For instance, cloud-based workstream
collaboration tools offer a range of benefits such as ease of use,
multi-functionality, integrations, higher scalability and flexibility as per
the budget and usage. Moreover, it is more economical and cost-effective as
compared to on-premise deployment models as it eliminates upfront capital costs
of on-premise hardware and servers. Hence,
all these benefits of cloud-based deployment
are driving its demand over the on-premise deployment model. Additionally,
the surging adoption of remote or hybrid work culture among various end-use
industries such as banking, education, IT and other sectors are driving the
adoption of cloud-based Workstream Collaboration Tools,
which in turn, would boost the market growth during the forecast period.
Workstream Collaboration Tool Market Segment Analysis – by
End-user
The IT sector held the largest
share in the Workstream Collaboration Tool Market and
it is expected to grow at a CAGR of 16.29% between 2022 and 2027. An increase in the adoption of remote work
culture within the IT sector is expected to fuel market growth. For instance,
according to Forbes, the number of remote work positions associated with the IT
sector in the UK increased by up to 23% in 2021 as compared to 4% in 2020, owing
to the surging employee preference towards the remote work model post the COVID-19
pandemic. Thus, such
increasing adoption of remote work culture in the IT sector would drive the
demand for workstream collaboration tools for efficient collaboration of
employees working remotely within an organization. This would ensure maximum
productivity by allowing them to make decisions or solve business-critical
problems together. This would also accelerate the market growth during the forecast
period.
Workstream Collaboration Tool Market Segment Analysis – by Geography
North America dominated the Workstream Collaboration Tool Market with over 35% market share in 2021. The consumption of workstream collaboration tools is particularly high in this region due to its increasing demand from the banking & financial, IT and educational sectors. The surging growth of the remote or hybrid work culture in such sectors is the key factor driving the demand for workstream collaboration tools in the region. For instance, in April 2022, some of the leading banks in the U.S. such as Citigroup, Wells Fargo, UBS, HSBC and BNY Mellon announced flexible work schedules and the adoption of hybrid work models within the enterprises. Moreover, according to Nomad List, Mexico has been expanding its remote work culture across many cities in 2021. This surge in increasing adoption of remote or hybrid work culture in the region would drive the adoption of workstream collaboration tools to ensure efficient document management, team collaboration, increased productivity and other similar factors. This would propel the growth of the Workstream Collaboration Tool market in the upcoming years.
Workstream Collaboration Tool Market Drivers
Increasing trend for remote or hybrid work culture in the IT sector:
The global pandemic has allowed employees to identify several benefits related to working from home, both for themselves and the organization. These benefits include improved work-life balance, increased focus with fewer distractions, reduced commuting time and costs, IT upskilling and high levels of motivation. These factors have been driving the expansion of the global team collaboration software market. According to a 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. Additionally, 48% of employees across the globe wanted to continue working from home after the pandemic. As a result of these factors, there has been a significant increase in the adoption of team collaboration software in order to track or monitor the performance of employees at the workplace, which in turn, is driving the market growth.
Adoption of advanced technologies:
The high demand for hybrid models
among various organizations has resulted in the widespread adoption of advanced
technology tools for monitoring performance, such as team collaboration
software. Such factors contribute to the expansion of the global team collaboration
software market. For instance, in October 2020, IBM announced the acceleration
of a hybrid cloud growth strategy that could drive digital transformation for its
client base. In March 2021, Avaya announced Avaya Spaces, a modern
workstream collaboration (WSC) platform that provides evolved unified
communication capabilities through a preferred device. Hence, such new developments
associated with Workstream Collaboration Tools
are set to drive the growth of the market.
Workstream Collaboration Tool Market Challenges
Cybersecurity issues associated with collaboration tools:
Online
collaboration faces cybersecurity issues, such as data theft, hackers, malware
and identity theft. Uninvited guests may gain access to collaborative
platforms, spaces and tools and impersonate a team member or make away with
confidential information. The major challenge faced by workstream collaboration
tools is the security issues while accessing the work collaboration platforms,
which may limit the market growth. Security is a major concern for an
organization due to the massive amount of sensitive data stored in systems. While
choosing a workstream collaboration tool, organizations should consider
file security as their topmost priority. Developers of workstream
collaboration tools should try to balance out end-user productivity along with
building up high-level security strategies.
Workstream Collaboration Tool Industry Outlook
Technology launches, acquisitions and
increased R&D activities are key strategies adopted by players in the Workstream Collaboration Tool
Market. The top companies 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.)
- Smartsheet Inc.
Recent Developments
- In September 2022, Adobe acquired Figma at US$20 billion with the aim of enhancing its collaboration tools for the hybrid workplace. The main motive of this acquisition is to strengthen the company’s position in the market.
- In November 2021, Microsoft launched Loop, an Office app that people can use to collaborate on projects. It includes a combination of features that is ideal for use in hybrid work configurations, where everyone is not located in the same physical space.
- In June 2021, Cisco launched its Webex Suite. It combines tools across meetings, messaging, calling, events and polling. The launch aimed at bringing together collaboration tools with virtual events for enhanced user experience.
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