The collaboration software market could cross USD 30 billion by the year 2026.  

In terms of application, the collaboration software market is bifurcated into IT & telecommunications, BFSI, education, healthcare, retail & consumer goods, and government. Out of these, the education segment is projected to maintain a compound annual growth rate of 13% by 2026. The ongoing coronavirus crisis has affected the workflow of educational institutions.

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The collaboration software market is estimated to garner remarkable revenue growth on account of surging demand for real-time file or resource managing, sharing, and processing services. Collaboration software can improve task management and processing capabilities by establishing an effective coordination system among team members. It offers a centralized approach for collaborative process management.

Mounting need for remote management and interoperability of projects across businesses could massively aid the collaboration software market growth. Businesses have started to evolve, with numerous enterprises looking for an effective system to share their critical information with third-party business partners. This has fueled the adoption of cloud-based groupware services.

Universities and colleges are therefore turning towards collaboration software for delivering quality educational services to students. For example, earlier in March 2020, Avaya Holdings Corp. offered its Avaya Spaces collaboration software to universities and colleges for free. This allowed educational institutes to resume their daily classes and deliver education to students.

Large scale organizations across the region are implementing collaboration software in their business models for large project management. Taking June 2019 for instance, Microsoft Corporation released a partner-to-partner collaboration system in its partner network. This would simplify the process of delivering cloud-based solutions and integrating partner technology.

In a bid to improve consumer base and market share, collaboration software market players are constantly focusing on developing innovative software solutions by partnering with prominent tech companies. Citing an instance, in June 2019, Oracle Corporation and Microsoft Corporation joined forces to integrate Oracle Cloud and Azure. Both the firms have jointly designed a cloud-based interoperability system for businesses.

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The North America collaboration software market is expected to show healthy growth over the predicted timeframe. North America is considered to be an ideal region for collaboration software companies, since it has held a substantial share of the global collaboration software market share in 2019. North America is renowned for its rich presence of tech enterprises like Google LLC, Slack Technologies, and IBM Corporation.

However, factors like scalability issues and flat adoption rates across SMEs could hinder the growth of the collaboration software market. Additionally, concerns like low efficiency, scalability problems, and integration with existing infrastructure could impact the adoption rate of this software. Technology companies are working on mitigating these issues by developing a more advanced and flexible collaboration software that has robust integration capabilities.

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