Workstream Collaboration Tool Market Overview
The Global market for Workstream Collaboration Tool is forecast to reach $10.5billion by 2025, growing at a CAGR of 21.7% from 2020 to 2025. The demand for workstream collaboration tools is rising due to adoption of collaboration tools by the organizations due to its capability of enhancing work productivity level. Moreover, use of such collaboration tools are increasing due to saving up of travelling costs for business works.
The report: “Workstream Collaboration Tool– Forecast (2020-2025)”, by IndustryARC covers an in-depth analysis of the following segments of the Workstream Collaboration Tool Market.
By Deployment type - On-premise, Cloud based.
By End user - Banking &Financial Services, Healthcare, Government, Retail, IT sector, Media, Education, Others.
By Organization size - Small scale & Medium businesses, Large Enterprises.
By Type - Platform, Software.
By Features - Document management, Real time editing, Video conferencing, Version control, Content management, Project management, Others.
By Geography - North America, South America, Europe, APAC, RoW.
- Cloud based collaboration tools are causing major demands in the work-stream collaboration tools market due to improved version control feature.
- North America accounts as the highest growing region in the global work-stream collaboration tools market prior to rising adoption of web and application based services.
- Rising demands of work stream collaboration tools by large organizations prior to their ability to offer optimum transparency in the work environment.
Deployment type- Segment Analysis
With rising technological advancements and dependence on cloud technology, Cloud based collaboration tools are having major shares in the work stream collaboration tools market. Various large organizations face difficulty while addressing massive amounts of data, cloud based collaboration tools simplifies the workflow process causing improved productivity. Cloud based tools also offers real time data and enhances team communication, which ultimately benefits the organization. This causes major demand of cloud based tools in the market, as it allows increased version control through smooth file edits.
Geography - Segment Analysis
North America is seen dominating the global work stream collaboration tool market during the forecast period from 2020 to 2025 with major share of 34.5%. Increasing adoption of collaboration tools by various organisations and high investments towards research and development of work collaboration services are the major drivers for high market in North America region. Presence of major players such as Slack Technologies, Cisco Webex and Microsoft Corporation are also fuelling the work stream collaboration market in this region.
Drivers – Workstream Collaboration Tool Market
- Increased work productivity
With the rising industrial growth, work collaboration is a major need towards facilitating increased productivity in an organization. Adoption of work stream collaboration tools are in major demand by small as well as large enterprises as it helps them to keep a progress track of their employees, thus promoting optimum transparency in the work environment. With work stream collaboration tools, teamwork is enhanced as it allows the teams to stay updated about the targets as well as solve issues faster, which ultimately improves the productivity of an organization. Optimum productivity is the major demand of the organizations and thus it is acting as a major driver for rising growth of work collaboration tools market.
- Reduces travelling expenses
With the help of work stream collaboration tools, organizations are able to cut down the travel expenses. As employees living especially in remote locations face difficulty in case of addressing critical business meetings and many other important schedules, work stream collaboration tools helps to facilitate connectivity through video conferencing feature. Work from home like options also provides improved work efficiency with use of these collaboration tools. Large Enterprises incurs travelling costs in case of high profile business works, which ultimately adds up heavy amounts for the company. Adoption of such cost efficient work collaboration tools can help the companies as well as workers to cut off the travel costs, enhancing their growth.
Challenges – Workstream Collaboration Tool Market
- Security concerns
The major challenge faced by work stream collaboration tool is the security issues while accessing the work collaboration platforms. Security is a major concern for an organization due to massive amounts of sensitive data stored in systems. While choosing a work stream collaboration tool, the organizations should consider file security as their topmost priority. Developers of Work stream collaboration tools should try to balance out end user productivity along with building up high level security strategies.
Partnerships and acquisitions along with product launches are the key strategies of the players in the Workstream Collaboration Tool Market. The major key players in the Workstream Collaboration Tool Market include Microsoft Corporation, SAP, Cisco Webex, Slack Technologies, Atlassian Corporation, Smartsheet Inc., Facebook Inc., Clarizen Inc., Adobe Inc., Google, Asana Inc., Salesforce.com Inc. and IBM Corporation.
- In March 2020, Slack announced launch of platform redesign of its communication app (chat app) due to increasing demand towards digital collaboration amidst the Covid-19 pandemic. With redesigning of its platform, Slack claimed to offer simpler and more organized user experience which will help the companies providing work from home option.The platform redesign will be addinga new navigation bar for searching organizations, a sidebar related to key conversations, files and apps along with a compose button helping to start a new message from any location.
- In April 2019, Unify Square had introduceda cross-platform collaboration management tool in extension to its Power suite software. With this launch, Power suite became the first IT management solution to address meetings, chats, videos and calls from a single cross platform tool. This product expansion had helped Unify Square to provide an integrated approach towards platform monitoring, trouble shooting and end user issues.
1. Workstream Collaboration Tool Market- Overview
1.1 Definitions and Scope
2. Workstream Collaboration Tool Market - Executive summary
2.1 Market Revenue, Market Size and Key Trends by Company
2.2 Key Trends by type of Application
2.3 Key Trends segmented by Geography
3. Workstream Collaboration Tool Market
3.1 Comparative analysis
3.1.1 Product Benchmarking - Top 5 companies
3.1.2 Top 5 Financials Analysis
3.1.3 Market Value split by Top 5 companies
3.1.4 Patent Analysis - Top 5 companies
3.1.5 Pricing Analysis
4. Workstream Collaboration Tool Market - Startup companies Scenario Premium
4.1 Top 5 Startup company Analysis by
4.1.3 Market Shares
4.1.4 Market Size and Application Analysis
4.1.5 Venture Capital and Funding Scenario
5. Workstream Collaboration Tool Market - Industry Market Entry Scenario Premium
5.1 Regulatory Framework Overview
5.2 New Business and Ease of Doing business index
5.3 Case studies of successful ventures
5.4 Customer Analysis - Top 5 companies
6. Workstream Collaboration Tool Market Forces
6.4 Porters five force model
6.4.1 Bargaining power of suppliers
6.4.2 Bargaining powers of customers
6.4.3 Threat of new entrants
6.4.4 Rivalry among existing players
6.4.5 Threat of substitutes
7. Workstream Collaboration Tool Market -Strategic analysis
7.1 Value chain analysis
7.2 Opportunities analysis
7.3 Product life cycle
7.4 Suppliers and distributors Market Share
8. Workstream Collaboration Tool Market- By Deployment type
8.1 On premise
8.2 Cloud based
9. Workstream Collaboration Tool Market- By End user
9.1 Banking &Financial Services
9.5 IT sector
10. Workstream Collaboration Tool Market - By Organization Size
10.1 Small-scale and Medium Businesses
10.2 Large Enterprises
11. Workstream Collaboration Tool Market - By Type
12. Workstream Collaboration Tool Market - By Features
12.1 Document management
12.2 Real time editing
12.3 Video conferencing
12.4 Version control
12.5 Content management
12.6 Project management
13. Workstream Collaboration Tool Market - By Geography
13.1 North America Product type and Application Market Size
13.2 South America Product type and Application Market Size
13.2.3 Rest of South America
13.3 Europe Segment Product type and Application Market Size
13.3.6 Rest of Europe
13.4 APAC Segment Product type and Application Market Size
13.4.4 South Korea
13.4.6 New Zealand
13.4.7 Rest of APAC
13.5 Middle East & Africa Product type and Application Market Size
14. Workstream Collaboration Tool Market - Entropy
14.1 New Product Launches
14.2 M&A s, collaborations, JVs and partnerships
15. Workstream Collaboration Tool Market - Industry / Segment Competition landscape Premium
15.1 Market Share Analysis
15.1.1 Market Share by Country- Top companies
15.1.2 Market Share by Region- Top 5 companies
15.1.3 Market Share by type of Application - Top 5 companies
15.1.4 Market Share at a global level - Top 5 companies
15.1.5 Best Practices for companies
16. Workstream Collaboration Tool Market - Key Company List by Country Premium
17. Workstream Collaboration Tool Company Analysis
17.1 Market Share, Company Revenue, Products, M&A, Developments
17.2 Microsoft Corporation
17.4 Cisco Webex
17.5 Slack Technologies
17.6 Atlassian Corporation
17.7 Smartsheet Inc.
17.8 Facebook Inc.
17.9 Clarizen Inc.
17.10 Adobe Inc.
17.12 Asana Inc.
17.13 Salesforce.com Inc.
17.14 IBM Corporation
18. Workstream Collaboration Tool Market - Appendix
19. Workstream Collaboration Tool Market - Methodology
19.1 Research Methodology
19.1.1 Company Expert Interviews
19.1.2 Industry Databases
19.1.4 Company News
19.1.5 Company Annual Reports
19.1.6 Application Trends
19.1.7 New Products and Product database
19.1.8 Company Transcripts
19.1.9 R&D Trends
19.1.10 Key Opinion Leaders Interviews
19.1.11 Supply and Demand Trends