The Global Workstream Collaboration Tool Market size is forecast to reach $11.1 billion by 2026, growing at a CAGR of 20.5% from 2021 to 2026. The demand for workstream collaboration tool 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 workstream collaboration (WSC) market consists of products that deliver a conversational digital workspace based on a persistent group chat. Products in this market are primarily used to organize, coordinate, and execute outcome-driven teamwork such as that associated with the project- or process-related activities. Secondary uses can include ad hoc collaboration, team coordination and community discussions.
Workstream Collaboration Tool Market Segment Analysis – By Deployment type
Cloud technology segment is growing at the fastest rate of 30.5% through 2026. 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 digital workplace process causing improved productivity. Cloud based tools also offers real time data and enhances team coordination, 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.
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Workstream Collaboration Tool Market Segment Analysis – By End User
The BFSI Segment is growing at a fast rate of 23.9% through 2026. Unified Communications is slowly getting superseded by Workstream Collaboration tools in the BFSI Sector to improve workplace productivity. Communication in the workplace is evolving. Businesses are working hard to stay competitive, to increase success, and to become more efficient. To enable this, companies are bringing workstream collaboration apps to their organizations. These apps help bring together persistent chat, knowledge sharing, calls (including audio, video, and screen sharing), bots, search and discovery functionality, and top it all off with some handy integrations.
Workstream Collaboration Tool Market Segment Analysis – By Geography
North America is expected to dominate the global work stream collaboration tool market during the forecast period from 2020 to 2025 with major share of 34.5% in 2020. Increasing adoption of collaboration tools for improving workplace productivity 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.
Workstream Collaboration Tool Market Drivers
Increased workplace 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 and improve team coordination in the digital workplace 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.
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Workstream Collaboration Tool Market Challenges
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.
Workstream Collaboration Tool Market Landscape
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 adding a 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 introduced a 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.
Cloud based collaboration tools are witnessing major demand 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 for digital workplaces.
Rising demands of work stream collaboration tools by large organizations due to their ability to offer optimum transparency and team coordination in the work environment.
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