Rise of Messaging apps and Collaboration Softwares

The past few years have seen a boom in the messaging apps and collaboration software industry. More and more companies are rolling out new collaboration software every 3 months on average. This has brought several benefits to businesses around the world.

Spending on team chat applications is set to grow substantially this year as demand for collaboration and unified communications software continues to boom, according to a forecast from Synergy Research Group. With work from home serving as a helpful way to work these times, companies are relying more and more on these messaging apps and collaboration software.

Talking about the market values of these softwares a sudden spike is seen in their demand graph which has eventually lead to their growing profits. Their quarterly revenues are at an all-time high and are set to continue growing steadily for the next five years. Third-quarter revenue in 2018 almost topped $11 billion which is quite huge.

Overall, the market for collaboration software is set to grow 9% this year to more than $45 billion globally, buoyed by several high-growth market areas.

Let’s take note of some of the best selling apps in the market and see which kind of softwares are going to rule the market in the coming years.

Chat Apps for Team: Being on top of the market

The biggest growth that can be seen in this market is for spending on team collaboration apps such as Slack and Microsoft Teams; it’s expected to rise 60% compared to last year, with spending expected to reach $500 million during 2019. Other fast-growing market segments include Video as a service (VaaS) and Communication Platform as a Service (CPaaS). Both are set to see a 30% growth.

Keeping the current scenario in mind, companies are using more and more of these collaboration apps to get their work done where the employees are working from home. Microsoft Teams and Zoom having a good hold over this industry nowadays as they provide a promising platform for team collaborations.

Slack is now aiming to get a direct stock exchange listing. It has seen a noteworthy growth. According to the company’s most recent adoption figures, Slack now has 8 million+ paid users.

Here’s a list of all the collaboration tools that are used by companies mostly:

Photo by cottonbro from Pexels

Instant Messaging apps made doing teamwork easier

The introduction of messaging apps for businesses has revolutionized communication among employees. Apps like WhatsApp have also entered into the business sector with their business-friendly app. But on a large scale, apps like hangouts chat and skype for business have been used by almost all companies.

Here is a list of all the messaging apps that are worth using during work from home:

Future of Team Collaborations

It is been expected that in the future the scales will shift towards the cloud-based collaboration tools.

Revenues for cloud and hosted software now account for 64% of the total, with on-premises products making up the rest. That marks a clear shift from a year ago when the two were roughly on par. Google and Amazon have brought powerful cloud-based collaboration tools in the market which are being welcomed by companies with open arms.

Get the most out of your collaboration tools

Zuzu AI provides an intelligent knowledge management software that can integrate easily with your collaboration tools and can assist you in keeping a smart track of the important knowledge shared by the team members.

For details visit www.zuzu.ai

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