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Team Collaboration Tools Market to Garner $56.14 Billion by 2030: The Brainy Insights

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Newark, Sept. 26, 2022 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global team collaboration tools market is expected to grow from USD 18.90 billion in 2021 to USD 56.14 billion by 2030, at a CAGR of 12.86% during the forecast period 2022-2030.
Pandemic-induced lockdowns prompted a move to work from home and hybrid work patterns. Companies have used innovative team collaboration tools to sustain staff productivity and efficiency. Real-time communication, digital document sharing, and co-creation are possible with the team collaboration tools. These products’ extensive functionality allowed businesses to manage team communications and project timelines smoothly, resulting in excellent outcomes.

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The low cost of team collaboration tools has aided their widespread adoption across the business, even after the pandemic, which will drive the global market. Artificial intelligence, augmented reality, and virtual reality are examples of virtual technologies providing new potential for the team collaboration tools market. The growing use of augmented reality has enabled the construction of virtual workspace environments that mimic physical office spaces, digital twins who mimic users, and a slew of other advanced features to boost virtual collaboration. The advanced technology development by integrating artificial intelligence will make team collaboration tools more accessible and affordable, lowering overall operating costs for businesses and presenting lucrative business opportunities in the future. The increasing data privacy and security concerns will restrict the market’s growth. The lack of IT infrastructure in developing and under-developed nations will challenge the market’s growth. Technological advancements, infrastructural development, and stringent data security and privacy laws can overcome the challenges of the market.

Competitive Strategy

To enhance their market position in the global team collaboration tools market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

• March 2020 – The Microsoft Teams app for iOS and Android was upgraded with new features that will likely improve the functioning and usability of all users. While in a group conversation or meeting, the latest version allows you to turn on live subtitles.

Report Coverage & Details:

Report Coverage Details
Forecast Period 2022­–2030
Base Year 2021
Market Size in 2021 USD 18.90 billion
Market Size in 2031 USD 56.14 billion
CAGR 12.86%
No. of Pages in Report 230
Segments Covered Software Type, Deployment Type, Application, Regions
Drivers Growing adoption of team collaboration tools to increase work efficiency
Opportunities Technological advancements in artificial intelligence and augmented reality
Restrains Data privacy and security concerns

Market Growth & Trends

The pandemic-induced social distancing norms opened vast opportunities for the team collaboration tools market. Team collaboration tools allow companies to conduct business meetings, team meetings, brainstorming sessions, and other collaborative activities in a virtual and real-time mode. The growing demand for smart connected devices will augment the growth of the team collaboration tools market. Increased access to smart connected devices enables the employees to work efficiently from anywhere. The growing culture of bring-your-own-device into the corporate world will also propel the market’s growth. Integrating team collaboration tools with bring-your-own-device policies will allow the employee to work from anywhere while keeping them updated with the progress of the project/team. It also reduces the infrastructural costs for the company, contributing to rising adoption in the market. Remote working enables flexibility for employees, increasing their satisfaction and work efficiency, eventually benefitting the company.

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Key Findings

• In 2021, the conferencing software segment dominated the market with the largest market share of 57% and market revenue of 10.77 billion.

The software type segment is divided into conferencing software and communication & coordination software. In 2021, the conferencing software segment dominated the market with the largest market share of 57% and market revenue of 10.77 billion.

• The cloud segment is expected to grow at the fastest CAGR of 15.50% over the forecast period.

The deployment type segment is divided into cloud and on-premises. Over the forecast period, the cloud segment is expected to grow at the fastest CAGR of 15.50%.

• In 2021, the IT & telecom segment accounted for the largest share of the market, with 32% and market revenue of 6.04 billion.

The application segment is divided into retail & E-commerce, education, manufacturing, IT & telecom, healthcare, BFSI, logistics & transportation, government & defense, media & entertainment, and others. In 2021, the IT & telecom segment accounted for the largest share of the market, with 32% and market revenue of 6.04 billion.

Regional Segment Analysis of the Team Collaboration Tools Market

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

The North American region emerged as the largest market for global team collaboration tools, with a market share of around 37% and 6.99 billion of market revenue in 2021. The Asia Pacific is expected to rise in the forecast period. The team collaboration tools market in the Asia Pacific has been growing rapidly. Countries like India, China, Japan, Singapore, and South Korea dominate team collaboration tools marketspace. The increased internet penetration after the telecom boom in the region is a contributing factor in the development of the regional market. The increasing demand for smart connected devices and improved access to high-speed internet services in the remote part of the regions will augment the market’s growth during the forecast period. The presence of significant market players and their growing investment in developing advanced team collaboration tools will also propel the development of the Asia Pacific Market. The exponentially growing IT sectors of the region will contribute to the rising demand and adoption of the team collaboration tools market.

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Key players operating in the global team collaboration tools market are:

• Adobe
• IBM Corporation
• Zoom Video Communications Inc.
• Microsoft
• Slack Technologies LLC
• Google LLC
• Asana Inc.
• Cisco Systems Inc.
• Citrix Systems Inc.
• Oracle Corporation

This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global team collaboration tools market based on the below-mentioned segments:

Global Team Collaboration Tools Market by Software Type:

• Conferencing Software
• Communication & Coordination Software

Global Team Collaboration Tools Market by Deployment Type:

• Cloud
• On-Premises

Global Team Collaboration Tools Market by Application:

• Retail & E-Commerce
• Education
• Manufacturing
• IT & Telecom
• Healthcare
• BFSI
• Logistics & Transportation
• Government & Defense
• Media & Entertainment
• Others

About the report:

The global team collaboration tools market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.

Contact Us

Avinash D
Head of Business Development
Phone: +1-315-215-1633
Email: [email protected] 
Web: http://www.thebrainyinsights.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

Clario awarded SAS Global Service Provider Partner of the Year

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This award recognizes Clario’s commitment to delivering the levels of excellence and innovation required to ensure data integrity in clinical trials.
Clario receives award for its broad endpoint technology solutions and scientific expertise, which together enhance data integrity and regulatory compliance for its customers.Clario’s services, combined with SAS® analytics solutions, set a new benchmark in data management, underscoring the value Clario brings to its customers.Coupled with Clario’s support of 62% of last year’s FDA approvals and the two recent data security certifications, these accomplishments emphasize its significant contribution to healthcare research advancements.PHILADELPHIA, April 23, 2024 /PRNewswire/ — Clario, a healthcare research and technology company that delivers the leading endpoint technology solutions for clinical trials, today announced it has been awarded the 2024 SAS Global Service Provider Partner of the Year for delivering superior value to its customers. SAS, a leader in data and AI, celebrated the recipients of its annual partner awards at SAS Innovate, its flagship event for business leaders, technical users and SAS Partners. This award recognizes Clario’s commitment to excellence and innovation, which together ensure that the clinical trial data Clario delivers to its customers meets stringent data integrity standards and global regulatory compliance requirements.

Clario has consistently demonstrated its expertise in developing and integrating advanced technological solutions to meet the evolving clinical trial needs of its customers. Clario’s services, combined with SAS technology, standardize clinical data for regulatory compliance purposes. This standardization streamlines the regulatory review process, ensures data integrity, and facilitates compliance with regulatory standards set by entities such as the Food and Drug Administration (FDA) and the European Medicines Agency (EMA).
“We are honored to be recognized as the SAS Global Service Provider Partner of the Year. This award reaffirms our commitment to leading the way in innovative technological solutions for high-quality and more consistent clinical trials for our customers around the world,” said Jay Ferro, Chief Information, Technology and Product Officer at Clario. “Having supported 62% of the FDA approvals last year, along with our recent data security milestones ISO 27001:2022 certification and SOC2 Type II attestation, Clario is powering the advancement of healthcare research, ensuring we meet the highest standards in data management.”
Clario’s broadest endpoint technological solutions and its partnership with SAS address the challenges of data management in healthcare research. This collaboration not only ensures data integrity and streamlines regulatory processes but also underscores the value it brings to its customers.
For more information on Clario and its clinical trial data management platform, please visit Clario.com.
About Clario
Clario is a leading healthcare research and technology company that generates the highest quality clinical evidence for our pharmaceutical, biotech, and medical device partners. We offer comprehensive evidence-generation solutions that combine eCOA, cardiac safety, medical imaging, precision motion, and respiratory endpoints.
Clario’s science, technology, and operational experts have helped deliver over 26,000 trials and contributed to over 800 regulatory approvals in more than 100 countries. For more than 50 years, we have provided deep scientific expertise and the broadest endpoint technologies to help transform lives around the world.
Clario Media Contact:Alexis NavratilCommunications [email protected]
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Clarivate Acquires Global QMS, Inc., Expanding Life Sciences & Healthcare Segment into New Markets

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Acquisition supports critical client workflow and reporting needs with proprietary SaaS platform, automating regulatory report authoring and compliance across manufacturing operations, supply chain and quality management
LONDON, April 23, 2024 /PRNewswire/ — Clarivate Plc (NYSE:CLVT) a leading global provider of transformative intelligence, today announced that it has acquired Global QMS, Inc., known as Global Q, a provider of cloud-based solutions that enable life sciences clients to automate regulatory reporting and compliance management. Financial terms of the transaction were not disclosed. 

Global Q supports leading pharma, medtech and biotech companies by providing comprehensive access to linked and standardized workflow-ready data via its SaaS platform, Optiqs360 Digital™. The platform includes MediGPT – WorkCenter™ and MediGPT – IntelliWriter™, solutions that provide clients with interconnected data visibility and common user interfaces, across internal and external sources of record. The tools support the complex workflows and reporting needs of clinical, regulatory, product lifecycle and quality management professionals, significantly streamlining annual product reviews, medical device reports and supply chain insights. 
Clarivate brings together connected data, deep expertise and intelligence solutions to empower life sciences and healthcare companies to deliver safe, effective and commercially successful treatments to patients faster. The acquisition of Global Q bolsters a robust integrated platform of life science intelligence solutions from pre-clinical and clinical offerings and further expands Clarivate capabilities in manufacturing and supply chain management to include regulatory report authoring and compliance management. The workflow and reporting capabilities of Global Q complement the Clarivate Cortellis Generics Intelligence solution for Active Pharmaceutical Ingredient (API) tracking. The addition of these cloud-based solutions will serve to embed Clarivate into critical client workflows and enable the expansion of Clarivate services into new markets.
Henry Levy, President, Life Sciences & Healthcare, Clarivate, said: “Clarivate continues to explore, develop and integrate next-generation workflow automation software that streamlines and digitizes manual workflows. The acquisition of Global Q builds on our strategy to deliver solutions that empower our clients to advance treatments that improve patient lives. The combined expertise, data and technologies of Clarivate and Global Q will help to address the client need for connected data to support complex analyses and evidence-based decisions in the life sciences.”
Mitch Hayes, Founder & Chief Executive Officer, Global QMS, Inc., said: “The acquisition of Global Q by Clarivate reinforces our joint missions to help global organizations obtain profound insights and efficiencies in bringing life-saving therapies to their patients worldwide. The combined business will further the vision of putting contextually aware intelligence directly into our customers’ workflows and facilitating their daily tasks in ways never before possible.”
Life sciences professionals responsible for new product development, manufacturing and regulatory compliance are looking to connect the dots across multiple data points to accelerate their treatment and prevention efforts and realize better patient health outcomes. Harmonized and connected data sources can address the industry need for content authoring automation spanning multiple systems and workflows. The acquisition of Global Q enables Clarivate to seamlessly tap into the digital thread market, allowing for proprietary data and insights gleaned from Clarivate solutions to frictionlessly be integrated into customer workflows.
Following the successful acquisition and integration of companies, including Decision Resources Group (DRG), Bioinfogate, Patient Connect, Dialog (part of ProQuest) and IP from MotionHall, the acquisition of Global Q further demonstrates the continuing investment by Clarivate in high-value data, analytics and innovative technology paired with deep subject matter and technical expertise within its Life Sciences and Healthcare segment.
As a trusted partner in shaping the future of healthcare, Clarivate proactively addresses industry demands through intelligence platforms that connect data and use AI and advanced analytics to revolutionize patient engagement, overcome access barriers and fulfill unmet needs. The complementary solutions of Clarivate and Global Q will better position the company in a market that favors innovative tech-enabled providers with end-to-end capabilities and unique market-leading data sets.
Forward-Looking Statements This communication contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future business, events, trends, contingencies, financial performance, or financial condition, appear at various places in this communication and may use words like “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “see,” “seek,” “should,” “strategy,” “strive,” “target,” “will,” and “would” and similar expressions, and variations or negatives of these words.  Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include those factors discussed under the caption “Risk Factors” in our most recent annual report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission (“SEC”). However, those factors should not be considered to be a complete statement of all potential risks and uncertainties. Additional risks and uncertainties not known to us or that we currently deem immaterial may also impair our business operations. Forward-looking statements are based only on information currently available to our management and speak only as of the date of this communication. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, except as otherwise required by securities and other applicable laws. Please consult our public filings with the SEC or on our website at www.clarivate.com.  
About Clarivate Clarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com 
About Global QMS, Inc.Global QMS, Inc., known as Global Q, is a provider of a cloud-based intelligent workflow platform that gives our customers an interconnected workspace that allows them to have a composite view of all their product data (“digital threads”), including internal R&D, post market, regulatory, manufacturing, and others, as well as external feeds and real-world data.
Media Contact: Catherine Daniel, Director, External Communications [email protected]
Investor Relations Contact  Mark Donohue, Head of Investor Relations [email protected]  
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Artificial Intelligence

9fin grows leadership team with VP Content promotion

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9fin has bolstered its senior leadership team with an internal promotion for a newly created VP Content positionThe promotion demonstrates the strong bench of leadership talent at 9fin and will ensure the company’s content offering continues to be best in classThe company continues to expand with open roles in its US and UK officesNEW YORK, April 23, 2024 /PRNewswire/ — 9fin (https://9fin.com/), a news and analytics platform for debt capital markets, has announced the promotion of Will Caiger-Smith to VP Content, as the business continues to scale rapidly across Europe and the US.

Will was previously 9fin’s US Managing Editor. In his new VP Content role, he joins Jen Speirs, who was promoted to VP Operations last year, in the company’s growing leadership team.
Both VP positions have global mandates and demonstrate 9fin’s continued investment in people and its commitment to rapidly progressing talented leaders within the business.
As VP Content, Will directs all news and analytics across the editorial, credit, legal and ESG teams. The promotion comes as 9fin has expanded from its core leveraged finance coverage into private credit, distressed debt, and structured credit (CLOs) across Europe and the US. These new verticals further the company’s mission to be the #1 provider of data, news and analytics globally across debt capital markets.
Will continues to report directly to 9fin’s CEO and co-founder Steven Hunter.
Will Caiger-Smith commented:
“I joined 9fin because I believed the company and its founders had the vision and technology to build the comprehensive debt intelligence platform the market needs,” said Will. “In my two and a half years at this company, that belief has only intensified. I’m delighted to be driving forward the content side of the business.”
Steven Hunter, CEO and co-founder of 9fin, said:
“I’ve been incredibly impressed by Will’s contributions to scaling 9fin in just a couple of years. He opened and scaled our US office from scratch and has built a world-class team. I am delighted to see him promoted into a new expanded role and join Jen as part of our VP level leadership. I am excited to work with them both to take 9fin to the next level”
About 9fin
9fin is the faster, smarter way to find intelligence on leveraged credit. Our AI-powered data and analytics platform centralises everything that’s needed to analyse a credit or win a mandate in one place, helping subscribers win business, outperform their peers, and save time. 9fin is trusted by the largest asset managers in the world, leading law firms and advisers  in debt capital markets, and nine of the top 10 investment banks.
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