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Collaboration Software - Singapore

Singapore
  • The Collaboration Software market in Singapore is expected to witness a significant growth in the coming years.
  • By 2024, the revenue in this market is projected to reach US$44.28m.
  • This growth is projected to continue at a compound annual growth rate (CAGR 2024-2029) of 1.44%, resulting in a market volume of US$47.57m by 2029.
  • When compared globally, it is worth noting that United States is anticipated to generate the highest revenue in the Collaboration Software market.
  • In 2024, the revenue from this market United States is estimated to be US$7.84bn.
  • Singapore is experiencing a surge in demand for collaboration software as businesses prioritize remote work and connectivity.

Definition:

The Collaboration Software market covers software applications that are used to facilitate communication and collaboration among teams and individuals within an organization through various channels, such as email, instant messaging, video conferencing, and file sharing.

Products in the Collaboration Software market can be obtained in two ways: as on-premises software that is sold via a transactional license or a subscription and as cloud-based software (software as a service/ SaaS) that is most frequently sold as a subscription.

Additional Information:

The Collaboration Software market comprises revenue, revenue growth, and key player market shares as the key performance indicators. Only revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included, and revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G).

Key players in this market include Zoom, Cisco, Slack, and LogMeIn.

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In-Scope

  • Team collaboration applications, such as Slack, Jira, and Trello
  • Conferencing applications, such as Zoom, Skype, and Microsoft Teams
  • Email applications, such as Microsoft Outlook, Amazon WorkMail, and Yahoo Business Mail
  • Synchronization software, such as NinjaOne, Cato Networks Suite, and ManageEngine ADManager Plus
  • Sharing software, such as Google Drive, Dropbox, and OneDrive

Out-Of-Scope

  • Social networks, such as Yammer, Twitter, and Buffer
  • Free-of-charge software, such as Airtable, Anaplan, and BlackLine
  • Custom applications, such as Sphinx Solutions, CHI Software, and Intellectsoft
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Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Jul 2024

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Key Players

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Analyst Opinion

    Collaboration software has become increasingly popular in Singapore due to the rise of remote work and the need for virtual communication and collaboration.

    Customer preferences:
    Singaporean customers are looking for collaboration software that is user-friendly, efficient, and secure. They prioritize features such as video conferencing, screen sharing, and real-time document collaboration. Additionally, customers in Singapore often prefer cloud-based solutions that can be accessed from anywhere with an internet connection.

    Trends in the market:
    One trend in the collaboration software market in Singapore is the increasing demand for integrated solutions that combine multiple collaboration tools into one platform. This allows for a more streamlined and efficient workflow, as users do not need to switch between different applications to communicate and collaborate. Another trend is the rise of artificial intelligence (AI) and machine learning (ML) in collaboration software, which can automate tasks such as scheduling meetings and organizing documents.

    Local special circumstances:
    Singapore is a hub for businesses in Southeast Asia, and many multinational companies have regional headquarters in the city-state. This has led to a highly competitive business environment, with companies constantly seeking ways to improve efficiency and productivity. Collaboration software has become an essential tool for businesses in Singapore to stay competitive and adapt to the changing business landscape.

    Underlying macroeconomic factors:
    Singapore has a highly developed economy with a strong focus on technology and innovation. The government has invested heavily in building a robust digital infrastructure, which has helped to drive the adoption of collaboration software. Additionally, the COVID-19 pandemic has accelerated the shift towards remote work and virtual collaboration, further driving demand for collaboration software in Singapore.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Sources: Statista Market Insights, Financial Statements of Key Players, National statistical offices

    Methodology

    Data coverage:

    The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the allocation to the country where the money was spent at manufacturer price level (excluding VAT).

    Modeling approach / Market size:

    The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations such as GDP, level of digitization, GDP sector composition, and observed level of software piracy.

    Forecasts:

    We use a variety of forecasting techniques, for instance, advanced statistical methods, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

    Additional notes:

    The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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