As the workforce becomes more mobile and employers look for ways to improve productivity, collaboration software become increasingly popular. According to a June 2016 study from Markets and Markets, organizations will spend $23.39 billion on cloud-based collaboration software tools this year. By 2021, the analysts expect the market to grow to $42.57 billion, for a compound annual growth rate of 12.7 percent.
Collaboration software offer small businesses a wide variety of benefits. They can increase teamwork and communication, particularly if people on your team work in different locations. They can also help you share knowledge more widely throughout the organization and lessen the chance that employees will waste time duplicating the same work. They can also streamline your business processes and reduce the need for face-to-face meetings—both of which can decrease costs.