The world’s fastest growing collaboration hub, Slack, has announced it has added another 1 million paid users as the company begins to face increased competition in the workplace collaboration market.
Since launching four years ago, the San Francisco-based company now has more than 70,000 paying organisations, more than 8 million daily active users and 3 million paid users.
The startup is competing against the likes of Microsoft Teams, Workplace by Facebook and many others in the workplace collaboration market, which research firm IDC projects will be worth $3.2 billion by 2021.
Slack’s overall user growth, however, is slowing down.
A graphic released by Slack on Tuesday indicates the company had approximately 5.5 million active users last May, up from 3 million in May 2016. According to those figures, Slack’s year-to-year user growth has decelerated from about 83 percent in May 2017 to about 45 percent now.