What is Microsoft Team?

It's free for anyone to use
Tight integration with MS office and offers lots of advance features if you have active MS office 365 services subscription
Communicate through chat, meetings, and calls
It allow users to communicate in real time with chat based conversations
Create team to suit your organisation structure and channels for all sorts of current topics
Offers centralised scheduling Capabilities
Offers cloud storage solution for team with respective permissions if you have MS Office 365 services subscription
Audio and Video calling
Options to create Wiki pages
Options to build Bots
Ability to integrate with hundreds of applications bringing all tools to one platform