This is a review-article which selectively reviews key concepts adopted in team performance evaluation literature. This review intends to promote future innovative methods for objective quantification and analysis of team performance. The review summarizes methods, experimental frameworks, sensors for physiological and behavioral recordings, data processing to derive team level objective measures, in the light of team performance evaluation. Observing the advancements in sensor technologies and computation power, towards advancing team performance evaluation, this review summarizes some of the current multimodal based team research. Finally, the review provides suggestions on aspects that the future research focus to overcome some of existing limitations and drawbacks.