The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The task management software market is expected to reach USD 4.72 billion by 2025 from the present estimate of USD 2.35 billion in 2019 at a CAGR of 12.32% during the forecast period. Increasing adoption of digitalization by many businesses, technological advancement in cloud, rapid integration of multichannel touchpoints into a single platform, and increasing need to analyze the huge business data to draw insights that can surge the company’s revenue are some of the primary factors boosting task management software market.
- Rapid advancement in technology has led to globally distributed teams and driven the requirement of task management software to provide the real-time visibility needed in such demanding project schedules. It helps enterprises to centrally manage and track the scheduled advancement of the project and promote improved workforce utilization through better collaboration.
- According to the survey conducted by the Planview, 59% of all IT projects consist of dispersed teams and use project management solutions that allow teams to work and collaborate online and make it possible to create information radiators that are available to all team members.
- Moreover, increasing penetration of artificial intelligence in the workplace to enhance the productivity and efficiency of the organization is driving the task management software market. Artificial intelligence-enabled task management Softwares are enabled to effectively handle schedules, reminders, and follow-ups and eliminate the need for human inputs and are capable of saving humans time on their various efforts by helping to make sure that nothing is overlooked.
- However, the rapid adoption of cloud-based task management software has created security concerns as applications and networks are under persistent security threats such as malicious code and service denial that can lead to data loss and leakage. Thus, the security concern of the task management software can hamper the growth of the market.
Key Market Trends
Travel and Transportation are Expected to Witness Moderate Growth and Drive the Market
- According to the WTTC 2019 report, the travel and tourism sector experienced 3.5% growth and outpaced the global economy (2.5%) for the ninth consecutive year. Over the past five years, one in four new jobs were created by the sector and has generated 10.3% of global GDP. This data reflects sectors’ significant growth in the coming years.
- The travel businesses require synergy between different departments teams performing various functions starting from ticket booking, hotel reservations, travel itineraries, and payments. Hence, most of the key vendors rely on task management software to simplify the process and reduce the interdependency and risk of overlapping timelines.
- Moreover, emerging technologies such as the release of 5G, advancements in artificially intelligent, and improved voice search are some of the technological disruptions that will create new ways for travel companies to engage with customers and their revenue stream.
- Currently, companies are emphasizing on digital marketing such as video marketing, banner ads, blogging, and content marketing to generate new leads and to maintain their market position. So, they are hugely dependent on task management software for their marketing activities. It is expected that the market will dominate in marketing business functionality due to the increase in internet penetration and competition in travel sector.
- The outbreak of COVID-19 has completely disrupted the tourism sector, and so has weakened the task management software market. According to the research conducted by the World Tourism Organization (UNWTO) on 6th of April 2020, 96% of all worldwide destinations have introduced travel restrictions in response to the pandemic and around 90 destinations have completely or partially closed their borders to tourists, while a further 44 are closed to certain tourists depending on the country of origin.
- Moreover, International tourist arrivals could decline by 20% to 30% in 2020. This can lead to the loss of millions of jobs in the global tourism industry for at least next few months.
Asia Pacific is Expected to Witness Significant Growth and Drive the Market
- The task management software market is expected to experience signification growth in Asian countries due to increasing investment in technologies and surging adoption of cloud services in many sectors such as banking, retail, manufacturing, and pharmaceuticals.
- For instance, Indian IT’s core competencies and strengths have attracted significant investments from major countries. The computer software and hardware sector in India attracted cumulative Foreign Direct Investment (FDI) inflows worth USD 43.58 billion between April 2000 and December 2019 and ranks second in an inflow of FDI, as per data provided by the Department for Promotion of Industry and Internal Trade (DPIIT).
- Moreover, February 2020, Tata Consultancy Services has received a contract of USD 1.5 billion from pharma company Walgreens Boots Alliance which is expected to help sustain the growth of the market in the forecast period.
- Japan, the world’s third-largest economy, with a massive pool of highly educated, motivated workers, easy access to Asia and other countries, and welcoming governmental initiatives are successfully generating opportunities for foreign businesses. For instance, Japan retail sector is expanding as a number of international brands are investing in expanding their footprints in the country.
- In June 2020, Ikea, Sweden retail chain, opened its first compact store in Tokyo, occupying a two-story, 2500sqm space. Similarly, the Spanish fashion brand Ecoalf has opened its first Japanese flagship store in Tokyo. The retail sector in Japan is expanding and is expected to compel the task management software market in the future.
The task management software market is concentrated and is dominated by a few major players like Microsoft Corporation, Upland Software, Inc., Atlassian Corporation, Inc., RingCentral, Inc, and Asana Inc. These major players, with a prominent share in the market, are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
- May 2020 - Quick Base Inc, a low-code platform for operational agility, added new functionality, the drag-and-drop integration and automation capabilities that enables users in the organization to connect data and insights across hundreds of cloud and on-premise solutions (including HubSpot, Dropbox, DocuSign and more) and build automated workflows for repetitive tasks, a practice commonly known as citizen integration. The introduction of safe, secure integration and automation capabilities for business users makes it the most complete low-code platform for delivering operational agility and insights.
- January 2020 - Upland Software, Inc., one of the players in cloud-based enterprise work management software, launched Upland Intelligent Capture, a solution to end-to-end document workflow automation. It will offer customers secure document capture, enterprise-class fax with secure document distribution with robust document and workflow automation in a multi-tenant cloud, on-premises, or as a hybrid solution.
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