The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Productivity Management Software Market Growth & Trends
The global productivity management software market size is expected to reach USD 102.98 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 13.4% over the forecast period. The growing demand for workforce management among several businesses, coupled with the need for communication and collaboration between the remote workers, is expected to drive market growth for productivity management software market. The increased adoption of Bring Your Own Device (BYOD), cloud-based SaaS solutions, and enterprise mobility among the small and medium-sized enterprises is expected to propel the demand for productivity management software solutions.
The productivity management software includes collaboration and communication applications, time management and tracking applications, predictive analytics tools, and work management and project management applications. Productivity software management tools are responsible for measuring and analyzing the day-to-day activities of the enterprise workforce.
The COVID-19 pandemic has impacted the team communication and workflow in the organization. Web-based video conferencing tools such as Zoom Meetings, Skype, Google Hangout, Slack and Microsoft Teams and many more have proved to be an incredible tool for team and business calls, and a surge in demand for such applications have been witnessed across many countries.
Moreover, the recent developments in Artificial Intelligence (AI) and Machine Learning (ML) have significantly impacted the productivity management software market. The AI and predictive analytics software are used to make an in-depth analysis of the data, transform it into actionable insights, and maximize the organization’s productivity. Moreover, cloud-based productivity suites implementing SaaS model are gaining traction in the market. The cloud-based software helps to improve connectivity, by making documents, and excels sheets available online, and provides the ability to share real-time data online.
The North America region held the largest share of the overall market in 2019, owing to the presence of several key players such as Oracle, Salesforce, Microsoft Corporation, IBM, Adobe, and Google. The region has the highest adoption of cloud-based productivity management solutions owing to large enterprises and better-connected infrastructure. The Asia Pacific region is the fastest-growing region in the productivity management solution market owing to the high and increasing number of small and medium-sized enterprises having a considerable demand for productivity management software solutions.
Productivity Management Software Market Report Highlights
- The AI and predictive analytics segment is estimated to expand at the highest CAGR of 14.8% over the forecast period owing to the increasing demand various risk analytics solutions for risk mitigation measures and risk identification
- The cloud segment emerged as the largest segment in 2019 and is anticipated to grow at a CAGR of 17.1% from 2020 to 2027
- The Small and Mid-size Enterprises (SMEs) segment is projected to expand at the fastest CAGR of 18.3% over the forecast period. Increasing demand for productivity management software from the small and mid-size enterprises is anticipated to support segmental growth
- North America held the largest market share in 2019 and is expected to account for a considerable revenue share over the forecast period