Productivity Management Software Market Growth & Trends
The global productivity management software market size is expected to reach USD 149.74 billion by 2030, registering a CAGR of 13.8% over the forecast period, according to a study conducted by Grand View Research, Inc. The digital transformation initiatives that have resulted in improved IT systems to meet customers’ diverse requirements, the need to encourage collaboration among teams and increase workforce utilization, and the growing use of advanced technologies such as artificial intelligence, cloud computing, and machine learning are the factors anticipated to drive the growth.
The productivity management software solutions vary depending upon the parameters, such as employee strength, organizational structure, and the departments where these solutions are implemented. The software providers are aggressively focusing on evolving technological trends and enhancing their software designs in line with the organizations’ changing requirements. Several companies are investing in R&D activities to provide productivity management software solutions that are easy to deploy and understand and increase productivity at work. For instance, on 1st March 2021, Google LLC (U.S.) announced a new version of its Google Workspace productivity suite named Workspace Frontline, designed especially for the frontline employees and offers a set of time management tools as a part of it.
Moreover, enterprises are increasingly adopting cloud-based technology. A growing number of businesses are using cloud-based management tools to store their applications and data. Cloud-based productivity management systems make it easier to plan, collaborate, monitor, and complete projects. Instead of using a plain old whiteboard and sticky notes, project managers complete work using a network of tools available within the software-productivity management software (PMS) implementation varies by organization and team. However, it is intended to make project management and deadline management more straightforward and more efficient. In addition to being cost-effective, cloud-based productivity management systems require low maintenance.
North America is likely to be the prominent region in the market for productivity management software. The region held the leading revenue share of over 35% in 2021 and is projected to continue its dominance from 2022 to 2030. The growth of the regional market is predominantly attributed to the improved adoption of PMS solutions to manage repetitive tasks and the organizations’ extremely developing infrastructure. Furthermore, the amplified adoption of machine learning and AI technologies would contribute to the growth of the market over the forecast period.
Productivity Management Software Market Report Highlights
- The AI and predictive analytics segment is anticipated to witness the fastest growth over the forecast period. The growth can be attributed to the higher adoption of several risk analytics solutions for risk identification and risk mitigation measures
- The cloud segment is anticipated to register the fastest growth from 2022 to 2030. The cloud provides the pay-as-you-go model, allowing businesses to pay for cloud services based on how much they use them, resulting in lower costs
- Asia Pacific is projected to account for the majority market share and is expected to reach USD 35.96 billion by 2030. The growing industry verticals such as healthcare, IT and telecom, BFSI, and others are expected to support regional growth. The increasing number of small and mid-size enterprises in the region will also boost the growth of the market over the forecast period
- Some of the prominent participants in the industry are Google LLC; Microsoft; Salesforce.com, Inc.; Slack Technologies, Inc.; and Adobe