The market for Productivity Management Software Market is expected to reach its peak sales, growing by 13.7% over the forecast period.
ROCKVILLE, MARYLAND, UNITED STATES, March 14, 2022 /EINPresswire.com/ — Productivity Management Software Report Overview
The global productivity management software market was valued at US$ 47 Bn and is expected to grow at a steady CAGR of 13.7% during the forecast period. According to a Fact.MR report, the market is expected to reach a value of US$ 192.96 Bn by 2032.
The market is being driven by the growing need for businesses to manage activities and workflow in order to accelerate growth, as well as the rapidly developing advancements in Machine Learning (ML) and Artificial Intelligence (AI). Furthermore, the rising use of cloud computing in company processes, as well as the expanding use of enterprise mobility, smartphones, and Bring Your Own Device (BYOD) to increase the mobile workforce, will drive up demand for productivity management software, boosting market growth.
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Furthermore, businesses are increasingly turning to cloud-based technology. Cloud-based management tools are increasingly being used by enterprises to store their applications and data. Project planning, collaboration, monitoring, and completion are all made easier using cloud-based productivity management tools. Project managers complete work using a network of tools accessible within the software-productivity management software (PMS) implementation varies by company and team instead of a plain old whiteboard and sticky notes. It is intended, however, to make project management and deadline management easier and more efficient. Cloud-based productivity management systems are not only cost-effective, but also low-maintenance.
To improve productivity and customer experience, vendors focus on improving content management, workflow management, task management, artificial intelligence, and predictive analytics software solutions. The main strategy of participants is to launch new products and update existing software solutions.
• In June 2020, Slack Technologies and Amazon Web Services announced their partnership, which will enable deep integration between Amazon AppFlow and AWS Chatbot.
• In April 2020, Microsoft announced it would rename its productivity software solution Office 365 to Microsoft 365.
• In August 2020, Monday.com signed a partnership agreement with Xertica, a leading cloud computing consulting firm in Latin America. The partnership was intended to help companies become more competitive by enabling them to achieve their goals with their remote teams.
Productivity Management Software Market Report Highlights
• During the forecast period, the AI and predictive analytics segment is expected to increase at the quickest rate. The increased usage of several risk analytics systems for risk identification and risk mitigation methods can be ascribed to the growth.
• From 2022 to 2030, the cloud segment is expected to develop at the quickest rate. Pay-as-you-go cloud services allow organisations to pay for cloud services based on how often they use them, resulting in lower prices.
• By 2030, Asia Pacific is estimated to account for the majority of market share, with a value of USD 35.96 billion. Healthcare, IT and telecom, BFSI, and other emerging industrial verticals are likely to drive regional growth. Over the forecast period, the market’s growth will be aided by an increase in the number of small and medium-sized businesses in the region.
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The “Worldwide Productivity Management Software Market Analysis to 2032” is a specialist and in-depth report that focuses on the global market trend analysis. The report’s goal is to present a detailed market segmentation of the productivity management software industry by solution, deployment, end-user, and geography. The research contains critical statistics on the market status of the market’s main productivity management software providers, as well as key market trends and opportunities.
A recent Fact.MR analysis on the productivity management software industry forecasts the market over the next ten years, from 2022 to 2032. The research examines key industry trends that are currently influencing market growth. This study delves into important market characteristics such as drivers, restraints, and opportunities for leading market players, key stakeholders, and new players involved in supplying productivity management software-related products.
The research also examines the forces that will shape the future position of the productivity management software market over the projection period. The research includes a thorough examination of value chain analysis, business execution, and supply chain analysis across regional marketplaces.
The trustworthiness of this comprehensive research report is enhanced by a list of significant firms participating in the productivity management software market, together with their product portfolios, main strategies, and SWOT analysis.
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Key Takeaways from the Market Study
• By 2022, the global productivity management software market is expected to reach US$ 53.44 Bn.
• The demand for productivity management software increased by 11% between 2017 and 2021.
• Over the forecast period, North America is expected to account for around 36% of global revenue.
• Asia Pacific’s productivity management software market is expected to grow at a CAGR of 15.5% from 2022 to 2032.
• Performance management software for SMEs are predicted to exhibit the highest CAGR of 18.7%.
• At over 56% in 2022, the cloud-based PMS segment is projected to hold the largest share of revenue.
• The CAGR of on-premise deployment is forecast to reach over 7% during the forecast period.
Impact Of Covid-19 On Productivity Management Software Market
COVID-19 began in December 2019 in Wuhan, China, and has quickly spread around the globe since then. The United States, India, Brazil, Russia, France, the United Kingdom, Turkey, Italy, and Spain are among the worst-affected countries in terms of confirmed cases and reported deaths. The COVID-19 has had a detrimental influence on economies and companies in a number of countries due to lockdowns, travel bans, and commercial shutdowns.
The closure of various plants and factories has had a severe influence on global supply chains, negatively affecting manufacturing, delivery schedules, and product sales in the worldwide market. A few companies have already stated that there may be delays in product deliveries and a drop in future sales. Furthermore, worldwide travel prohibitions implemented by countries in Europe, Asia, and North America are harming prospects for commercial cooperation and partnerships.
Because of the COVID-19 pandemic, businesses of all sizes have seen their workflow and team communication suffer. Organizations all around the world have implemented and then adopted more work-from-home policies, and the requirement to manage workers remotely has fueled demand for remote work management. As the popularity of remote job management has grown, digitization has become more required and critical for the efficient operation of the organization. As a result, productivity management software (PMS) has proven to be crucial in allowing firms and employees to maintain workflow consistency. Communication software like Slack, Zoom, Microsoft Teams, and Cisco Webex has proven particularly useful for enterprises in terms of increasing productivity and maintaining workflow.
Key Segments Covered in the Productivity Management Software Industry Survey
• By Solution
o Structured Work Management
o AI & Predictive Analytics
o Content Management & Collaboration
• By Deployment
• By Enterprise
o Small & Mid-Size Enterprises
o Large Enterprises
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