Market for Productivity Management Software Is Expected to Reach Almost US$ 193 Billion by 2032

The global productivity management software market was valued at US$ 47 Bn in 2021, and is expected to increase at a steady CAGR rate of 13.7% during the forecast period. According to this growth rate, this industry can be projected to reach a market size of worth US$ 192.96 Bn by 2032.

This market experienced an increase in growth towards the end of 2021 and may be anticipated to reach a market worth of US$ 53.44 Bn by 2022. The increase in demand is mostly attributable to organizations growing need for task and workflow management to support their expansion as well as the quickening development of machine learning (ML) and artificial intelligence (AI).

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Key Takeaways:

• 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%.
• The CAGR of on-premise deployment is forecast to reach over 7% during the forecast period.

Competitive Landscape:

The productivity management software market is characterized by the presence of numerous players. A variety of productivity management software solutions are offered by these players, catering to industries like BFSI, IT and telecommunications,  retail, healthcare and others. In order to offer high productivity and better customer experiences, the providers focus on enhancing content management, workflow management, task management, artificial intelligence, and predictive analytics software solutions. Launching new products and updating existing software solutions remain the key strategies for the participants.

• Slack Technologies, Inc. and Amazon Web Services announced their partnership in June 2020, allowing them to build deep integrations between Amazon AppFlow and AWS Chatbot. To streamline team communications, AWS will implement Slack across the organization.

• Microsoft announced in April 2020 that it would rename its productivity software solution Office 365 to Microsoft 365. However, the subscription plans will remain the same. With more than 200 million monthly active commercial users and 38 million monthly active consumer users, Office 365 is the world's leading productivity solution.

• A partnership agreement was signed between Monday.com and Xertica, a leading cloud computing consulting firm in Latin America, in August 2020. With Monday.com's resources, the partnership was intended to help companies achieve their goals with their remote teams and be more competitive. Latin America's digital transformation and productivity have been boosted by this partnership.

Key Companies Profiled:

• Google LLC
• Microsoft Corporation
• IBM Corporation
• Oracle Corporation
• Adobe Inc.
• Salesforce
• Zoho Corporation Private Limited
• Slack Technologies LLC
• Monday.com

Growth Drivers

• Extensive adoption of remote working across key regions in the wake of the pandemic crisis has increased the need to monitor individual productivity. This has led to increased installation rates of PMS platforms
• Copious amounts of data generation, assimilation and analysis across key business domains is necessitating uptake of productivity management platforms to ease out workflows

Key Restraints

• Frequent disruptions in internet connectivity may disrupt critical workflow, acting as a significant challenge to market growth

Key Segments Covered in the Productivity Management Software Industry Survey:

·         By Solution

• Structured Work Management

• AI & Predictive Analytics

• Content Management & Collaboration

·         By Deployment

• Cloud

• On-Premise

·         By Enterprise

• Small & Mid-Size Enterprises

• Large Enterprises

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Key Questions Covered in the Productivity Management Software Market Report:

• What is the global productivity management software market scenario?
• How far is the global demand expected to reach over the forecasted period?
• What was the last 5-year CAGR for the demand in the demand in the productivity management software market?
• Who are the prominent players in the global productivity management software market?
• Which is the most leading region in the productivity management software market?