The market for productivity management software, which had a value of US$47 billion in 2021, is anticipated to expand at a steady CAGR of 13.7% throughout the forecast period. By 2032, the market is projected to be worth US$ 192.96 Bn, according to a Fact.MR analysis.
The COVID-19 epidemic caused communication and workflow to slow down in companies of all sizes. The demand for performance management systems has grown as businesses all around the world have embraced work-from-home and remote working practices. Digitization is now essential to a business’s efficient operation as remote job management gains popularity.
The market for productivity management software is expanding as a result of organizations using workflow management and task management more frequently to boost growth as well as the quick development of artificial intelligence (AI) and machine learning (ML). The demand for productivity management software will increase as cloud computing and mobile devices like smartphones, enterprise mobility, and Bring Your Device (BYOD) become more prevalent in business operations.
Important conclusions from the market study
- The market for productivity management software is anticipated to grow to US$53.44 billion by 2022.
- Between 2017 and 2021, the demand for productivity management software increased by 11%.
- North America is anticipated to contribute about 36% of global revenue throughout the projection period.
- The market for productivity management software in the Asia Pacific is anticipated to expand at a CAGR of 15.5% between 2022 and 2032.
- The CAGR for performance management software for SMEs is expected to be the highest, at 18.7%.
- The cloud-based PMS category is anticipated to account for the greatest portion of revenue in 2022, at over 56%.
- On-premise deployment’s CAGR is anticipated to exceed 7% throughout the projected period.
Vendors concentrate on enhancing software solutions for content management, workflow management, task management, artificial intelligence, and predictive analytics to increase productivity and customer satisfaction. The main tactics used by participants are the introduction of fresh goods and the updating of current software solutions.
- Amazon AppFlow and AWS Chatbot will be able to integrate deeply thanks to a cooperation between Slack Technologies and Amazon Web Services that was announced in June 2020.
- Microsoft stated in April 2020 that it would change the name of its productivity software program Office 365 to Microsoft 365.
- A collaboration deal was reached in August 2020 by Monday.com and Xertica, one of Latin America’s top cloud consulting companies. By enabling businesses to accomplish their objectives with their remote staff, the relationship was designed to increase businesses’ competitiveness.