Seoul, South Korea, July 21, 2022 (GLOBE NEWSWIRE) — In 2021, the global productivity management software market was valued at US$ 47 Billion 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 Billion by 2032.
As a result of the COVID-19 pandemic, businesses of all sizes experienced a slowed workflow and slowed communication. As organizations around the world have been relying on work-from-home policies and remote working, the demand for performance management systems has increased. With remote work management gaining popularity, digitization has become vital to the smooth operation of a business.
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Productivity management software market growth is driven by the increasing application of workflow management and task management among businesses in order to enhance growth, as well as the rapid advancements in Artificial Intelligence (AI) and Machine Learning (ML). In a world where cloud computing is increasingly used for business processes, and mobile devices such as smartphones, enterprise mobility, and Bring Your Own Device (BYOD) will spur demand for productivity management software.
Key Drivers Influencing Productivity Management Software Demand
PMS increases the productivity and efficiency in a company
Increasing productivity has been a priority for organizations. The use of technology and new approaches has enhanced efficiency and effectiveness in delivering products and services. In order for companies to earn a high income, product and service production must increase. Productivity growth allows organizations to convert capital into revenue, thereby compensating stakeholders while preserving cash flow for potential expansion and development.
Productivity increases also contribute to gaining a competitive edge over the competition. Companies want to gain hefty profits by reducing their operational costs, and better productivity helps them achieve those goals. In order to improve the working environment and reduce costs, organizations are looking into technology-based solutions such as productivity management software (PMS).
What will be the market scope in the APAC region?
Increasing number of SMEs will account for steady growth
Asia Pacific’s productivity management software market is estimated to expand at the highest CAGR of 15.5% from 2022 to 2032. Growing industries such as IT and telecom, healthcare, BFSI, and others will contribute to the growth of the region. Over the forecast period, the growing number of small and mid-sized enterprises will also bolster the growth of the regional market.
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Key Segments Covered in the Productivity Management Software Industry Survey
- By Solution
- Structured Work Management
- AI & Predictive Analytics
- Content Management & Collaboration
- By Deployment
- By Enterprise
- Small & Mid-Size Enterprises
- Large Enterprises
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.
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Key players in the Productivity Management Software Market
- Google LLC
- Microsoft Corporation
- IBM Corporation
- Oracle Corporation
- Adobe Inc.
- Zoho Corporation Private Limited
- Slack Technologies LLC
Key Takeaways from Productivity Management Software 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.
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