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The global task management software market size is projected to reach USD 4,535.5 million by 2026. The increasing use of concepts such as AI and IoT have fuelled the demand for the product across the world. According to a published report, titled “Task Management Software Market Size, Share & Industry Analysis, By Component (Software, Services), By Organization Size (SMEs and Large Enterprises), By Deployment Type (Cloud and On-Premises), By End-User (Banking, Financial Services, and Insurance (BFSI), IT and Telecommunications, Retail, Healthcare, Manufacturing, Travel and Hospitality, Media and Entertainment, and Others) and Regional Forecast, 2019-2026,” the market was worth USD 1,713.0 million in 2018 and will exhibit a CAGR of 13.3% during the forecast period, 2019-2026.
A task management software is used to manage tasks through learning and data scheduling, in order to improve the overall system efficiency. The software is used to reduce the total time taken to manage daily tasks or processes, with regard to the industry in which it is used. The ability of task management software to allocate, manage, and collaborate numerous tasks will lead to a wider product adoption across the world. Moreover, recent advancements in the product, coupled with the integration of concepts such as artificial intelligence and the internet of things (IoT) will contribute to the growing demand for the product. The increasing demand for the product across diverse industries will have a direct impact on the growth of the market in the forthcoming years.
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Upland’s ‘Intelligent Capture’ Gains Worldwide Attention; Company to Benefit from Massive Popularity
Accounting to the huge potential held by the task management software, companies are looking to invest more in the development of newer products. The widespread applications of the product have opened up a huge potential for the companies operating in the market. The market derives massive growth from the huge investments, that are not just limited to large scale companies, but are extended to small and medium enterprises as well. In January 2020, Upland Software Inc. announced the launch of a new task management software aimed at workflow automation. The Upland Intelligent Capture is a cloud-based software that is used for end-to-end document workflow management. Upland’s latest product will have a positive impact on the growth of the global market in the coming years.
Advancements in AI and Machine Learning to Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Recent product advancements have offered a huge platform for widespread applications. These developments in task management software are driven by the incorporation of advanced concepts such as AI and IoT. The growing demand for automated concepts has emerged in favor of market growth. Moreover, increasing use of AI have improved the overall product efficacies, subsequently leading to a wider product adoption.
Huge Investments by Key Players Will Provide Impetus to Market Growth
The growing applications of this product, coupled with the significance of product management software, have caught the eyes of several investors from across the world. Several large scale companies are looking to invest more towards developing newer versions and variants of existing products. Companies such as Workfront, Inc., Atlassian, and Quick Base are investing more in the R&D of task management software. A few of the other companies that are operating in the market include:
Further Report Findings:
Noteworthy Industry Developments:
The global task management software market is segmented on the basis of:
Value (USD Million)
By Organization Size