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The global task management software market size stood at USD 1,713.0 million in 2018 and is projected to reach USD 4,535.5 million by 2026, exhibiting a CAGR of 13.3% during the forecast period.
Task management software is a tool designed to help individuals and teams to create, manage, allocate, and collaborate everyday tasks through the lifecycle and make decisions based on it. Task management software enables organizations to work effectively and provides a platform for systematizing day-to-day operations. Several businesses are implementing task management software as a tool for managing and organizing work to enhance work efficiency with accuracy.
The major growth factor for task management software market is the growing need to manage tasks and maximize production with optimum quality. A task management software offers efficient ways of collaboration, such as clear communication channels between team members, maintaining proper workflow, and managing tasks in a controlled manner. In addition to this, task management software helps businesses in integrating all tasks in one place, improvisation of teamwork, task prioritization, and track time requirements.
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Increasing digitization and constantly evolving IT infrastructure to meet customer’s specific requirements has created ample opportunities for key players to invest in task management software. Furthermore, recent advancements in the fields of information and communication technology (ICT) has enhanced task management for organizations. Moreover, increasing adoption of Bring Your Own Device (BYOD) and enterprise mobility, and cloud-based solutions among small and medium-sized (SMEs) has further propelled the task management software market growth. On the contrary, data security concerns among organizations about task management software will hamper market growth.
“Increasing Need to Manage and Track Tasks among Businesses to Augment Market Growth”
There is a growing demand for workforce management among businesses, as teams are getting bigger. This facilitates the need for task management software for collaboration and communication between team members. Task management software allows organizations and teams to keep track of team members working on a specific task or number of functions, which will give a complete picture of the operations, thus helping teams manage their time and prioritize tasks accordingly.
Moreover, a task management software gives businesses a unified view of tasks and developments and eliminates confusion and miscommunication among teams. Managing all tasks help organizations in saving time, avoiding loss of information, and tracking tasks to stay on schedule.
“Recent Advancements in the Areas of Artificial Intelligence (AI) and Machine Learning (ML) to Boost the Market”
Over the last few years, AI and ML have made a huge impact on how task management software is revolutionizing. AI-based task management software involves the knowledge and skills to carry out activities to achieve particular corporate goals and can increase productivity and reduce errors drastically. With the advent of AI, organizations have the capability not only to improve and manage day-to-day activities and plan future business strategies. Advancements in the field of AI has reduced human errors, thereby enabling the workforce to be engaged in better, and more rewarding tasks. AI-based task management software allows businesses to analyze a large amount of business data and aid in making decisions and the best knowledge of the tasks. Implementation of AI-based task management software help businesses to effectively handle task scheduling, reminders, and follow-ups to eliminate the errors that occurred by human input
“Software Segment to Generate the Highest Revenue During the Forecast Period”
Based on the component, the market is classified into software and services.
The software segment is expected to hold the largest share in global task management software market. The growth of the software segment is mainly attributable to the increased adoption of task management software among businesses for workforce utilization. Besides this, there has been increased adoption of task management solutions across small and medium-sized enterprises (SMEs), which will elevate market growth during the forecast period. Task management software helps businesses to establish a comprehensive real-time view over tasks reducing conventional methods of management such as walking around and asking for updates and using time-consuming spreadsheets. In addition to this, task management software provides a framework to replicate similar tasks and planning processes as the business and client-reporting grow.
The services segment is expected to register the highest growth in terms of CAGR during the forecast period. In services, key players are providing consulting, integration and implementation, and support and maintenance. The enterprises are more inclined towards deploying task management services to run their business functionalities efficiently.
“Small and Medium-sized Enterprises (SMEs) to Adopt Task Management Software at a Faster Rate”
Based on the organization size, the market is segmented into small and medium-sized enterprises (SMEs) and large enterprises.
Small and medium-sized enterprises (SMEs) continuously face the challenge of proper implementation of task management. Task management software helps SMEs to remove counter-productive work, improve costings, meet deadlines, prioritize work, plan tasks clearly and consistently, and improve collaboration among teams. Task management software not only help SMEs remain competitive through change and innovation but also enables them to adopt new changes in a structured way, increasing efficiency. In addition to this, increased demand for task management software among SMEs to decrease operational costs and simplify workflows is expected to drive the market growth.
The adoption of task management software among large enterprises is estimated to grow with a significant CAGR during the forecast period. The task management software allows large enterprises for central integration and management of all the tools that the team uses and a user-friendly platform. Moreover, large enterprises are implementing task management solutions for task prioritization, workload distribution, and time savings on task checks.
“Cloud Deployment Segment to Boost the Market Growth Backed by Rising Need for Cloud-based Task Management Software”
Based on deployment type, the market is classified into the cloud and on-premises.
Cloud deployment of task management software is expected to hold the largest share during the forecast period, as it helps businesses to manage information in a secure, efficient, remotely accessible, and consolidated manner. In addition to this, cloud deployment provides on-demand network access to configurable computing resources such as networks, servers, storage, applications, and services. Besides this, cloud deployment of task management software provides several applications such as dynamic computing infrastructure, IT service approach, self-service, and a managed platform for all types of users.
The on-premises segment is expected to exhibit a significant CAGR over the forecast period. On-premises deployment of task management software enables organizations to manage and complete control over their integrations. Besides, on-premises implementation of task management software offers accessibility, remote location access, and various business benefits such as scalability, functionality, and enhanced security.
“Growing Need to Promote Collaboration among Teams and Encourage Workforce Utilization to Drive the Growth in BFSI Sector”
By the end-user, the task management software market is segmented into banking, financial services, and insurance (BFSI), IT and telecommunications, retail, healthcare, manufacturing, travel and hospitality, media and entertainment, and others.
The application of task management software in the BFSI sector have risen significantly in recent years as BFSI enterprises are undergoing digital transformation. The task management software is helping financial and Fintech firms to tackle constantly changing markets, reducing the need for extensive documentation, credit disbursement, and maintaining the quality of assets. The task management software allows BFSI organizations to carry out activities in an organized manner with better clarity by providing effective collaboration tools for cross-functional teams. The growing adoption of automation in the BFSI sector and the increasing need for digitization are estimated to drive the task management software market growth in the BFSI sector. Moreover, task management software helps financial and Fintech firms in different activities, such as the deployment of mobile and mobile banking solutions, risk management, and financial documenting.
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IT and telecommunications is the most significant industry in adopting task management software for managing their business operations effectively. Organizations in this vertical are adopting advanced technologies to improve the digital customer experience. Rapid innovations in cloud computing and the Internet of Things (IoT) have led IT and telecommunication verticals to transform their existing infrastructure and adopt advanced technologies for the teams to work and collaborate better. IT and telecommunications verticals are implementing task management software to manage and predict various risks associated with projects, which will help them in cost reduction, enhance workforce safety, and increase productivity.
The task management software market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
North America is expected to hold the largest market share in the global task management software market. In 2018, North America generated a revenue of USD 578.4 million and is expected to reach up to USD 1,406.0 Million by 2026. This lucrative growth in the region is mainly attributable to the increasing demand among organizations to track and manage the day-to-day tasks efficiently and highly evolving IT infrastructure. Organizations in the region are implementing task management software for the successful execution of the task with a streamlined flow, which will further help the market to grow. The US emerged as one of the prominent players in task management software, mainly due to a large number of start-ups and the high pace of infrastructure developments. Apart from this, increased adoption of advanced technologies such as AI and ML will aid the market growth during the forecast period.
North America Task Management Software Market Size, 2018 (USD Million)
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Europe is positioned to be the fastest-growing region in the global task management software market in terms of CAGR. The market growth in Europe is mainly attributable to the increasing adoption of task management software among SMEs and the growing integration of cloud-based technologies. Moreover, the growing need for cost optimization, effective utilization of IT infrastructure and the presence of major key players in the region are some of the main factors driving the task management software market in Europe.
The Middle East and Africa are estimated to witness a steady growth rate in the task management software market. The Middle East and Africa providers of task management software are working to develop software platforms to connect, collaborate, and enhance business efficiency with different technologies.
“High Investment by Key Players, including Workfront, Inc., Atlassian, and Quick Base to Strengthen its Market Position.”
Workfront, Inc. is a software company that develops web-based work management and project management software that enables businesses in enterprise work management, issue tracking, document management, time tracking, and portfolio management. Workfront’s task management software provides a single work platform that increases transparency and encourages collaboration. In addition to this, Workfront’s solutions are helping businesses by enabling employees, contractors, and clients to collaborate in real-time, from anywhere. Furthermore, the company’s solutions are helping businesses in intelligent planning, streamlined processes, and real-time reporting.
Atlassian is a software company that provides products for software development, project management, and content management. Jira is a task management software developed by Atlassian that helps businesses to increase transparency, accountability, and productivity.
An Infographic Representation of Task Management Software Market
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The report offers an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are macro and microeconomic factors, SWOT analysis, Porter’s five forces analysis, and key task management software industry trends, competitive landscape, and company profiles inclusive of recent industry developments such as mergers & acquisitions.
Value (USD Million)
By Organization Size
As per our (Fortune Business Insights) study, the market is predicted to reach USD 4,535.5 Million by 2026 with a CAGR of 13.3% (2019 -2026).
Currently (in 2019), the task management software market value at USD 1,889.5 Million, and it is anticipated to reach USD 4,535.5 Million by 2026 at a CAGR of 21.6% during the forecast period (2019 -2026).
Globally, spending on task management software is increasing each year. For instance, North America generated a revenue of USD 578.4 Million in 2018 and is expected to create a remarkable revenue share by 2026. Increasing demand for workforce utilization has led to remarkable investments of organizations in deploying task management software.
In this market, software and cloud deployment are the leading segments. Increasing demand among businesses to centrally manage and track tasks has given an unprecedented opportunity for the key players to create massive investments in task management software.
Some of the driving factors for the task management software market are increasing need among enterprises to manage and track tasks and rising advancements in the fields of Machine Learning (ML) and Artificial Intelligence (AI).
In this market, some of the key players are Microsoft Corporation, Upland Software, Inc., Atlassian, RingCentral, Inc., Pivotal Software, Inc., Monday.com, Asana, Inc., AZENDOO, Quick Base, and REDBOOTH.
North America is expected to hold the highest market share in the task management software market. The region is expected to witness remarkable growth as it houses the major key players in the task management software market. The high pace of infrastructure development and the increasing penetration of AI applications in the region would fuel the market growth.
Cloud deployment of task management software would generate the highest revenue during the forecast period.
Banking, financial services, and insurance (BFSI) sector is expected to lead the task management software market. Research and development in task management software solution would contribute to the market growth during the forecast period.
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