Productivity Management Software Market Size, Share & Trends Analysis Report By Deployment (On-premise, Cloud), By Enterprise (Large Enterprise, SME), By Solution, By Region, And Segment Forecasts, 2021 - 2028

Productivity Management Software Market Growth Growth & Growth & Trends

The global productivity management software market size is expected to reach USD 119.69 billion by 2028, registering a CAGR of 14.2% over the forecast period, according to a study conducted by Grand View Research, Inc. The main factors driving the growth of this market are digital transformation initiatives that have resulted in improved IT systems to meet customers’ diverse requirements; the need to encourage collaboration among teams and increase workforce utilization; and the growing use of advanced technologies, such as Artificial Intelligence (AI), cloud computing, and machine learning.

The productivity management software (PMS) solutions vary depending upon the organization’s various parameters, such as employee strength, organizational structure, and the departments where these solutions are implemented. Many providers are focusing on evolving technological trends and enhancing their software designs in line with the organizations’ changing requirements. Simultaneously, several companies are investing in R&D activities to provide solutions that increase productivity at work and are easy to deploy & understand.

For instance, on 1st March 2021, Google LLC (U.S.) announced a new version of its Google Workspace productivity suite named Workspace Frontline, which is designed especially for the frontline employees and offers a set of time management tools as a part of it. Moreover, enterprises are increasingly adopting cloud-based technology. A growing number of businesses are using cloud-based management tools to store their applications and data.

Cloud-based systems make it easier to plan, collaborate, monitor, and complete projects. Instead of using a plain old whiteboard and sticky notes, project managers complete work using a network of tools available within the software—PMS implementation varies depending on organization and team. However, it is intended to make project and deadline management more straightforward and more efficient. In addition, cloud-based PMS requires low maintenance.

North America led the global market in 2020 accounting for the highest revenue share of over39% and is projected to continue its dominance from 2021 to 2028. The region’s growth is predominantly attributed to the improved adoption of PMS solutions to manage repetitive tasks and the organizations’ extremely developing infrastructure. Furthermore, the amplified adoption of machine learning and AI technologies would leverage the market over the forecast period.

Productivity Management Software Market Report Highlights

• The AI & predictive analytics segment is anticipated to register the fastest CAGR over the forecast period on account of the higher adoption of several risk analytics solutions for risk identification and risk mitigation measures
• Cloud is anticipated to be the largest as well as the fastest-growing deployment segment from 2021 to 2028. The cloud provides the pay-as-you-go model, allowing businesses to pay for cloud services based on how much they use them, resulting in lower costs
• Small & Medium Enterprise (SME) is anticipated to be the largest and fastest-growing enterprise segment over the forecast period
• Increasing product usage for easy operations and the growing number of SMEs across developing regions, such as Asia Pacific, are expected to boost the segment growth
• Asia Pacific is projected to be the fastest-growing regional market from 2021 to 2028. The rapidly growing industry verticals, such as Healthcare, IT and telecom, BFSI, are expected to support regional market growth

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