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Nov 09, 2020 (The Expresswire) —
The global task management software market size is projected to reach USD 4,535.5 million by 2026. The high investments in the research and development of the product will have a direct impact on the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Task Management Software”Market Size, Share and 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, 2020-2026, the market was worth USD 1,713.0 million in 2018 and will exhibit a CAGR of 13.3% during the forecast period, 2020-2026.
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Some of the leading companies that are operating in the task management software market are:
- Microsoft Corporation
- Upland Software, Inc.
- RingCentral, Inc.
- Pivotal Software, Inc.
- Asana, Inc.
- Quick Base
- Workfront, Inc.
- Zoho Corporation Pvt, Ltd.
- Evernote Corporation
- Workfront, Inc.
A task management software is used to organize several tasks within an organization. The product is used for delegating specified work to team members, setting timelines, and adjusting work schedules. The ability of these products to manage workflow in a seamless manner will fuel the demand for the product across the world. Task management software are used to regulate the workflow in environment that consists of a large number of employees, thereby reducing the total time taken to manage workflow. The high investments in product RandD, coupled with the growing demand for the product across diverse industries, will constitute an increase in the task management software size in the coming years.
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The report provides an in-depth analysis of the global task management software market. It highlights the latest product launches and recent innovations in the market and states their impact on the growth of the market. Forecast values have been provided for the market for the period of 2020-2026. The factual figures have been obtained through trusted sources. Moreover, these predictions are made on the basis of extensive research analysis methods, coupled with the opinions of experienced market research professionals. The competitive landscape has been discussed in detail and predictions are made with respect to leading companies and products in the coming years.
1. By Component
- Integration and Implementation
- Support and Maintenance
2. By Organization Size
3. By Deployment
4. By End-User
- Banking, Financial Services, and Insurance (BFSI)
- IT and Telecommunications
- Travel and Hospitality
- Media and Entertainment
5. By Region
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Netherlands, and Rest of Europe)
- Asia Pacific (China, Japan, India, Southeast Asia, and Rest of Asia Pacific)
- Middle East and Africa (South Africa, GCC and Rest of the Middle East and Africa)
- Latin America (Brazil, Mexico, Argentina, and Rest of Latin America)
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Increasing Number of Company Mergers Will Aid Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and collaborations has made the highest impact on the growth of the market. In May 2018, Ring Central Inc. announced that it has collaborated with BridgeClimb. Through this collaboration, the company plans to offer improved customer service and enable multichannel communications. Ring Central’s latest acquisition will not only help the company generate substantial market revenue but will have a positive impact on the growth of the market in the forthcoming years.
North America to Hold the Highest Market Share; Increasing Demand for Task Management Across Diverse Industries to Aid Growth
The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America is projected to hold the highest task management software market share in the coming years. The growing demand for efficient as well as automated task management services in several countries across this region will emerge in favor of the growth of the regional market. The constantly rising IT infrastructure will create several opportunities for the growth of the market in this region. Moreover, adoption of advanced technologies such as AI and machine learning by major companies in this region will influence the growth of the market in this region. As of 2018, the market in North America was worth USD 578.4 million and this value is projected to increase further in the coming years.
Noteworthy Industry Developments:
- January 2020 – Upland Software, Inc., one of the prominent players in cloud-based enterprise work management software, launched Upland Intelligent Capture, a solution to end-to-end document workflow automation. This solution offers customers secure document capture, enterprise-class fax with secure document distribution with robust document and workflow automation.
- May 2018 RingCentral, Inc., a leading provider of global enterprise cloud communications, collaborated with BridgeClimb to enable multichannel communications and customer service. This collaboration is aimed at the configuration and implementation of unified communications and contact center solutions with enhanced user experience.
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Table of Content
5. Global Task Management Software Market Analysis, Insights and Forecast, 2015-2026
5.1. Key Findings / Summary
5.2. Market Size Estimates and Forecasts
5.2.1. By Component (Value)
22.214.171.124.2. Integration and Implementation
126.96.36.199.3. Support and Maintenance
5.2.2. By Organization Size (Value)
188.8.131.52. Large Enterprises
5.2.3. By Deployment (Value)
5.2.4. By End-User (Value)
184.108.40.206. Banking, Financial Services, and Insurance (BFSI)
220.127.116.11. IT and Telecommunications
18.104.22.168. Travel and Hospitality
22.214.171.124. Media and Entertainment
5.2.5. By Region (Value)
126.96.36.199. North America
188.8.131.52. Asia Pacific
184.108.40.206. Middle East and Africa
220.127.116.11. Latin America
6. North America Task Management Software Market Analysis, Insights and Forecast, 2015-2026
6.1. Key Findings / Summary
6.2. Market Size Estimates and Forecasts
6.2.1. By Component (Value)
18.104.22.168.2. Integration and Implementation
22.214.171.124.3. Support and Maintenance
6.2.2. By Organization Size (Value)
126.96.36.199. Large Enterprises
6.2.3. By Deployment (Value)
6.2.4. By End-User (Value)
188.8.131.52. Banking, Financial Services, and Insurance (BFSI)
184.108.40.206. IT and Telecommunications
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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