Task Management Software System Market to Witness Stellar CAGR During the Forecast Period 2018 – 2026
Global Task Management software System market is valued US$ 2.27 bn in 2018 and is estimated to reach US$ 6.20 bn by 2026 at a CAGR of 13.38%.
Task management software system is segmented by Function, by Component, by Deployment, and by region. Function is divide into Marketing, Human resource, & finance. Based on component task management software system is classified as Software & Services. On the basis of deployment type market is divided into cloud and on-premises. Region wise the market is divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Increasing need among enterprises to centrally manage and track tasks and the necessity to enhance the efficiency of teams have led to the large-scale adoption of the task management software. Security concerns among enterprises regarding cloud-based task management software may hinder the growth of the task management software market. Opportunity is recent advancements in the areas of AI and ML. Integration of task management software with other third-party tools.
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Based on function, the Marketing business function is expected to hold the largest market size during the forecast period. Marketing environment is constantly changing, and organizations need a tool that can keep up with this ever-changing business function. The marketing teams in organizations need a platform that can not only store and organize multimedia such as graphics, videos, and audio but can also provide mobile access.
On basis of component, services segment is expected to grow at a higher CAGR during the forecast period, as organizations are focusing on reducing operational costs while providing a superior customer experience. Companies offering services comprise consultants, solution experts, and dedicated project management teams that specialize in designing and delivering robust task management software and services.
Cloud deployment type is expected to gain more traction during the forecast period, as it offers the agility of on-demand resource deployment and consumption. Organizations prefer the cloud deployment type, as it delivers ease of access along with reduced capital and operational expenses. growth of the cloud segment are enhanced security features, interactive dashboards, ease of flexibility, and better scalability, which are encouraging enterprises across the globe to choose cloud deployment. Moreover, the cloud-based deployment type offers higher agility than the on-premises deployment type.
In terms of region, the market is segmented into North America, Asia Pacific, Europe, Middle East & Africa, Latin America. North America is dominate largest market size during the forecast period, due to the presence of a large number of vendors in the region. The region is also one of the most advanced in terms of technology adoption and IT infrastructure optimization. Having a robust task management system helps with flexible planning and successful execution of projects. Enterprises aim to promote collaborations among teams and improve the workforce utilization. There is a growing need among enterprises to centrally manage and track tasks. These factors together are driving the adoption of the task management software in the region.
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Key players operate to, Microsoft ,Upland Software, Atlassian, Pivotal Software, Ringcentral, Azendoo, Asana, BitrixDoist, Monday.Com, Quick,Base, Redbooth, Todo.Vu, Teamwork.Com, Workfront, Wrike, Zoho, Airtable, Basecamp, Clarizen, Evernote, Corporation, Inflectra, Meisterlabs, Smartsheet, Timecamp.