Task Management Software Market size is projected to reach $5.58 billion by 2025 from $2.30 Billion in 2018, with a CAGR of 13.86 % during 2020-2025. The organizations need task management software to create plans, control and track reports or workflow has contributed to the large-scale implementation of task management technology. The Task Management Software Market is expected to gain traction over the forecast period due to an increase in the adoption of cloud-based task management software and services by small and medium-sized enterprises (SMEs).
- North American dominates the Task Management Software market share owing to increasing demand from small and medium sized enterprises.
- Marketing business function account for the maximum market share in the global Task Management software market.
- The services segment is expected to grow at a higher CAGR during the forecast period.
By Business Function- Segment Analysis
During 2020-2025, the marketing function is anticipated to dominate the task management software market with 31.23% of market share. In recent time, Organizational marketing teams need a platform that can not only store and manage content including graphics, videos and audio, but also provide mobile access. The digital marketing landscape is a constantly evolving ecosystem of digital media and advertising, including social media marketing, influencer marketing, pay-per-click ads, search engine marketing, content marketing, web development, email marketing, video production, podcasting, online reputation management and web applications. Digital ad spend is estimated to US$254 billion in 2019 which will constitute more than 41% of global ad spend. The task management system offers functions such as preparation and organizing, exchange of data and reports, comment and message boards, monitoring and reporting to effectively and efficiently handle activities. Thus, in recent time task management software is widely used for marketing application.
By Component - Segment Analysis
During the forecast period, the service segment is expected to gain more momentum. Services are primarily post-sales services offered to consumers after a product has been purchased. Such services include arranging, scheduling, updating, and a variety of other client-specific consulting services. The service team offers specialized solutions to meet the task management needs of an enterprise through the newest techniques and tools, expertise, experience, and approaches. Companies offering these services provide consultants, technology developers and specialized project management groups specializing in the development and implementation of software and services for comprehensive task management. For instance, July 2019, Microsoft announced investments for the Microsoft Teams extensions and adoption, Dynamics 365 updates, Introducing Azure Lighthouse and Azure Migration Program.
Geography - Segment Analysis
Due to the presence of a large number of vendors in the region, the task management software market share for the North American Region will be 35.43% during the forecast period. The major vendors offering task management software and services in the North America region include Microsoft (US), Upland Software (US), Asana (US), Bitrix (US) and Pivotal Software (US). Also, According to the U.S. Small Business Administration, there are 30.2 billion small businesses in the country, many of whom use task management software to reduce the complexity involved in the internal technological systems. Thus, small and medium-sized businesses in North America are driving growth for the region in terms of task management software adoption. The region contributes approximately 35% to the global task management software market.
Drivers – Task Management Software Market
- Recent advancements in the areas of AI
The rapid growth of AI is used extensively in the development of task management software in different technology sectors. 47% of digitally mature organizations or those with advanced digital practices have an AI strategy. AI-enabled systems alone are expected to create a company valuation of $2.9 trillion by 2021. Eighty percent of companies spend smartly in AI. The task management Softwares with AI can monitor and detect errors / risks before they happen and can demonstrate how to solve them, improve end product performance and reduce cost and schedule deviations as well. This will help the businesses to increase the profit in turn
- Need to encourage group coordination and maximize the use of the workforce
The task management software work in a way that is best to plan and structure the everyday activities. It sets the deadlines and priorities, share and assign tasks to details and everything in one place. It will help plan ahead by day, week, or month and look at the state of the project at a glance. Search and filter to concentrate on anything from a single project to the workload of an individual. This can thus help in managing coordinating and reducing the work load of the individual and thus the use of this software can increase the productivity. For instance, In February 2018, Workfront introduced a digital marketer software to handle their cell phone work with the ability to delegate jobs and track assignments and workflows.
Challenges – Task Management Software Market
- Security concerns with cloud-based task management software
Application systems become more complicated as technology advances and the protection of application development becomes more difficult. Apps, applications, and networks are under persistent intrusion threats such as malicious code and service denial. Some of the security challenges from the point of view of application development include malware, Trojan horses, logic bombs and worms. In 2017, at least one security incident was reported by 18% of the organizations. Protecting data loss and leakage (67%) is the major concern for cybersecurity professionals followed by data privacy risks (61%) and confidentiality violations (53%).This shows that businesses of all sizes are concerned with security issues. This concern for the security from the businesses can have a negative impact on the task management software market
Technology launches, expansion and R&D activities are key strategies adopted by players in the Task Management Software market. In 2018, the market of Task Management Software has been consolidated by the top five players accounting for 37% of the share. Task Management Software top 10 companies are Microsoft, Upland Software Inc., Atlassian, RingCentral Inc., Bitrix Inc., TimeCamp Inc., Smartsheet Inc., MeisterLabs, Inflectra Corporation, Clarizen, Zoho Corporation Pvt. Ltd, Wrike Inc., Workfront Inc., Teamwork and Redbooth.
- Atlassian is opening a new office in Bengaluru, India in April 2018. The business plans to expand the office in the coming years to become a world-class R&D and customer support hub. The expansion was intended to increase the company's global presence.
- In June 2018, Quick Base introduced Quick Base Automations, a new technology that by automating workflows improves the efficiency for task management systems.
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