The ability to promote collaboration at a workspace, increase efficiency and work output, manage resources, prioritize tasks, extensive research and development, and companies constantly rolling out superior updates are the key factors contributing to the high CAGR of the Task management software market during the forecast period.
According to the current analysis of Reports and Data, the global Task management software market was valued at USD 2,853.6 Million in 2020 and is expected to reach USD 7,674.7 Million by the year 2028, at a CAGR of 13.0 percent. The global task management software market is driven by the ability of the software to manage workflows in a centralized manner and the allocation of the tasks to the right resources. It helps in managing a certain task and training a proper workflow. The technological advancements in AI (Artificial Intelligence) and Machine Learning offer lucrative opportunities to vendors in the task management software market. Automation and orchestration are the latest trends to watch out for in the task management software market. Integration of these technologies allows better utilization of the resources at reduced costs thereby increasing productivity and efficiency of the workforce. They provide useful insights like resources, milestones, estimation, forecasting, and developments. They help in achieving goals either on a personal level or a collective level. They help the sharing of information as well.
The solution helps businesses in creating their own customized workflows and orchestrations depending on the nature of the business. It helps in working centrally and minimizes data loss as well as increasing the efficiency of the work. Task management software works remotely allowing the user to set up and run tasks from any device and any location. They support the BYOD (Bring your own device, which is the evolving trend of employees using their personal devices for work purposes) capabilities and can be executed on any device reducing the need for personalized infrastructure for the same. The intense competition is keeping the key players on their toes. Extensive widespread end uses have fueled the competition and are driving the market forward. The software segment is expected to hold a major share in the task management software market owing to its endless functionality.
Here's one of the largest platforms that offer task management:
- Microsoft Azure DevOps
- Jira Software
- Meister task
- Zoho Projects
And here are some interesting facts about the market for task management platforms:
- The task management software market is growing at a CAGR of 6% in the Asia Pacific followed by North America and Europe.
- North America has the largest market adoption of task management software owing to the presence of large multinationals and a smart workforce in the industries
- The on-premises segment of the Task management software market is expected to occupy most of the market accounting for around 82.2% share owing to the presence of many free vendors and open-source software.
- Cloud deployment is projected to grow at a faster rate due to the increasing adoption of cloud-based software and the benefits offered by it such as scalability, usability, and availability
- The task management software is platform-independent and can be supported by multiple operating systems such as Windows, Mac, Linux, Mobile OS, and others.
- The marketing business function is estimated to hold the largest market share in the market. The marketing function has numerous unique and repetitive tasks that need quick actions and support as they are critical for the business
- The small and medium-sized enterprises have the fastest growth rate during the forecasted period as the SMEs have smaller budgets and a smaller workforce forcing them to implement solutions for better resource utilization
- The IT and Telecom segment of the Task management software market occupied almost 19.9% of the market because of the ability of the software to achieve personal as well as collective goals.
- The Services segment market has noted sturdy growth due to advancement and the advent of technologies like AI and Machine learning which have made faster and easier handling of consumers and increased the efficiency of the services provided.
Although in the earlier blog post we were talking about how using the task management platforms can be time-wasting for the companies and their employees, the conclusion is that these platforms are powerful but complicated. Their interface could be better and more friendly for the users. But stay tuned with us because we will show you the solution for these segments of these powerful platforms.