The task management software market is expected to reach USD 4.72 billion from the present estimate of USD 2.35 billion at a CAGR of 12.32% during the forecast period. Increasing adoption of digitalization by many businesses, technological advancement in cloud, rapid integration of multichannel touchpoints into a single platform, and increasing need to analyze the huge business data to draw insights that can surge the company’s revenue are some of the primary factors boosting task management software market.
– Rapid advancement in technology has led to globally distributed teams and driven the requirement of task management software to provide the real-time visibility needed in such demanding project schedules. It helps enterprises to centrally manage and track the scheduled advancement of the project and promote improved workforce utilization through better collaboration.
– According to the survey conducted by the Planview, 59% of all IT projects consist of dispersed teams and use project management solutions that allow teams to work and collaborate online and make it possible to create information radiators that are available to all team members.
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Travel and Transportation are Expected to Witness Moderate Growth and Drive the Market
– According to the WTTC 2019 report, the travel and tourism sector experienced 3.5% growth and outpaced the global economy (2.5%) for the ninth consecutive year. Over the past five years, one in four new jobs were created by the sector and has generated 10.3% of global GDP. This data reflects sectors’ significant growth in the coming years.
– The travel businesses require synergy between different departments teams performing various functions starting from ticket booking, hotel reservations, travel itineraries, and payments. Hence, most of the key vendors rely on task management software to simplify the process and reduce the interdependency and risk of overlapping timelines.
– Moreover, emerging technologies such as the release of 5G, advancements in artificially intelligent, and improved voice search are some of the technological disruptions that will create new ways for travel companies to engage with customers and their revenue stream.
Asia Pacific is Expected to Witness Significant Growth and Drive the Market
– The task management software market is expected to experience signification growth in Asian countries due to increasing investment in technologies and surging adoption of cloud services in many sectors such as banking, retail, manufacturing, and pharmaceuticals.
– For instance, Indian IT’s core competencies and strengths have attracted significant investments from major countries. The computer software and hardware sector in India attracted cumulative Foreign Direct Investment (FDI) inflows worth USD 43.58 billion between April 2000 and December 2019 and ranks second in an inflow of FDI, as per data provided by the Department for Promotion of Industry and Internal Trade (DPIIT).
– Moreover, February 2020, Tata Consultancy Services has received a contract of USD 1.5 billion from pharma company Walgreens Boots Alliance which is expected to help sustain the growth of the market in the forecast period.
The task management software market is concentrated and is dominated by a few major players like Microsoft Corporation, Upland Software, Inc., Atlassian Corporation, Inc., RingCentral, Inc, and Asana Inc. These major players, with a prominent share in the market, are focusing on expanding their customer base across foreign countries. These companies are leveraging strategic collaborative initiatives to increase their market share and increase their profitability. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
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