DUBLIN--(BUSINESS WIRE)--The "Task Management Software Market - Growth, Trends, and Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The task management software market is expected to reach USD 4.72 billion by 2025 from the present estimate of USD 2.35 billion in 2019 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.
- Microsoft Corporation
- Upland Software, Inc.
- Atlassian Corporation, Inc.
- RingCentral, Inc.
- Pivotal Software, Inc.
- Asana, Inc.
- Azendoo SAS
- QuickBase, Inc.
- Redbooth, Inc.
- Workfront, Inc.
Key Market Trends
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.
- Currently, companies are emphasizing on digital marketing such as video marketing, banner ads, blogging, and content marketing to generate new leads and to maintain their market position. So, they are hugely dependent on task management software for their marketing activities. It is expected that the market will dominate in marketing business functionality due to the increase in internet penetration and competition in travel sector.
- The outbreak of COVID-19 has completely disrupted the tourism sector, and so has weakened the task management software market. According to the research conducted by the World Tourism Organization (UNWTO) on 6th of April 2020, 96% of all worldwide destinations have introduced travel restrictions in response to the pandemic and around 90 destinations have completely or partially closed their borders to tourists, while a further 44 are closed to certain tourists depending on the country of origin.
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.
- Japan, the world's third-largest economy, with a massive pool of highly educated, motivated workers, easy access to Asia and other countries, and welcoming governmental initiatives are successfully generating opportunities for foreign businesses. For instance, Japan retail sector is expanding as a number of international brands are investing in expanding their footprints in the country.
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rapid Adoption of Cloud-Based Solution for Task Management by SMEs
4.2.2 Increasing Integration of Task Management Software with Third-Party Tools and Technological Adavncement in Areas of AI and ML
4.3 Market Restraints
4.3.1 Increasing Security and Privacy Concerns Among Enterprises
4.4 Porters 5 Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Impact of COVID-19
5 MARKET SEGMENTATION
5.1 By Components
5.2 By Organization Size
5.3 By Deployment
5.4 By End-User Industry
5.5.1 North America
5.5.4 Latin America
5.5.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/b84ydi