According to a new market research report "Task Management Software Market by Business Function (Marketing, Human Resource, Finance), Component (Software and Services), Deployment Type (Cloud and On-Premises), Organization Size, Industry Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 2.27 billion in 2018 to USD 4.33 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period.
The 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. Due to an increase in the adoption of cloud-based task management software and services among Small and Medium-sized Enterprises (SMEs), the Task Management Software Market is expected to gain traction during the forecast period.
The services segment is expected to grow at a higher CAGR during the forecast period
The services segment is expected to gain more traction during the forecast period. Services are mostly post-sales services that are delivered to customers after the purchase of a product. These services include designing, planning, upgrading, and a host of other consulting services that are offered to clients. The services team offers comprehensive services through the latest techniques and tools, skills, knowledge, and strategies to address an organization's task management needs. Companies offering these services comprise consultants, solution experts, and dedicated project management teams that specialize in designing and delivering robust task management software and services.
The marketing business function is expected to hold the largest market size during the forecast period
The marketing business function is expected to dominate Task Management Software Market during 2018-2023. The 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. The task management software provides features such as planning and scheduling, file and document sharing, discussion and message boards, analytics and report, to manage tasks effectively and efficiently.
North America is expected to hold the largest market size in the global task management software market
North America is expected to hold the largest market size during the forecast period, as the region is extremely responsive toward the adoption of the latest technological advancements. 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.
The major vendors offering task management software and services across the globe include Microsoft (US), Upland Software (US), Atlassian (Australia), Pivotal Software (US), RingCentral (US), Azendoo (France), Asana (US), Bitrix (US), Doist (Spain), monday.com (Israel), Quick Base (US), Redbooth (US), todo.vu (Australia), Teamwork.com (Ireland), Workfront (US), Wrike (US), Zoho (US), Airtable (US), Basecamp (US), Clarizen (US), Evernote Corporation (US), Inflectra (US), MeisterLabs (Austria), Smartsheet (US), and TimeCamp (US).
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