Task Management Software Market - Growth, Trends, COVID-19 Impact, and Forecasts
Posted by Statzy Market Research on May 22nd, 2021
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 companyâ€™s revenue are some of the primary factors boosting task management software market.
- 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.
- Moreover, increasing penetration of artificial intelligence in the workplace to enhance the productivity and efficiency of the organization is driving the task management software market. Artificial intelligence-enabled task management Softwares are enabled to effectively handle schedules, reminders, and follow-ups and eliminate the need for human inputs and are capable of saving humans time on their various efforts by helping to make sure that nothing is overlooked.
- However, the rapid adoption of cloud-based task management software has created security concerns as applications and networks are under persistent security threats such as malicious code and service denial that can lead to data loss and leakage. Thus, the security concern of the task management software can hamper the growth of the market.
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Key Market Trends
- 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.
- Moreover, International tourist arrivals could decline by 20% to 30% in 2020. This can lead to the loss of millions of jobs in the global tourism industry for at least next few months.
- 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.
- In June 2020, Ikea, Sweden retail chain, opened its first compact store in Tokyo, occupying a two-story, 2500sqm space. Similarly, the Spanish fashion brand Ecoalf has opened its first Japanese flagship store in Tokyo. The retail sector in Japan is expanding and is expected to compel the task management software market in the future.
- January 2020 - Upland Software, Inc., one of the players in cloud-based enterprise work management software, launched Upland Intelligent Capture, a solution to end-to-end document workflow automation. It will offer customers secure document capture, enterprise-class fax with secure document distribution with robust document and workflow automation in a multi-tenant cloud, on-premises, or as a hybrid solution.
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