As per findings of a new market research report by Persistence Market Research, the On-premise business productivity software market is projected to exhibit an impressive CAGR of more than 12% during the forecast period (2022 to 2030).
Improvements in collaborative and interactive technologies have made communication solutions more dynamic, enabling the dissemination of information via multimedia technology. Additionally, thanks to content sharing, digital data streaming, and mobile connectivity solutions, meeting spaces are evolving into dynamic settings where people from different states, countries, and continents can collaborate in one place for decision-making, problem-solving, and risk control processes.
Due to the digitization of the workplace and the resulting growth of the business productivity software industry, many vendors are focusing on developing cutting-edge products to meet rising consumer demands.
Key Takeaways from Business Productivity Software Market Study
The business productivity software market is estimated to witness high growth, as these software integrate and support data and processes for each aspect of a business, and also help in better collaboration.
PMR reports that, the demand for business productivity software from the IT & Telecom industry is expected to exhibit at a CAGR of close to 16% during the forecast period.
Cloud-based business productivity software will gain traction during the forecast period, as these software help organizations enhance connectivity, mobility, and productivity.
Among the regions, the market in South Asia & Pacific is expected to witness a high CAGR, owing to the high adoption of business productivity software by organizations in the region to systematically maintain data for easy accessibility.
With movement restrictions in place all over the world due to the COVID-19 pandemic, organizations are increasingly using business productivity software for collaborative purposes.
