PUBLISHER: SkyQuest | PRODUCT CODE: 1244238
PUBLISHER: SkyQuest | PRODUCT CODE: 1244238
Productivity Software Market was valued to be USD 42.90 billion in 2021, and it is expected to reach USD 132.82 billion by 2028 at a CAGR of 14.26% over the forecast period (2022-2028).
Productivity software is application software used for data collection (sometimes known as personal productivity software or workplace productivity software) (such as presentations, worksheets, documents, databases, graphs, charts, digital video, digital paintings, and electronic music ). Companies have been looking for novel strategies to boost production. It is now possible to deliver goods and services more effectively and efficiently than in the past thanks to new approaches and technology. Since providing more products and services to customers results in higher revenues, productivity growth is crucial for organisations. When productivity rises, an organization's capital can be converted into revenues, freeing up cash flow for future growth and expansion while also paying stakeholders.
The increasing need for organisations to manage workflow and activities in order to promote growth as well as the swiftly advancing developments in the realms of artificial intelligence (AI) and machine learning are the primary factors propelling the global market for productivity software (ML). Also, as Bring Your Own Device (BYOD), corporate mobility, and smartphones are utilised more frequently in business operations and as the mobile workforce increases, there will be a greater need for productivity management software, which will propel market growth.
Top-down and bottom-up approaches were used to estimate and validate the size of Asia Pacific Productivity Software Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this region
The Global Productivity Software Market is segmented based on solutions, deployment type, enterprise size, end-user and region. Based on Solutions, Productivity Software Market is categorized into Content Management and Collaboration, Asset Creation, AI and Predictive Analytics, Structured Work Management, Connectivity, Integration Services, Technical Support, Consulting and Coordination. Based on Deployment Type, Productivity Software Market is categorized into Cloud based and On-premise. Based on Enterprise Size, Productivity Software Market is categorized into Small & Medium Enterprises and Large Enterprises. Based on End-user, Productivity Software Market is categorized into BFSI, Telecommunications, Manufacturing, Media and Entertainment, Transportation, Retail, Other End-user Industries. Based on region, Productivity Software Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
The growth of mobile technology has reduced the complexity and duration of meetings, which are routinely scheduled in the workplace today. The adoption of business productivity tools has expanded as a result of mobile technological improvements. As a result, a number of providers of corporate productivity software have developed tools that let users schedule and schedule meetings on mobile devices like smartphones and tablets. As a result, the market for office productivity software has profited inadvertently from the surge in smartphone usage. Also, as IT moves in the direction of the customer, mobile devices including smartphones, tablets, PCs, and laptops are becoming widely used in organisations for communication. Corporate productivity software providers have been forced by the BYOD (Bring Your Own Device) idea to develop cutting-edge business productivity solutions in order to improve user experience, productivity, and security.
The risks associated with cybersecurity are one of the reasons limiting the market growth for corporate productivity software. The majority of organisations keep their data in the cloud, which leaves them open to virus and hacker attempts. Even though cloud solutions are becoming more secure, they are still vulnerable to account takeover, distributed denial-of-service (DDoS) attacks, data breaches, lost data, and insecure application programming interfaces (APIs). Companies have started using cloud-based storage models to boost productivity and save costs, but these models only offer a limited level of security management over the data. Because they usually give hackers broad access via which they can see, erase, relocate, or store enterprise data, cloud-based productivity software solutions pose a security risk to businesses. As a result, throughout the projection period, issues with cybersecurity could pose a significant threat to the global market for productivity software.
Smart virtual assistants are now employed in offices for duties including scheduling meetings, taking notes, and setting task reminders. Virtual assistants seek for information and materials, provide answers to inquiries in natural language, provide quick status updates on jobs and projects, and automatically conduct surveys. Chatbots ensure that communication and collaboration services run without a hitch and assist in automating a variety of challenging tasks. Chatbots are designed to handle information overload and simplify the provision of services. They are capable of engaging across a multitude of channels and handling a wide range of scenarios across all tasks. With the option of human handover when necessary, this enables more effortless, natural conversational encounters.