Test Management Software Market Size

Task Management Software Market Analysis

The Task Management Software Market was valued at USD 878.43 million in the previous year and is expected to grow at a CAGR of 20.8%, reaching USD 2751.62 million by the next five years. One of the major factors contributing to the growth of the task management software market is growing adoption of digitalisation by a lot of firms, tech advances in cloud computing, quick integration of multipoint touchpoints on one platform and greater need for an analysis of vast business data so that they can generate revenue increases.

• Rapid advancement in technology has led to globally distributed teams and driven the requirement of task management software to provide the real-time visibility needed in such demanding project schedules. It helps enterprises centrally manage and track the scheduled advancement of the project and promote improved workforce utilization through better collaboration. According to the survey conducted by 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 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 Software is enabled to effectively handle schedules, reminders, and follow-ups and eliminate the need for human inputs. It can save humans time in their various efforts by helping to ensure that nothing is overlooked.
• Moreover, cloud deployment is expected to witness growth, as it provides the agility of on-demand resource deployment and consumption. Enterprise prefers the cloud deployment type, as it offers easy of access, along with reduced capital & operational expenses. According to Asia-Pacific Economic Corporation, SMEs account for over 97% of all businesses across APEC economies.
• 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 task management software's security concern can hamper the market's growth.
• The task management software saw substantial changes during the COVID-19 epidemic, including opportunities as well as obstacles. Businesses and organizations all across the world were compelled by the epidemic to adopt remote work arrangements and manage their acctivities and projects in a more virtua and distributed way. The need for, features and capabilities of task managment software were significantly impacted by this change in the nature of work.