Task Management Software Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast 2020 - 2025

 Overview

Task Management Software Market size is projected to reach $5.58 billion by 2025 from $2.25 Billion in 2018, with a CAGR of 12.69 % during 2020-2025. The organizations need task management software to create plans, control and track reports or workflow has contributed to the large-scale implementation of the task management technology. The Task Management Software Market is expected to gain traction over the forecast period due to an increase in the adoption of cloud-based task management software and services by small and medium-sized enterprises (SMEs).

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Key Takeaways

  • North American dominates the Task Management Software market share owing to increasing demand from small and medium sized enterprises. 
  • Marketing business function account for the maximum market share in the global Task Management software market.
  • The IT and telecom segment in Industry vertical is anticipated to grow at aCAGR of 13.24% during the forecast period.
  • The services segment is expected to grow at a higher CAGR during the forecast period.

By Business Function- Segment Analysis

During 2020-2025, the marketing function is anticipated to dominate the task management software market with 31.23% of market share. In recent time, Organizational marketing teams need a platform that can not only store and manage content including graphics, videos and audio, but also provide mobile access. The digital marketing landscape is a constantly evolving ecosystem of digital media and advertising, including social media marketing, influencer marketing, pay-per-click ads, search engine marketing, content marketing, web development, email marketing, video production, podcasting, online reputation management and web applications. Digital ad spend is estimated to US$254 billion in 2019 which will constitute more than 41% of global ad spend. The task management system offers functions such as preparation and organizing, exchange of data and reports, comment and message boards, monitoring and reporting to effectively and efficiently handle activities. Thus, in recent time task management software is widely used for marketing application. 

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By Component - Segment Analysis

During the forecast period, the service segment is expected to gain more momentum. Services are primarily post-sales services offered to consumers after a product has been purchased. Such services include arranging, scheduling, updating, and a variety of other client-specific consulting services. The service team offers specialized solutions to meet the task management needs of an enterprise through the newest techniques and tools, expertise, experience, and approaches. Companies offering these services provide consultants, technology developers and specialized project management groups specializing in the development and implementation of software and services for comprehensive task management. For instance, July 2019, Microsoft announced investments for the Microsoft Teams extensions and adoption, Dynamics 365 updates, Introducing Azure Lighthouse and Azure Migration Program.

By Geography - Segment Analysis

Due to the presence of a large number of vendors in the region, the task management software market share for the North American Region will be 37.49% during the forecast period. The major vendors offering task management software and services in the North America region include Microsoft (US), Upland Software (US), Asana (US), Bitrix (US) and Pivotal Software (US). Also, According to the U.S. Small Business Administration, there are 30.2 billion small businesses in the country, many of whom use task management software to reduce the complexity involved in the internal technological systems. Thus, small and medium-sized businesses in North America are driving growth for the region in terms of task management software adoption. The region contributes approximately 35% to the global task management software market.


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