Task Management Software Market Trends

Task Management Software Market Overview

Task Management Software Market Size was valued at USD 2.2 Billion in 2022. The Task Management Software market End User is projected to grow from USD 2.5 Billion in 2023 to USD 7.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 13.90% during the forecast period (2024 - 2032). Businesses' growing demand for centralised task management and tracking, their need to promote teamwork, and their desire to make the most of their staff, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Task Management Software Market Trends

Increasing need to manage and track tasks among businesses is driving the market growth

As teams expand, there is a rising need for workforce management among firms. Therefore, task management software won't be required as much to promote cooperation and communication. Using task management software, teams and organisations can keep tabs on team members who are working on a single project or a number of projects. This aids teams in setting priorities and obtaining a complete picture of the problem. A task management plan also aids in removing misunderstandings and uncertainty among teams by providing businesses with a shared knowledge of the job and progress. Organisations may save time, prevent information loss, and ensure that operations run smoothly by keeping an eye on every aspect of their work.

Thanks to AI and ML, task management software has advanced dramatically in recent years. Since AI-based task management software necessitates the proper knowledge and experience to execute tasks in order to meet specific corporate objectives, it can significantly boost productivity and decrease errors. Organisations can now control, improve, and set long-term business targets thanks to the advancement of AI. Artificial intelligence (AI) advancements have decreased the rates of human error, allowing workers to concentrate on better and more important activities. Businesses can review a lot of business data thanks to AI-based task management software, which promotes decision-making and provides the greatest task expertise. Businesses may successfully handle task scheduling, reminders, and follow-ups while reducing errors caused by human input by implementing AI-based task management software.

In the next years, it is anticipated that businesses' needs for centralised task coordination and tracking will grow, which would cause the market for task management software to expand. The desire to foster teamwork and increase staff productivity is expected to drive market growth in the ensuing years. Opportunities for the company are presented by recent developments in AI and ML, as well as the integration of work management software with other third-party apps. Thus, driving the Task Management Software market revenue.

Task Management Software Market Segment Insights

Task Management Software Component Insights

The Task Management Software Market segmentation, based on Component, includes Software and Services. Software segment dominated the global market in 2022. The growth of the software market is mostly due to the increased usage of task management software by enterprises for labour utilisation. Additionally, small and medium-sized organisations (SMEs) are using task management solutions more frequently, which will expedite market expansion throughout the course of the predicted timeframe. By using task management software, you may do away with time-consuming spreadsheets and other antiquated administrative procedures like travelling and obtaining updates. Task management software also provides a framework for reproducing identical operations and planning processes as the business and client reporting grow.

Task Management Software Organization Size Insights

The Task Management Software Market segmentation, based on Organization Size, includes SMEs and Large Enterprises. SMEs segment dominated the Task Management Software Market in 2022. Using task management software, SMEs may enhance teamwork, decrease ineffective work, increase efficiency, meet deadlines, prioritise activities, and schedule tasks precisely and consistently. By helping SMEs to innovate and embrace new advancements in an orderly manner while enhancing productivity, task management software helps them stay competitive. The market is expected to grow as SMEs become more dependent on task management software to cut costs and streamline operations.

Task Management Software Deployment Insights

The Task Management Software Market segmentation, based on Deployment, includes Cloud and On-Premises. Cloud segment dominated the Task Management Software Market in 2022. This is due to the fact that it lets businesses to manage data in a consolidated, effective, secure, and remote-accessible way. On-demand network access to reconfigurable computing resources including networks, servers, storage, applications, and services is another benefit of cloud deployment.

Figure 1: Task Management Software Market, by Deployment, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Task Management Software End User Insights

The Task Management Software Market segmentation, based on End User, includes Banking, Financial Services, and Insurance (BFSI), IT and Telecommunications, Retail, Healthcare, Manufacturing, Travel and Hospitality, Media and Entertainment, and Others. Banking, Financial Services, and Insurance (BFSI) segment dominated the global market in 2022. The use of task management software in the BFSI industry has grown significantly over the past few years as a result of the digital revolution that BFSI firms have been going through. Task management software helps financial and Fintech businesses navigate constantly shifting markets by reducing the need for extensive documentation, credit disbursement, and asset quality maintenance. Task management software equips cross-functional teams with effective collaboration capabilities, allowing BFSI businesses to carry out work in a more structured and clear way.

Task Management Software Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Task Management Software Market dominated this market in 2022 (45.80%). The main drivers of this profitable expansion in the area are the growing demand for organisations to efficiently track and manage everyday activity and the continually changing IT infrastructure. As more local firms use task management software to efficiently and effectively complete jobs, the market will continue to grow. The United States has become one of the leading participants in task management software thanks to a sizable number of start-ups and the quick pace of infrastructure development. Further, the U.S. Task Management Software market held the largest market share, and the Canada Task Management Software market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Task Management Software Market SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Task Management Software market accounted for the healthy market share in 2022. The market expansion in Europe is mostly attributable to the rising use of task management software by SMEs and the evolving integration of cloud-based technologies. The growing desire for cost optimisation, effective use of IT infrastructure, and the presence of significant important players in the industry are further driving factors in the development of the task management software market in Europe. Further, the German Task Management Software market held the largest market share, and the U.K Task Management Software market was the fastest growing market in the European region

The Asia Pacific Task Management Software market is expected to register significant growth from 2023 to 2032. This is due to the fact that the IT infrastructure has been streamlined, technology has been quickly embraced, and this market has a large number of vendors. Moreover, China’s Task Management Software market held the largest market share, and the Indian Task Management Software market was the fastest growing market in the Asia-Pacific region.

Task Management Software Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Task Management Software market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Task Management Software Industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Task Management Software Industry to benefit clients and increase the market sector. In recent years, the Task Management Software Industry has offered some of the most significant advantages to medicine. Major players in the Task Management Software market, including Microsoft Corporation, Upland Software, Inc., Atlassian, RingCentral, Inc., Pivotal Software, Inc., monday.com, Asana, Inc., AZENDOO, Quick Base, REDBOOTH, todo.vu, Workfront, Inc., Zoho Corporation Pvt, Ltd., Evernote Corporation, Meister, and Workfront, Inc., are attempting to increase market demand by investing in research and development operations.

Epsilon3 is a company that creates spacecraft software with the aim of modernising space missions by setting the benchmark for operational software. Through the course of the entire project lifecycle, the company's platform, which provides interactive real-time synchronised procedures for a number of programmes and missions along with in-depth analytics, statistics, and dashboards, enables satellite operators, space makers, and integrators to save time and money. software start Epsilon3 stated in June 2022 that it has secured USD 15 million to increase the number of project management options it offers for the space industry. The Initiative A funding round for Epsilon3's web-based platform, which offers collaboration capabilities especially made for spaceship manufacturing and operations, was sponsored by Lux Capital, an existing investor.

Owner of an automated software stack for managing e-commerce is Workflow Labs. The company's technology automates routine operations management and catalogue updates by using online applications to assist with suppressed products, variation requests, adding new items, and modifying the text of product information pages. By reducing human mistake, this software aids businesses in increasing income. The first part of the HelpDesk software was released in October 2022, claims Workflow Labs, a firm dedicated to assisting eCommerce businesses in realising their full potential through automated software solutions.

Key Companies in the Task Management Software market include

• Microsoft Corporation


• Upland Software, Inc.


• Atlassian


• RingCentral, Inc.


• 
  Pivotal Software, Inc.com


• Asana, Inc.


• AZENDOO


• Quick Base


• REDBOOTH


• vu


• Workfront, Inc.


• Zoho Corporation Pvt, Ltd.


• Evernote Corporation


• Meister


• Workfront, Inc.

Task Management Software Industry Developments

June 2022: The brand and platform for creative operations, Lytho, has introduced its creative workflow application in Europe. Creative workflow helps to organise and maximise the effectiveness of the creative lifecycle, from creative briefs and project management through the approval procedure and reporting on creative operations.

Task Management Software Market Segmentation

Task Management Software Component Outlook

• Mechanical


• Solid State

Task Management Software Organization Size Outlook

• SMEs


• Large Enterprisess

Task Management Software Deployment Outlook

• Cloud


• On-Premises

Task Management Software End User Outlook

• Banking, Financial Services, and Insurance (BFSI)


• IT and Telecommunications


• Retail


• Healthcare


• Manufacturing


• Travel and Hospitality


• Media and Entertainment


• Others

Task Management Software Regional Outlook

• 
  

  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• 
  

  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• 
  

  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• 
  

  Rest of the World

  
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America