An increasing need among enterprises to adopt the task management software to manage and track tasks from a centralized platform is expected to drive the market growth.
The growing technology landscape and expansion of businesses across industry verticals, such as Banking, Financial Services, and Insurance (BFSI), telecom and Information Technology (IT), retail and consumer goods, healthcare, government, real estate and construction, travel and hospitality, and media and entertainment, are expected to be the major contributors to the growth of the task management software market. The task management software monitors and keeps track of ongoing projects, and enterprises are using the software to access a centralized platform for managing tasks, assigning tasks and resources, and reporting, which help in the timely completion of projects. A robust task management software helps enterprises save time as well as cost. In this report, MarketsandMarkets forecasts the global task management software market size to grow from USD 2.27 billion in 2018 to USD 4.33 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 13.7% during the forecast period.
The major vendors offering task management software across the globe include Microsoft (US), Upland Software (US), Atlassian (Australia), Pivotal Software (US), RingCentral (US), Azendoo (France), Asana (US), Bitrix (US), Doist (Spain), monday.com (Israel), Quick Base (US), Redbooth (US), todo.vu (Australia), Teamwork.com (Ireland), Workfront (US), Wrike (US), Zoho (US), Airtable (US), Basecamp (US), Clarizen (US), Evernote Corporation (US), Inflectra (US), MeisterLabs (Austria), Smartsheet (US), and TimeCamp (US). These vendors have adopted different types of organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their offerings and mark their presence in the task management software market.
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Microsoft has constantly been focusing on enhancing its task management portfolio. Microsoft offers task management under its Office 365 product line. As part of its strategy to enhance its task management portfolio, Microsoft acquired Wunderlist, a cloud-based task management application provider. Similarly, as part of its ongoing growth strategy, Microsoft launched Microsoft To-Do, a task management app. Microsoft is constantly updating its task management products to maintain a competitive advantage in the market. In June 2017, Microsoft launched updates for Microsoft Planner.
Atlassian is another leading player in the task management software market. The company uses both organic and inorganic growth strategies. Atlassian has acquired many companies in the past few years, and this has led to a strong product portfolio. The company is also expanding rapidly across major geographic regions. In April 2018, Atlassian opened a new office in Bengaluru, India. The company plans to transform the office into a world-class Research and Development (R&D) and customer support center in the coming years. In November 2017, Atlassian launched Trello in Japan as part of its global growth strategy.
Task Management Software Market by Business Function (Marketing, Human Resource, Finance), Component (Software and Services), Deployment Type (Cloud and On-Premises), Organization Size, Industry Vertical, and Region - Global Forecast to 2023
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