Business Productivity Software Market to Grow with a High CAGR and Forecast to 2033
Business Productivity Software Market
According to the results of a recent market research report by Persistence Market Research, the market for on-premise corporate productivity software is anticipated to grow at an astounding CAGR of more than 12% over the course of the anticipated period through 2030.
Multimedia technology is now possible because to advancements in collaborative and interactive technologies that have offered communication solutions more flexibility. Additionally, meeting spaces are becoming dynamic environments where people from various states, nations, and continents can collaborate in one location for decision-making, problem-solving, and risk control processes thanks to content sharing, digital data streaming, and mobile connectivity solutions.
Many vendors are concentrating on developing cutting-edge products to fulfil growing consumer needs as a result of the digitization of the workplace and the rise of the business productivity software industry that has followed.
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Company Profiles:
- Slack Technologies
- Microsoft
- Cisco
- Asana
- Freshworks
- Slab
- Atlassian
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Key Takeaways from Business Productivity Software Market Study
- The business productivity software market is estimated to witness high growth, as these software integrate and support data and processes for each aspect of a business, and also help in better collaboration.
- PMR reports that, the demand for business productivity software from the IT & Telecom industry is expected to exhibit at a CAGR of close to 16% during the forecast period.
- Cloud-based business productivity software will gain traction during the forecast period, as these software help organizations enhance connectivity, mobility, and productivity.
- Among the regions, the market in South Asia & Pacific is expected to witness a high CAGR, owing to the high adoption of business productivity software by organizations in the region to systematically maintain data for easy accessibility.
- With movement restrictions in place all over the world due to the COVID-19 pandemic, organizations are increasingly using business productivity software for collaborative purposes.
“Key players in the market can gain significant profits by providing business productivity software integrated with blockchain technology, as blockchain ledger helps pre-authorize the sharing of confidential information, and wraps the information in blocks to create immutable records,” says a PMR analyst.
Increasing Demand for Cloud Communication Solutions and Growing Mobile Workers
Enterprises are adopting cloud communication due to continuous innovation in solutions, flexibility, and low-cost solutions for communicating in enterprises. Due to the adoption of cloud communication solutions, enterprises are benefiting from total interoperability and capabilities across multiple locations.
Nowadays, many enterprises are adopting cloud communication solutions for collaborating and scheduling processes, to reduce the complexity of implementation and maintenance processes. Thus, rise in the demand for cloud communication solutions is driving the growth of the business productivity software market.
Moreover, today’s enterprises have a presence all around the world, and are functioning at multiple locations, which increases the number of mobile workers. Due to this factor, organizations are adopting advanced connectivity solutions that can help their employees maintain communication in an efficient manner.
Apart from this, increasing usage of collaboration tools such as Skype and Zoom to conduct internal meetings and trainings in order to reduce travel cost is also creating potential growth opportunities for the business productivity software market.
Enterprises are adopting cloud communication solutions to reduce errors, misunderstandings, and communication barriers, and to enhance cross-functional communication, which is fueling the growth of the business productivity software market.
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Find More Valuable Insights on Business Productivity Software Market
Persistence Market Research puts forward an unbiased analysis of the global market for business productivity software market, providing historical demand data (2015–2019) and forecast statistics for the period of 2020–2030. To understand the opportunities in the business productivity software market, the market is segmented on the basis of solution (productivity software and services), deployment (cloud and on-premise), enterprise size (SMEs and large enterprises), industry (BFSI, IT & telecom, healthcare, travel & hospitality, retail & e-Commerce, manufacturing, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and MEA).
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