Business productivity software refers to a suite of applications designed to help organizations and individuals optimize their work processes, improve efficiency, and enhance overall productivity. These tools support various business functions, streamline workflows, and often include collaboration, communication, and data analysis features.
Sizing and Forecast
The business productivity software market size has grown rapidly in recent years. It will grow from $40.98 billion in 2023 to $46.62 billion in 2024 at a compound annual growth rate (CAGR) of 13.8%. The growth in the historic period can be attributed to the automation of routine tasks, the personal computing revolution, internet proliferation, integration capabilities, and mobile computing.
The business productivity software market size is expected to see rapid growth in the next few years. It will grow to $78.57 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to implementing cloud computing or AI in business processes, globalization, user-friendly interfaces, artificial intelligence (AI) integration, remote and hybrid work models, and cybersecurity concerns. Major trends in the forecast period include cost reduction technologies, 5G and network advancements, sustainability initiatives, unified communication and collaboration platforms, virtual and augmented reality, and blockchain for secure transactions.
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Segmentation & Regional Insights
The business productivity software market covered in this report is segmented –
1) By Solutions: Content Management And Collaboration, Asset Creation, Artificial Intelligence (AI) And Predictive Analytics, Structured Work Management
2) By Deployment: On-Premise, Cloud
3) By Organization Size: Small And Medium Enterprises, Large Enterprises
4) By Industry: Banking, Financial Services And Insurance, Information Technology And Telecom, Healthcare, Travel And Hospitality, Retail And E-Commerce, Manufacturing, Other Industries
North America was the largest region in the business productivity software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the business productivity software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise of remote and distributed workforces globally is expected to propel the growth of the business productivity software market going forward. Remote and distributed workforces refer to employment structures where employees work outside of a traditional office setting, often from their homes or other remote locations. Remote and distributed workforces are increasing due to advancements in technology, changing attitudes towards work-life balance, and the global pandemic accelerating the adoption of flexible work arrangements. Business productivity software supports remote and distributed workforces by providing the necessary tools and platforms for efficient communication, collaboration, project management, and task organization. For instance, in April 2023, according to the US Bureau of Labor Statistics, the percentage of establishments with employees who teleworked grew from 37.4% in 2021 to 42.2% in 2022. Therefore, the rise of remote and distributed workforces globally is driving the growth of the business productivity software market.
Key Industry Players
Major companies operating in the business productivity software market are Google LLC, Microsoft Corporation, Salesforce.com Inc., Adobe Inc., Zoom Video Communications Inc., Atlassian Corporation plc, Dropbox Inc., HubSpot Inc., Zendesk Inc., Slack Technologies Inc., Zoho Corporation Pvt. Ltd., Smartsheet Inc., TeamViewer GmbH, Miro, Monday.com Ltd., Freshworks Inc., Asana Inc., Basecamp LLC, Intercom Inc., Box Inc., Wrike Inc., ClickUp Inc., Airtable Inc., Notion Labs Inc., Evernote Corporation, Trello Inc.
The business productivity software market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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