Acumen Research and Consulting recently published report titled “Productivity Management Software Market Report and Region Forecast, 2022 - 2030”
TOKYO, Jan. 02, 2023 (GLOBE NEWSWIRE) -- The Global Productivity Management Software Market Size valued for USD 47.4 Billion in 2021 and is projected to occupy a market size of USD 157.7 Billion by 2030 growing at a CAGR of 14.4% from 2022 to 2030.
Productivity management software (PMS) is a set of applications that monitors employee behavior and collects data for performance improvement. According to Achievers.com statistics, only 21% of the American workforce is highly engaged in their work. These highly engaged employees are those who produce quality work at an impressive rate for their company - or are productive. As the world adjusts to new ways of living and working, increasing productivity is the most difficult challenge that organizations face worldwide. Employers are finding it more difficult to maintain employee productivity as a result of the hybrid work model and an ever-changing company tech stack. This is where productivity management software platforms enter the picture.
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Productivity Management Software Market Report Coverage:
| Market | Productivity Management Software Market | |
| Productivity Management Software Market Size 2021 | USD 47.4 Billion | |
| Productivity Management Software Market Forecast 2030 | USD 157.7 Billion | |
| Productivity Management Software Market CAGR During 2022 - 2030 | 14.4% | |
| Productivity Management Software Market Analysis Period | 2018 - 2030 | |
| Productivity Management Software Market Base Year | 2021 | |
| Productivity Management Software Market Forecast Data | 2022 - 2030 | |
| Segments Covered | By Solution, By Deployment, By Enterprise Size, And By Geography | |
| Productivity Management Software Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | Adobe, Google LLC, HyperOffice, IBM Corporation, Microsoft, Monday.com, Oracle, Salesforce.com, Inc., Slack Technologies, Inc., and Zoho Corporation Pvt. Ltd. | |
| Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
Productivity Management Software (PMS) Market Statistics
- Global productivity management software market revenue valued at USD 47.4 Billion in 2021, with a 14.4% CAGR from 2022 to 2030
- North American employee recognition software market share gathered 36% in 2021
- Asia-Pacific social productivity management software market growth is projected to attain around 16% CAGR from 2022 to 2030
- By solution, the content management and collaboration sub-segment seized USD 16.6 billion in market revenue in 2021
- Based on deployment, the cloud-based sub-segment collected US$ 25.6 billion in income in 2021
- The growing adoption of BYOD is a key trend in the productivity management software industry
Productivity Management Software PMS Market Dynamics
A key concern driving the productivity management software market value is the growing number of unproductive or disengaged employees. According to a Gallup study, disengaged employees cost their company more than 34% of their salary. According to Gallup's State of the Global Workplace report, only 21% of employees are engaged at work, while 33% are thriving in their overall well-being. The global COVID-19 pandemic had an impact on this as well. For example, both Europe and South Asia (which includes India) lost 5 percentage points of happiness in 2021, with South Asia having the lowest happiness rate in the world at 11%. As a result, businesses all over the world are implementing productivity management solutions to quickly assess the performance of disengaged employees and devise strategies to improve their engagement in the organization.
Factors such as increased technological advancements are also driving the market. For example, rising mobile technology use and rapid adoption of bringing your own device (BYOD) are supplementing market growth and will continue to do so in the coming years. For instance, as IT becomes more consumer-oriented, the use of mobile devices such as smartphones, laptops, tablets, and computing devices for communication has become commonplace in enterprises. There has also been a significant demand for productivity solutions on account of the increasing employee data. However, the high cost of these platforms, as well as a lack of awareness of these solutions in emerging markets, has stifled market growth. Furthermore, the increasing penetration of advanced technologies such as artificial intelligence and machine learning is expected to support market growth in the coming years, presenting the industry with numerous opportunities.
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Productivity Management Software PMS Market Segmentation
The global market has been split into solution, deployment, enterprise size, and by region.
The solution segment is further categorized into content management & collaboration, AI & predictive analytics, structured work management, and other solutions. Based on deployment, the industry is bifurcated into cloud-based and on-premises. By enterprise size, the segmentation includes large enterprises and SMEs. Furthermore, the regional segmentation is comprised of Europe, North America, Latin America, Asia-Pacific, and the Middle East & Africa.
Productivity Management Software Market Share
According to our productivity management software industry analysis, the content management and collaboration solution achieved most of the industry share in 2021. This segment is also expected to continue its leading trend in the coming years as well. However, artificial intelligence and predictive analysis are one segment that is likely to lead the market with an impressive growth rate during the forecasted years from 2022 to 2030.
As per our PMS market forecast, the cloud-based sub-segment gathered maximum revenue in the entire deployment model segment, whereas the on-premises gathered a substantial growth rate (CAGR) from 2022 to 2030. Based on the enterprise size segment, large enterprises acquired slightly more market share than SMEs. The increasing adoption of these solutions in large enterprises owing to the presence of a large number of employees will support this enterprise-size segment. However, the market scenario is projected to change in the coming few years because of the increasing base of SMEs in the world.
Productivity Management Software Market Regional Outlook
According to our regional analysis, the North America region earned the most money in 2021 and is expected to maintain its lead throughout the forecast period. North America dominated the PMS market for obvious reasons such as increased penetration of advanced technologies, increased productivity awareness, and the presence of key players as well as numerous tech, healthcare, and banking sectors in the region.
In terms of growth, the Asia-Pacific region gained a better hold because of the rising workforce population in the region. In addition to that, the presence of major manufacturing units in economies such as China, India, Japan, and others is encouraging greater adoption of productivity management software in the APAC region.
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Productivity Management Software Market Players
Some prominent productivity management software companies covered in the industry are Adobe, Google LLC, HyperOffice, IBM Corporation, Microsoft, Monday.com, Oracle, Salesforce.com, Inc., Slack Technologies, Inc., and Zoho Corporation Pvt. Ltd.
Questions Answered By This Report
- What was the market size of Productivity Management Software Market in 2021?
- What will be the CAGR of Productivity Management Software Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Productivity Management Software Market?
- Which region held the largest share in Productivity Management Software Market in 2021?
- What are the key market drivers of Productivity Management Software Market?
- Who is the largest end user Productivity Management Software Market?
- What will be the Productivity Management Software Market value in 2030?
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