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Productivity Software Market size was valued at USD 47.33 billion in 2019 and is poised to grow from USD 53.88 billion in 2023 to USD 146.62 billion by 2031, growing at a CAGR of 13.8% in the forecast period (2024-2031).

The Productivity Software Market for productivity software is highly fragmented. The players' primary tactics have continued to be the introduction of new products and improvements to current software solutions. Along with that, to deliver high productivity and a better customer experience, the businesses are concentrating on providing software solutions for workflow management, task management, content management and collaborations, AI, and predictive analytics. 'Microsoft Corporation', 'Google LLC', 'Apple Inc.', 'Oracle Corporation', ', Inc.', 'Adobe Inc.', 'Dropbox, Inc.', 'Atlassian Corporation Plc', 'Slack Technologies, Inc.', 'Asana, Inc.', 'Smartsheet Inc.', ' Ltd.', 'Trello, Inc.', 'Evernote Corporation', 'Wrike, Inc.', 'Zoom Video Communications, Inc.', 'Zoho Corporation Pvt. Ltd.', 'Airtable, Inc.', 'Notion Labs, Inc.', 'Todoist GmbH'

Increasing adoption of internet and smart devices: Today's workplace routinely involves scheduling meetings, and the development of mobile technology has decreased the complexity and length of meetings. Mobile technological advancements have increased the use of business productivity tools. As a result, a number of suppliers of corporate productivity software have created programmes that enable users to organize and plan meetings on mobile devices like smartphones and tablets. As a result, the market for business productivity software has indirectly benefited from the rise in smartphone usage. Additionally, as IT becomes more consumer-oriented, mobile devices including smartphones, tablets, computers, and laptops are now frequently used in businesses for communication. In order to enhance user experience, productivity, and security, corporate productivity software suppliers have been compelled by the BYOD (Bring Your Own Device) concept to create cutting-edge company productivity solutions.

Smart virtual personal assistance and chatbot adoption in businesses: Smart virtual assistants are now being used in businesses for tasks including organizing meetings, taking notes, and task reminders. Virtual assistants look up information and material, respond to questions in natural language, give brief progress updates on tasks and projects and carry out surveys automatically. Chatbots aid in the automation of many complicated processes and guarantee the seamless operation of communication and collaboration services. Chatbots are made to reduce service supply complexity and deal with information overload. They can handle various scenarios across all kinds of tasks and can be engaged over a variety of channels. This allows for more effortless, natural conversational engagements with the option of human handover as necessary.

Based on the region, the North American region currently dominates the productivity software market. In terms of value, North America dominated the productivity software market in 2021. In the United States, the market for business productivity software is projected to present the most lucrative growth opportunities for revenue generation during the forecast period due to the high adoption of cutting-edge technology by local businesses, including cloud computing services, the Internet of Things, and artificial intelligence. Additionally, the availability of technical talent and the presence of top-notch IT infrastructure are the primary drivers of industry expansion in the area. Due to the growing usage of BYOD in businesses for collaboration reasons, South Asia & Pacific is anticipated to have the highest growth rate for the productivity software market over the forecast period. The region's market is expanding as a result of rising demand for bettering corporate communications networks and government measures to change ICT infrastructure.

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Global Productivity Software Market

Product ID: SQSG45E2036