Business Productivity Software Market
Global Market Study on Business Productivity Software: Integration of Software with Machine Learning & Artificial Intelligence Aiding Market Growth
Cognitive collaboration is a collection of machine learning and artificial intelligence technologies that work together to ensure that nothing stands between people and productivity.
It involves capabilities such as natural processing languages, facial recognition, noise detection and suppression, conversational bots, dynamic document sharing, and analytics-based routing.
Cognitive collaboration ensures that every act of communicating, collaborating, and meeting at the workplace is seamless and effortless. It helps businesses ensure that activities between people and technology is frictionless and insightful, and customer experiences are proactive and responsive.
Cognitive collaboration integrates artificial intelligence, data insights, and enterprise content with analytics to provide contextual relevance to calling, meeting, team collaboration, and contact center communication.
It uses the power of deep analytics and cloud to enable new levels of intelligence and insights to enhance human engagement and teamwork.
It delivers insights about people on teams and within meetings - proximate awareness capabilities help every participant in a meeting with faces, names, and facts, while excluding the noise and distractions, besides also ensuring that there is no gap between the communication and collaboration process.
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- Slack Technologies
Business Productivity Software Market Trends
Adoption of Smart Virtual Personal Assistants and Chatbots in Enterprises: Businesses have started to use smart virtual assistants for collaboration purposes such as note taking, task reminders, and meeting scheduling. Virtual assistants find information and content, answers natural language questions, provides quick status updates on projects and tasks, and automatically run surveys.
Chatbots help automate various complex tasks, and ensure that communication and collaboration services run smoothly. Chatbots are designed to tackle information overload and simplify service provisions.
They can be engaged across multiple channels, and can handle different use cases across all types of functions. This enables more natural, frictionless interactions via conversations, with an option for human handover when needed.
Increasing Penetration of Smart Devices and Internet Significantly Boosting Market Growth: Meeting scheduling is a routine activity in today's workplace, and the advent of mobile technology has reduced complications and time of meetings. Advancements in mobile technology have led to an increase in business productivity software usage.
Thus, various business productivity software vendors have developed applications that give users the ability to plan and schedule meetings on mobile devices such as smartphones and tablets. As such, increasing number of smartphone users has indirectly aided the growth of the business productivity software market.
Moreover, as IT becomes more consumer-oriented, the usage of mobile devices such as smartphones, tablets, computing devices, and laptops has become commonplace in enterprises for communicating.
The BYOD (Bring Your Own Device) concept in enterprises has forced business productivity software vendors to develop advanced business productivity solutions in order to improve user experience, productivity, and security.
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Regional Analysis of Business Productivity Software Market
North America dominated the scene in 2019, in terms of value, as far as business productivity software market share is concerned. The business productivity software market in the U.S. is projected to offer the most lucrative opportunity for revenue generation over the forecast period, as there is high adoption of advanced technology such as cloud computing services, IoT, and artificial intelligence by organizations in the country.
Moreover, the presence high-end IT infrastructure and availability of technical expertise are the main reasons for market growth in the region. The business productivity software market size in South Asia & Pacific is expected to record the highest growth rate over the forecast period, owing to increasing adoption of BYOD in organizations for collaboration purposes.
Growing demand for improving enterprise communication infrastructure and government initiatives for transforming ICT infrastructure are surging the growth of the market in the region.
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COVID-19 Impact on Business Productivity Software Market
Organizations are adopting the work from home policy to ensure the safety of their employees. As such, the usage of business productivity software applications such as collaboration tools, scheduling software, and others has increased from Q1 2020. Collaboration tools are helpful in both ways - economically and environmentally - as their benefits include reduced travel cost and increase in productivity.
Current surge in the use of these tools is providing flexibility to individuals in this crisis situation, by switching to alternate solutions. According to statistics of Q1 2020, the use of collaboration tools surged by 70%. Due to this pandemic, there has been a surge in the use of business productivity software, as this is becoming an integral part of organizations for functioning and collaborative working.
The business productivity software market is estimated to grow by approximately 15% Y-o-Y from 2019-2020, and would be in demand in Q3-Q4 2020 as well as in 2021.
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A comprehensive view of the business productivity software market has led our analysts to conclude that, the market is growing at a compelling rate. Due to the COVID-19 pandemic, the business productivity software market is estimated to grow 1.4X from 2019 to 2020, due to increasing adoption of productivity software for collaboration purposes. North America and Europe hold a significant share in the global business productivity software market. Furthermore, the market in South Asia & Pacific is anticipated to grow at a significant rate during the forecast period. Mergers and acquisitions with other business productivity software providers is a strategy being opted for by leading vendors to fuel their sales growth.
Business Productivity Software Market: Segmentation
PMR’s research study on the global business productivity software market offers a detailed market taxonomy, wherein, key segments have been discussed in detail. The segmentation of the business productivity software market has been offered on the basis of solution, deployment, enterprise size, industry, and region. Every segment has been analyzed in detail, and data pertaining to the growth of each segment has been included in the study.
Business Productivity Software Market: Key Questions Answered in Report
The research study on the business productivity software market offers inclusive insights about the growth of the market in the most comprehensible manner for the better understanding of users. Insights offered in the business productivity software market report answer some of the most salient questions that assist the stakeholders in gauging all the emerging possibilities.
- How has the rapidly changing business environment turned into a major growth engine for the business productivity software market?
- What are the underlying macroeconomic factors impacting the growth of the business productivity software market?
- What are the key trends that are constantly shaping the growth of the business productivity software market?
- Which are the prominent regions offering plentiful opportunities for the business productivity software market?
- What are the key differential strategies adopted by key players to command a significant chunk of the global market share?
- How is the COVID-19 pandemic impacting the global business productivity software market?