The business development software market is expected to register a CAGR of 12.6% during the forecast period (2020 - 2025). While the wave of incoming technology advances is propagated by AI and IoT, business productivity is one area of a business that is in emerging trends. Business productivity can be traced to an organization's ability to successfully execute an overall strategy. Moreover, business productivity is directly proportional to employee productivity. Businesses are widely adopting various tools to aid employees to enhance their productivity.
- The increased adoption of smartphones and bring your own device (BYOD) to expand the mobile workforce is strongly driving the market.
- Further, the implementation of cloud computing or AI in the business processes is stimulating the market. Moreover, huge data generation across businesses is propelling the need for adoption of better data management techniques and driving the growth of the market.
- Business Productivity Software supports and integrates both data and processes for every aspect of business and also aids in optimizing cloud computing. It also helps in better collaboration with clients, vendors, suppliers, employees, and customers.
- Business Productivity Software promotes connectivity and helps teams coordinate work because data can be accessed anywhere at any point of time and business can be conducted from any location across the globe in real time.
Scope of the Report
Business productivity software help to maximize the business productivity by optimizing time and cost spent on the task or business process. This can be achieved by enhancing employee productivity. Business productivity software helps the employees to optimize their workflow through the use of various employee-friendly, reliable, compatible tools for analysis and generating reports with advanced management features,
Key Market Trends
Cloud-Based Business Productivity Software to have the Highest Adoption Rate
- Across all industries, business leaders are seeking out every opportunity to enhance productivity and coordinate teams to maintain a strong competitive position and continue to expand. Making strategic use of a cloud-based productivity suite may be one way to gain an edge.
- The software aid to improve connectivity and integration, by making files, documents and excels sheets online with a greater ability to share data online and real-time. These files can be downloaded and used from anywhere around the world for offline access.
- Cloud-Based Productivity Software helps the organizations to boost productivity, connectivity, mobility, secure and reliable storage of data and files, and easy and immediate access. These are some of the major factors stimulating increased adoption. Also, in this data-driven business world, organizations have plenty of information at its disposal. Cloud-based software aids organizations to systematically maintain these data so that they are easily accessible for use.
- For instance, some of the most popular software amongst the organizations are Microsoft Office 365, Google apps for business, Zoho, Adobe online services, Calendar, HyperOffice, etc.
North America is Expected to Hold a Majority Share
- North America is estimated to dominate the business productivity software market. The growth in this market is majorly driven by the early adoption of the technological advancements in the region. North America is the most mature market in terms of cloud computing services adoption, or AI and IoT adoption due to several factors, such as the presence of many enterprises with advanced IT infrastructure, and availability of technical expertise.
- For instance, According to a 2018 survey by Right Scale, 80% of enterprises are both running apps on or experimenting with Amazon Web Services (AWS) as their preferred cloud platform. 67% of enterprises are running apps on (45%) and experimenting on (22%) the Microsoft Azure platform. 18% of enterprises are using Google’s Cloud Platform for applications today, with 23% evaluating the platform for future use.
- Moreover, the major productivity software vendors like Amazon Web Services Inc. (US), Microsoft (Office 365), Google, etc. are based in this region and hence there is strong competition in this region. Also, North America’s strong financial position enables it to invest heavily in advanced solutions and technologies. These advantages have provided organizations in the region a competitive edge in the market.
The business productivity software market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. These major players with prominent share in the market are focusing on expanding their customer base across foreign countries. These companies are leveraging on strategic collaborative initiatives to increase their market share and increase their profitability.
- April 2019: Microsoft acquires Express Logic, a leader in real time operating systems (RTOS) for IoT and edge devices powered by microcontroller units (MCUs), accelerating IoT development for billions of devices at scale.
- September 2018: Symantec Corp., the world’s leading cyber security company, recently announced new enhancements to its Data Loss Prevention (DLP) technology to protect information in Office 365. With Symantec DLP, data is protected whether at rest or in transit, on-premises or in the cloud, and everywhere it flows through a single management console.
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