Advancements in collaborative and interactive technologies have made communication solutions more dynamic, which enables individuals to share information via multimedia technology. Also, content sharing, digital data streaming, and mobile connectivity solutions are turning meeting rooms into dynamic locations, where people from different states, countries, and continents can be involved in one place for decision-making, problem-solving, and risk control processes. Due to this digitizing at the workspace, many vendors in the business productivity software market are focusing on developing more dynamic solutions to meet the rising demands of customers, which, in turn, is driving the growth of global business productivity software market.
As per findings of a new market research report by Persistence Market Research, the business productivity software market is projected to exhibit an impressive CAGR of more than 12% during the forecast period (2020 to 2030).
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Key Takeaways from Business Productivity Software Market Study
- The business productivity software market is estimated to witness high growth, as these software integrate and support data and processes for each aspect of a business, and also help in better collaboration.
- PMR reports that, the demand for business productivity software from the IT & Telecom industry is expected to exhibit at a CAGR of close to 16% during the forecast period.
- Cloud-based business productivity software will gain traction during the forecast period, as these software help organizations enhance connectivity, mobility, and productivity.
- Among the regions, the market in South Asia & Pacific is expected to witness a high CAGR, owing to the high adoption of business productivity software by organizations in the region to systematically maintain data for easy accessibility.
- With movement restrictions in place all over the world due to the COVID-19 pandemic, organizations are increasingly using business productivity software for collaborative purposes.
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“Key players in the market can gain significant profits by providing business productivity software integrated with blockchain technology, as blockchain ledger helps pre-authorize the sharing of confidential information, and wraps the information in blocks to create immutable records,” says analyst.
Increasing Demand for Cloud Communication Solutions and Growing Mobile Workers
Enterprises are adopting cloud communication due to continuous innovation in solutions, flexibility, and low-cost solutions for communicating in enterprises. Due to the adoption of cloud communication solutions, enterprises are benefiting from total interoperability and capabilities across multiple locations. Nowadays, many enterprises are adopting cloud communication solutions for collaborating and scheduling processes, to reduce the complexity of implementation and maintenance processes. Thus, rise in the demand for cloud communication solutions is driving the growth of the business productivity software market.
Moreover, today’s enterprises have a presence all around the world, and are functioning at multiple locations, which increases the number of mobile workers. Due to this factor, organizations are adopting advanced connectivity solutions that can help their employees maintain communication in an efficient manner. Apart from this, increasing usage of collaboration tools such as Skype and Zoom to conduct internal meetings and trainings in order to reduce travel cost is also creating potential growth opportunities for the business productivity software market. Enterprises are adopting cloud communication solutions to reduce errors, misunderstandings, and communication barriers, and to enhance cross-functional communication, which is fueling the growth of the business productivity software market.
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