Creative Productivity Tool Market is Projected to Reach USD 15.0 Billion by 2026, Growing at a CAGR of 11.8% During 2020-2026
Published | 05 October 2020
According to BlueWeave Consulting, the global creative productivity tool market worth USD 7.3 billion in 2019, and is further projected to reach USD 15.0 billion by 2026, growing at a CAGR of 11.8% during 2020-2026 (forecast period). A productivity tool is any aid to make workers more productive. There have been many productive enhancements over time: engines, electricity, steam, roads, computers, and many, many more. The growing demand for workforce management among several businesses, coupled with the need for communication and collaboration between the remote workers, is expected to drive market growth for the production management software market.
Increasing penetration of smart devices and internet applications to drive the growth of creative productivity tool market
In today's workplace, meeting scheduling is a routine activity, and the introduction of mobile technology has minimized complications and time for meetings. Advances in mobile technology have contributed to an increase in the use of apps for business efficiency. Therefore, numerous business productivity software vendors have built apps that allow users to organize, and schedule meetings on mobile devices such as smartphones and tablets. As such, the growth of the business productivity software market has indirectly helped the rising number of smartphone users. Thus, the high demand for smart devices and internet applications would be augmented the growth of the creative productivity tool market.
Adoption of Smart Virtual Personal Assistants and Chatbots in Enterprises
For communication purposes such as note-taking, task reminders, and meeting scheduling, companies have been using smart virtual assistants. Digital assistants find information and content, answer questions about natural languages, provide fast status updates on projects and activities, and run surveys automatically. Chatbots help automates different dynamic tasks and ensures the smooth operation of communication and collaboration services. Chatbots are designed to fix the overloading of information and simplify service provisions. They can be enabled across multiple channels and can manage diverse use cases across all feature forms. This allows for more normal, frictionless interactions through conversations with a human handover choice when required.
Challenge of Getting Skilled Personal
It is pointless to have an instrument without the experience or skills to use it. That's not going to make it more efficient. Being effective requires a variety of tools and abilities. Individuals need the competence to know how to use them, in addition to quality tools. Each team has numerous objectives, goals, and ways of measuring productivity. Where one instrument performs extremely well for one team, it doesn't inherently mean that another team can do the same. One needs something that will suit their habits and goals.
Medium & Large Enterprise Size occupy the largest share of the creative productivity tool market
The popularity of the creative productivity tool is growing significantly due to the benefits associated with it. These benefits include the easy operation of any task with the help of the internet, portability, and user-friendly systems. These services have become an essential part of their business processes in the market. Thus, the market is likely to witness an increase in demand for creative productivity tools during the forecast period in medium and large enterprises. Additionally, medium, and large enterprises are putting more effort into developing creative productivity tool solutions to stay competitive in the creative productivity tool market.
Global Creative Productivity Tool Market: Regional insights
North America catering to the largest share and expected to witness significant growth in the creative productivity tool market during the forecast period. High industry growth rate, with the emergence of new technology the creative. Software or tool providers are continuously upgrading their offerings to differentiate them from other competitors. This is achieved by various organic and inorganic strategies. Suppliers operating in the industry are continuously working on new development, technical expertise, and in-house capabilities. High opportunity makes the creative productivity tool market more competitive and suppliers are trying hard to capture the clients. The market is highly acceptable to innovative products, however, considering the risks involved in business continuity implementers are still considering brand over new offerings in the market.
Global Creative Productivity Tool Product Market: Competitive Landscape
The leading players in the global creative productivity tool product market include, Adobe Inc., Apple Inc., Microsoft Corporation, Google LLC, Smartsheet Inc., Tableau, Box Inc., Dropbox Inc., Pinterest Inc., Teamwork.com Ltd., Canva, MindMeister, CyberLink Corp., Lucid Software Inc, OpenGenius Ltd., GoAnimate Inc., Audacity, Zoho Corporation Pvt Ltd, Image-Line Software, Ableton, MindGenius, Prezi Inc., and others, are expanding their presence in the market by implementing various business strategies. Major players are engaged in mergers and acquisitions, expansion of their manufacturing facilities, infrastructural growth, investment in R&D facilities, and the quest for opportunities to expand vertically through the value chain.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global creative productivity tool market size & forecast. The report promises to provide recent technology trends of the creative productivity tool market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides all kinds of Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer comprehensive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solution. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions company providing agile assistance to make your business endeavors successful.
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