While the wave of incoming technology advances is propagated by AI and IoT, business productivity is one area of business that is currently emerging. 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 in enhancing their productivity.

- The increased adoption of smartphones and bring your own device (BYOD), which have expanded the mobile workforce, are strong drivers in the market.

- The implementation of cloud computing or AI in business processes is stimulating the market. Moreover, vast data being generated across businesses is propelling the need for adoption of better data management techniques and it is driving the growth of the market.

- Business Productivity Software supports and integrates both data and processes in every aspect of the business. It also aids in optimizing cloud computing and helps in better collaboration with clients, vendors, suppliers, employees, and customers.

- Business Productivity Software promotes connectivity and helps teams coordinate work, as the data can be accessed anywhere and at any point in time and business can be conducted from any location, across the world, in real time.

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Key Market Trends

Cloud-based Business Productivity Software to have the Highest Adoption Rate

- Across all industries, business leaders are seeking every opportunity to enhance productivity and coordinate their teams to maintain a strong competitive position and continue expansion. Making strategic use of a cloud-based productivity suite may be one way to gain an edge.

- The software aids to improve connectivity and integration, by making files, documents, and excels sheets available online, with a greater ability to share data online and in real-time. These files can be downloaded and used from anywhere around the world for offline access.

- Cloud-based Productivity Software helps organizations boost productivity, connectivity, mobility. It also helps in secure and reliable storage of data and files and grants easy and immediate access. These are some of the major factors stimulating increased adoption. Also, in the data-driven business world, organizations have plenty of information at their disposal. Cloud-based software aids organizations to systematically maintain the data for easy accessibility.

- For instance, some of the most popular software programs among 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 expected to dominate the business productivity software market. The growth in this market has been majorly driven by the early adoption of technological advancements. 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 both run apps on or experiment with Amazon Web Services (AWS) as their preferred cloud platform. 67% of enterprises run apps on (45%) and experiment on (22%) the Microsoft Azure platform. 18% of enterprises use 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.

Competitive Landscape

The business productivity software market is highly competitive and consists of several major players. Few of the major players currently dominate the market share. These major players with a 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 profitability.

- April 2019: Microsoft acquired 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 cybersecurity company, recently announced new enhancements to its Data Loss Prevention (DLP) technology to protect the 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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