NEW CASTLE, Delaware, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Kanban Software Market by Enterprise Size (Large Enterprise and Small and Medium-sized Enterprise), by Deployment Mode (On-premise and Cloud), and Industry Vertical (IT and Telecom, BFSI, Healthcare, Manufacturing, Education, Government and others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the kanban software market was valued at $327.5 billion in 2023, and is estimated to reach $1521.8 billion by 2032, growing at a CAGR of 18.3% from 2024 to 2032.
Prime Determinants of Growth
Increasing demand for efficient and streamlined legal operations and growing adoption of cloud-based solutions for remote access and collaboration are the factors expected to propel the growth of the global kanban software market. However, High initial investment costs for implementing and integrating new software is anticipated to hamper the growth of global market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $327.5 million |
| Market Size in 2032 | $1521.8 million |
| CAGR | 18.3% |
| Segments covered | Deployment Mode, Enterprise Size, Industry Vertical and Region. |
| Drivers | Increased emphasis on productivity in operations |
| Growing demand for real-time process visibility in workflow | |
| Opportunities | Expansion into new markets and industries as more businesses. |
| Restraints | Complex integration and time-consuming |
| Resistance to change within organizations that are accustomed to traditional project management methods |
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The Cloud segment dominated the market-in 2023
By deployment mode, the cloud segment held the highest market share in 2023 and is projected to maintain its lead position during the forecast period accounting for the Kanban software market revenue and is estimated to maintain its leadership status during the forecast period, owing to offers flexibility, scalability, and cost-effectiveness for businesses of all sizes. Companies can access Kanban software from anywhere with an internet connection, making it convenient for remote teams and distributed workforces. Additionally, cloud solutions often come with automatic updates and maintenance, reducing the burden on IT departments, which is further expected to propel the overall market growth.
The IT and Telecom segment accounted for the largest share in 2023
By industry vertical, the IT and Telecom segment accounted for the largest share in 2023, contributing for more than three-fifths of the kanban software market revenue, owing to the widespread adoption of agile mythologies and project management practices in tech industry. IT and telecom companies often use kanban software to improve workflow efficiency, enhance collaboration, and manage software development projects effectively, which is further expected to propel the overall market growth.
The large enterprise platform segment accounted for the largest share in 2023
By enterprise size, the large enterprise platform segment accounted for the largest share in 2023, owing to larger companies often having more resources and budgets to invest in advanced software solutions like Kanban. They can afford to implement and scale up these systems across their organization, leading to a higher adoption rate and market share. which is further expected to propel the overall market growth.
Asia-Pacific region to maintain its dominance by 2032
By region, the North America segment held the highest market share in terms of revenue in 2023, attributed to the region's strong technological infrastructure, large number of established businesses utilizing Kanban methodologies, and a high level of awareness and adoption of agile project management practices anticipated to propel the growth of the market in this region. However, the Asia-Pacific segment is projected to attain the highest CAGR from 2024 to 2032, owing to the increasing digital transformation initiatives, rising number of start-ups and small businesses implementing agile methodologies, and the growing demand for efficient project management tools in the region. A The growing economy, rising investments in legal services, further expected to contribute to the growth of the market in this region.
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Leading Market Players: -
- LeanKit
- Kanbanize
- SwiftKanba
- One2Team
- Kanbanflow
- Targetprocess
- Kanbanchi
- Trello
- Kanban Tool
- Kanbanery
The report provides a detailed analysis of these key players in the Kanban software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- On April 2024, LexisNexis Legal & Professional, a leading global provider of information and analytics, is unveiling its second-generation legal generative AI Assistant on the industry-leading Lexis+ AI™. Utilizing continuous user feedback, the next-level AI Assistant delivers an increasingly personalized experience to support legal professionals in making informed decisions faster, generating outstanding work, and freeing up time to focus on efforts that drive economic value. All existing Lexis+ AI customers will have access to the enhanced AI Assistant.
- In November 2023, Thomson Reuters, a global content and technology company, launched a series of GenAI initiatives designed to transform the legal profession. Headlining these initiatives is the debut of GenAI within the most advanced legal research platform, AI-Assisted Research on Westlaw Precision. Are available to customers in the United States, this skill helps legal professionals quickly get to answers for complex research questions. This generative AI skill leverages innovation in Casetext and taking a “best of” approach was created using the Thomson Reuters Generative AI Platform.
- In August 2023, Legal Soft, a trailblazing virtual legal staffing company renowned for its expertise in legal staffing and growth consulting, partnered with Assembly Software's cutting-edge case management platform, Neos. This strategic alliance aims to redefine the landscape of legal practice management, offering law firms unparalleled productivity, efficiency, and growth potential.
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