Project management company Asana went public in September 2020, and despite some volatility, its value has risen significantly since then. This San Francisco-based tech newcomer’s market arrival was highly anticipated in the industry, and as it continues to grow, it has the potential to revolutionize the project management software niche. They raised over $450 million in funding from some great friends and allies like Founders Fund, 8vc, A16z, Ron Conway, and Y combinator. At the time of this article their market capitalization was just over $8 billion. Let’s take a closer look at Asana’s journey thus far and what the future might hold for this exciting company.
About Asana: Formation and Growth of the Company
Asana is a software-as-a-service (SaaS) that is one of the most intriguing players in the growing niche of project management software. Long before the pandemic made remote work a necessity, project management software had been helping businesses in a wide variety of industries manage all of their projects and tasks efficiently through the same platform.
Facebook co-founder Dustin Moskovitz and former Facebook engineering lead Justin Rosenstein left their positions at Facebook to form Asana in 2008. The first version of the platform launched free in beta in November 2011, with the official commercial launch coming a few months later in April 2012.
The company has grown steadily since then. By January 2018, Asana had over 35,000 customers, including major companies like Uber, Overstock, and IBM. By September of the same year, the company announced reaching their 50,000th paying customer, with a 90 percent year-over-year revenue growth rate. As of December 2021, Asana boasted over 114,000 paying customers, along with millions of free organizations spread throughout 190 different countries.
How Does the Asana Platform Work?
Asana is a work management software platform that allows teams to manage different tasks and projects, coordinate together, and track their progress. Their unique Work Graph data model system allows teams to collaborate, meet deadlines, and check off their goals.
Some noteworthy features of Asana’s software include:
- App Integrations – Several useful apps can be used with Asana, including both off-the-shelf and custom options. Popular integrations include Slack and the Google Office Suite.
- Automation – Many tedious manual tasks can be streamlined through the automation feature, freeing up time for more productive matters and allowing the business to function more efficiently.
- Boards – Teams can watch their progress unfold through the use of digital Kanban boards, which notify team members when a task moves from the “to-do” list to the “done” list.
- Calendar – The calendar feature can be used to create both team and project calendars, which can help teams visualize their work and progress and stay productive.
- Forms – Asana Forms consolidates forms and streamlines the process, keeping everything organized through an intuitive management process.
- Goals – Teams can set useful goals and track their progress through the same platform.
- Timeline – The Timeline feature allows teams to build out comprehensive plans for their projects, set schedules, and make their deadlines.
Asana stands out for its Work Graph security and data governance features, as the company has formed more than 20 partnerships for enterprise security features, including companies like Okta and Netskope, which provide identity management and cybersecurity.
The Asana Partner Network
The Asana Partner Network is an extensive directory of partner companies and services. Asana users have the option to seamlessly integrate other useful enterprise products into their workflow through the Asana platform, including consulting firms, system integrators, and resellers.
What’s Behind the Rapid Growth of the Project Management Software Market?
Asana’s rapid growth can be partially attributed to the upward trajectory of the project management software market as a whole. This market had an estimated value of $5.37 billion in 2020, and experts expect the value to balloon over $9.81 billion by 2026, with a projected compound annual growth rate of 10.67 percent between 2021 and 2026.
Of course, the pandemic’s effect on remote work has played a role in the recent rapid growth of this industry. However, remote work was growing drastically even before COVID-19, and project management software will only become more important in the future. Corporations have become larger and more complex, and efficient SaaS project management solutions like Asana have helped businesses adapt to the changing times.
Project management software allows businesses to handle the bulk of their daily operations through the same platform. As more industries become more digitized, these types of platforms can help them better manage projects and resources and reduce the risk associated with conducting certain tasks manually.
Much of the projected growth of the project management software industry is expected to occur within North America. More and more enterprises in this region have begun to integrate project management software platforms into their operations. Along with the ease and convenience offered by these technological management solutions, the possibility that remote work is here to stay even after the pandemic provides further reason for optimism concerning the future growth of this software niche.