Pune, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Project Management Software Market Size & Growth:
“As per the SNS Insider Research, The Project Management Software Market size was valued at USD 7.29 billion in 2023 and is expected to reach USD 27.29 billion by 2032, growing at a CAGR of 15.8% during the forecast period of 2024 and 2032.”
Market Analysis
The demand for project management software is driven by an increasing number of organizations that are turning to advanced solutions as the complexity in project environments continues to grow. these tools are essential for resource management, risk mitigation & cost control and they include real-time dashboards that give great penetrations to the status of the project from a performance perspective hence facilitating better decisions. The ongoing digital transformation further elevates the importance of project management software. artificial intelligence (AI) and automation technologies are changing the way management of projects. Predictive analytics, intelligent automation, and cognitive decision support are only a few areas where AI-driven tools can lead to increased productivity and resource utilization. There are advancements made in technology to allow for more accurate forecasting, as well as processing of complex project requirements.
The rise of hybrid work models, combining remote and in-office work, is fueling demand for software that supports virtual collaboration and flexible work arrangements. These tools would be designed to bolster communication, task management and project tracking in different working setting so that remote teams could operate rather efficiently. The project management software also increases as it not only standardizes processes, but facilitates collaboration within the team and improves overall project efficiency. For example, up to 64% of organizations saw improvements in productivity and project efficiency by using this software unable tools according to a recent study that shows total adoptance reached 77% for the year. Further, 82% of respondents prefer cloud-based systems due to their flexibility, scalability, and remote access benefits.
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Key Players Listed in this Report are:
- Broadcom Inc.
- Oracle Corporation
- LiquidPlanner, inc.
- Atlassian Corporation Plc.
- Microsoft Corporation
- Adobe Inc.
- Plainview, Inc.
- SAP SE
- ServiceNow
- Planisware
- Zoho Corporation
- Monday.com, Pvt. Ltd.
- Smartsheet, inc.
- Teamwork.com
- Asana Inc.
- Other Players
Project Management Software Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 7.29 Bn |
| Market Size by 2032 | US$ 27.29 Bn |
| CAGR | CAGR of 15.8% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers | • The capacity to integrate and connect several systems • Increased End-User Awareness and Sophistication |
Recent Developments
- In November 2023, Amazon Web Services, Inc. and NVIDIA extended their longstanding strategic alliance to advance generative AI breakthroughs. This partnership is focused on delivering world-class infrastructure and services for AI-powered project management solutions.
- Enhancing Arcadis' potential to be the leading project management software provider was a reason for its acquisition by IBI Group in July 2022. The deal is expected to advance the creation of innovative technology solutions.
- RedTeam Software LLC was acquired by Paskr Inc. in February 2022, effectively rounding out the suite of integrated software solutions for commercial construction entities.. The acquisition is designed to complement RedTeam's capabilities in the construction management software arena.
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Segment Analysis
By Components, the solution segment held the largest share in 2023 capturing more than 65% of the global market. The project management solutions to manage organizational projects, involving scheduling and planning and resource management. This makes sure that the cost control is in place and also has robust mechanisms for budget management which will improve efficiency, thereby having timely project completion along with clear monitoring on performance.
Based on End-use, the IT and telecom segment was the leading market in 2023 with a market share of more than 18.9%. The rapid drive of these industries forward prompts the demand for some high-end project management software, which should support massive teams as well a big volume of operational data and cross-functional working that manages all activities. IT and telecom industries tackle complex problems in various scenarios, project management software resolves such issues by simplifying communication with teammates updating project status to vital people at all points of time also managing resources efficiently in real-time.
Project Management Software Market Key Segmentation:
By Component
- Solution
- Services
By Solution
- Activity Scheduling
- Project Portfolio Management
- Resource Management
- Issue Tracking
- Document Management
- Others
By Enterprise Size
- Large Enterprise
- Small & Medium Enterprises (SMEs)
By Service
- Integration & Deployment
- Support & Maintenance
By End-Use
- Manufacturing
- BFSI
- IT & Telecom
- Healthcare
- Engineering & Construction
- Government
- Others
North America accounted for a prominent share of the Project Management Software Market, with more than 38% of the global share in 2023.
This dominance owes to the advanced level of technology infrastructure as well as business software especially ERP systems in terms of adaptability across organizations. The U.S. alone contributes a substantial share of this market, driven by major players including Microsoft Corporation and Oracle Corporation ruling over North America. These firms keep on increasing their capabilities and launch new services in order to boost their competitive edge.
The increasing need for project management solutions in North America can be seen all through verticals like IT, telecom, BFSI, and health. A survey showed that 65% of businesses use project management software to streamline their operations and make them more efficient. Additionally, 60% of hybrid work companies say they need project management tools for effective remote working. This robust adoption underscores the region's pivotal role in shaping the market, driven by both technological advancements and evolving work environments.
Regional Coverage
• North America (US, Canada, Mexico)
• Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe])
• Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific)
• Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East])
• Africa [Nigeria, South Africa, Rest of Africa]
• Latin America (Brazil, Argentina, Colombia Rest of Latin America)
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Key Takeaways
- The report provide detail analysis of the global market for Project Management Software Market, including production capacities & trends, cost & profit estimates and forecast.
- The report covers the major market growth drivers such as integrated AI & automation technologies, growing popularity of hybrid work models, and discusses challenges like high operational costs associated with installation and maintenance.
- The report includes an in-depth examination of various market segments, It highlights which segments are dominating and why, offering insights into their growth and performance.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Project Management Software Market Segmentation, by Component
8. Project Management Software Market Segmentation, by Solution
9. Project Management Software Market Segmentation, By Enterprise Size
10. Project Management Software Market Segmentation, By Service
11. Project Management Software Market Segmentation, By End-use
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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