New York, NY, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The Project Management Software Market is a rapidly growing industry that offers tools and platforms for efficient management of projects. These software solutions help teams to collaborate, plan, track and monitor tasks, and manage resources. With the increasing need for remote work and the rise of virtual teams, the demand for project management software is expected to surge.
Zion Market Research has recently released a new report, titled "Project Management Software Market By Deployment Type (Cloud And On-Premise), By End-User (Oil And Gas, IT And Telecom, Healthcare, Government, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030" in its research database.
"According to the latest research study, the demand of global Project Management Software Market size & share in terms of revenue was valued at USD 6.1 billion in 2021 and it is expected to surpass around USD 15.08 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 10.68% during the forecast period 2022 to 2030."
This expansion is being fueled by a number of causes, including the rising popularity of cloud-based solutions, the growing demand for real-time project tracking and monitoring, and the requirement for improved collaboration and communication capabilities. Also, the growth of the business as a whole is helped by the use of artificial intelligence and machine learning in project management software.
What is Project Management Software? How big is the Project Management Software Industry?
The term "project management software" refers to a collection of software solutions that have been developed to assist individuals and organizations in the administration of their projects, programmes, and portfolios in an effective and efficient manner. Task management, resource allocation, project tracking, collaboration and communication tools, as well as capabilities for reporting and analytics are often included in the programme.
In exact years, the project management software market has experienced substantial expansion. This growth has been driven by the growing demand for businesses to manage their projects in a manner that is both more efficient and more organized.
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Project Management Software Report Coverage & Overview:
Project management software assists the staff in effectively handling the project along with gaining insights into real-time data of the project. It helps firms in monitoring the status of projects. Apart from this, the project management software assists firms in effectively interacting with the team members. In addition, the project management software aids in allocating resources for a particular job and thus reduce the overall operating costs of the firm.
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Global Project Management Software Market: Growth Factors/Dynamics
The expansion of the global project management software industry over the forecast timeline can be credited to the growing preference of firms towards automated project management software as it is helpful in performing key project management functions without any manual intervention. Apart from this, project management software accounts for about 36% of sales in business process management business. In addition to this, project management software helps in performing a slew of functions such as planning, monitoring, integrating, and delivering a project through the use of budget management, document management, and task management. All these aforementioned aspects will boost global market trends.
Nonetheless, the surge in costs of software installation and high maintenance costs can pose a threat to the growth of the global project management software market. However, the rise in acceptance of cloud-based solutions for remote tracking of data and innovations in project management software will create new growth avenues for the global industry.
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|Market Size in 2021||USD 6.1 billion|
|Projected Market Size in 2030||USD 15.08 billion|
|CAGR Growth Rate||10.68% CAGR|
|Key Market Players||Asana Inc., Microsoft Corporation, SAP SE, Monday.com, Smartsheet Inc, Zoho Corporation, Broadcom Inc., Atlassian Corp PLC, Oracle Corporation, ServiceNow Inc., AEC Software, Citrix Systems Inc., Streamline Media Group Inc., Trello, Wrike, Airtable, Paymo, Workfront Inc, Toggl, Slack, Podio, Clarizen, Basecamp, GanttPro, Procore, Planview, Proofhub, LiquidPlanner|
|Key Segment||By Type, By Application, and By Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Purchase Options||Request customized purchase options to meet your research needs. Explore purchase options|
Project Management Software Market: Segmentation Analysis
On the basis of deployment type, the global project management software industry is sectored into on-premise and cloud segments. Furthermore, the cloud segment is predicted to record notable growth over the forecast timeline. The growth of the segment over 2022-2030 can be due to the massive demand for cloud by large-scale enterprises for enhanced planning & scheduling, effective collaboration, proficient task delegation, and easy access & sharing of files.
Based on the end-user, the global project management software market is segmented into healthcare, oil and gas, government, IT and telecom, and others. Moreover, the IT and telecom segment is predicted to register the highest CAGR during the forecast period. The segmental surge can be attributed to a rise in the use of project management software in the IT and telecom sector as there is a massive need for the product with an increase in project requests from a slew of clients and business units.
Project Management Software Market Applications:
The project management software market has a wide range of applications across various industries, including construction, IT, healthcare, finance, and manufacturing, among others.
Construction Industry: In the construction industry, project management software is widely used to manage large-scale projects, from planning and design to construction and commissioning. The software helps to streamline processes and Strengthen collaboration between different teams involved in a construction project.
IT Industry: The IT industry is one of the largest users of project management software, as it helps organizations to manage complex software development projects and Strengthen productivity.
Healthcare Industry: In the healthcare industry, project management software is used to manage the development of new medical devices, drugs, and treatments. The software helps to ensure that projects are completed on time and within budget, while also ensuring that they meet regulatory requirements.
Finance Industry: In the finance industry, project management software is used to manage investment and financial planning projects, as well as risk management and compliance initiatives.
Manufacturing Industry: In the manufacturing industry, project management software is used to manage the production of goods, from the design and development stage to the manufacturing and distribution stage. The software helps organizations to Strengthen efficiency and reduce waste in the production process.
The global Project Management Software market is segmented as follows:
By Deployment Type
- Oil and Gas
- IT and Telecom
Browse the full "Project Management Software Market By Deployment Type (Cloud And On-Premise), By End-User (Oil And Gas, IT And Telecom, Healthcare, Government, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030" Report at https://www.zionmarketresearch.com/report/project-management-software-market
Some of the main competitors dominating the global Project Management Software market include -
- Asana Inc.
- Microsoft Corporation
- SAP SE
- Smartsheet Inc
- Zoho Corporation
- Broadcom Inc.
- Atlassian Corp PLC
- Oracle Corporation
- ServiceNow Inc.
- AEC Software
- Citrix Systems Inc.
- Streamline Media Group Inc.
- Workfront Inc
- Deltek Inc.
- Total Synergy
- Digité Inc.
- Zilicus Solutions
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the global project management software market is projected to expand annually at the annual growth rate of around 10.68% over the forecast timespan (2022-2030)
- In terms of revenue, the global project management software market was evaluated at nearly $6.1 billion in 2021 and is anticipated to hit $15.08 billion by 2030
- The global market is anticipated to surge at a remarkable rate over the forecast period due to the surging use of software in effectively managing resources and escalating demand for software which helps in minimizing project risks & costs.
- Based on deployment type, the on-premise segment accounted for the major market share in 2021
- On basis of end-user, the oil and gas segment accounted for the highest market share in 2021
- By Applications, It and Telecom Sector lead the project management software market globally.
- On the basis of region, the North American region is predicted to be a key revenue pocket of the global market over the projected timeline
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Key questions answered in this report:
- What is the market size and growth rate forecast for Project Management Software industry?
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- Market Size & Forecast by Revenue | 2022−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Deployment Type, By End-User, By Applications, And By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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The North American project management software market is set to retain its dominant status over the forecast timeline subject to escalating product demand from firms for proficiently tracking and managing projects. Apart from this, firms in the region deploy project management software solutions for effectively executing organizational tasks. This aspect, in turn, has further boosted the surge in the regional market.
North America: North America is one of the largest markets for project management software, driven by the presence of a large number of tech-savvy organizations and the high adoption of advanced technology in the region. The US is the largest market for project management software in North America, followed by Canada.
Europe: Europe is another key market for project management software, driven by the growing adoption of agile methodologies and the increasing demand for real-time project tracking and monitoring. The UK, Germany, and France are among the largest markets for project management software in Europe.
Asia-Pacific: The Asia-Pacific region is expected to be one of the fastest-growing markets for project management software, driven by the increasing adoption of technology and the growing number of organizations in the region. China, India, Japan, and Korea are among the largest markets for project management software in the Asia-Pacific region.
Latin America: Brazil is the largest market for project management software in Latin America.
Middle East and Africa: The UAE and South Africa are among the largest markets for project management software in the Middle East and Africa region.
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
In the second half of 2022, ServiceNow, a US-based software firm, acquired Era Software, a firm that assists businesses to transform data-driven insights into actionable insights. The strategic move will help ServiceNow in offering consumers unified observability services at a large scale. The initiative will also boost the penetration of project management software in the global software sector.
In August 2022, Linarc, a software firm based in the U.S., introduced all-in-one cloud-based project management software for the construction sector for increasing the efficiency of medium and large-scale projects. The move will eliminate the redundancies and inefficiencies witnessed in the construction activities and will help in the integration of various project resources.
In the second quarter of 2022, InEight Inc., a key provider of capital project management software, introduced InEight Design, a design management app that helps engineers and designers effectively handle deliverables & quantities during the process of design. Moreover, the InEight Design helps the end-users in controlling, reporting, exploring, and planning of the budget data.
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FREQUENTLY ASKED QUESTIONS
- Which key factors will influence global project management software market growth over 2022-2030?
- What will be the value of the project management software market during 2022-2030?
- Which region will contribute notably towards the project management software market value?
- Which are the major players leveraging the global project management software market growth?
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The Project Management Software Market is a rapidly growing industry that offers tools and platforms for efficient management of projects. These software solutions help teams to collaborate, plan, track and monitor tasks, and manage resources. With the increasing need for remote work and the rise of virtual teams, the demand for project management software is expected to surge.