USD 5.80 billion
Project Management Software Market Size, Share, Growth Analysis, By Deployment(On-premises and cloud), By End-user(Oil and Gas, IT and Telecom, Healthcare, Government and Others), By Enterprise size(Large and SMEs (Small and Medium Enterprise)), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2119 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
87
|Figures:
76
Project Management Software Market Insights
Global Project Management Software Market size was valued at USD 5.80 billion in 2022 and is poised to grow from USD 6.43 billion in 2023 to USD 14.60 billion by 2031, growing at a CAGR of 10.8% during the forecast period (2024-2031).
The importance of project management software (PMS) in today's rapidly evolving business landscape is attributed to the rapid pace of technological advancements, digital transformations, and disruptions occurring across various industries. The growth of the project management software (PMS) systems market is expected to be driven by the increasing utilization of software for resource management, the rising demand for software that reduces project risks and costs, streamlines budgeting and scheduling plans, and provides real-time dashboard access from anywhere and at any time. Additionally, the market growth is anticipated to boost from these software systems' growing sophistication and capabilities, such as reminders and setting due dates. Project management has evolved into a valuable tool for new product development, particularly with the emergence of the Internet of Things and the adoption of agile NPD.
This integration of project management and new product development has given rise to innovative firms like UMT360, GenSight, and Decision Lens in the field of enterprise product creation. Project management software has also proven beneficial during times of crisis, allowing project managers to evaluate the impact on their teams and devise recovery plans. Enterprises are now seeking to leverage digital channels that offer effective planning and scheduling, team collaboration, and project budgeting capabilities, ultimately reinforcing their relationships with customers. Furthermore, project management software (PMS) enables organizations to streamline communication and collaboration among team members, facilitating efficient project execution and delivery. It provides a centralized platform for tracking project progress, assigning tasks, and monitoring timelines, thereby improving overall productivity. The integration of PMS with other business systems, such as customer relationship management (CRM) and enterprise resource planning (ERP), allows for seamless data sharing and enhances decision-making processes. Moreover, project management software offers data analytics and reporting functionalities, empowering stakeholders to gain valuable insights and make informed decisions to drive business growth. Overall, the adoption of project management software has become essential for businesses aiming to stay competitive in today's dynamic and fast-paced market environment.
US Project Management Software Market is poised to grow at sustainable CAGR for the next forecast year
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
On-premises
Fastest Growth
Cloud
Growth Rate
10.8% CAGR
Global Project Management Software Market ($ Bn)
Country Share for North America Region (%)
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Project Management Software Market Segmental Analysis
Global Project Management Software Market is segmented by deployment, end-user, enterprise size, and region. Based on deployment, the market can be segmented into on-premises and cloud. Based on end-user, the market is segmented into Oil and Gas, IT and Telecom, Healthcare, Government and Others. Based on enterprise size, the market can be segmented into Large and SMEs (Small and Medium Enterprise). Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Project Management Software Market Analysis by Deployment
The on-premise segment dominated the global market. Small and medium-sized businesses often prefer on-premise implementation as their operations are primarily conducted locally or within a network. On-premise solutions are expected to remain popular, particularly among smaller businesses in traditional industries, due to their flexibility, configurability, and abundant features.
Cloud deployment is experiencing the fastest growth rate throughout the anticipated period, driven by the widespread acceptance of cloud-based software and solutions across various sectors. Large enterprises and a few selected small and medium-sized businesses (SMEs) exhibit the highest adoption rates due to the cost-efficiency of this implementation. Cloud deployment allows for easy operability across multiple locations without the need for software installation or the maintenance of supporting hardware. Many businesses, irrespective of their size, are transitioning to platforms like Google Cloud, and these trends are expected to drive the demand for cloud-based project management software across different sectors.
Project Management Software Market Analysis by End-user
The IT and Telecom sector dominated the project management software market. This sector extensively relies on project management software to efficiently manage and execute various technology-related projects. The IT and Telecom industry is characterized by its dynamic nature, fast-paced environment, and the need for effective collaboration and resource management. Project management software provides the necessary tools and features to streamline project workflows, track progress, allocate resources, and meet project deadlines in this sector. Therefore, the IT and Telecom segment holds a significant share of the project management software market.
The Healthcare sector is the fastest-growing segment in the project management software market. The Healthcare industry is increasingly recognizing the importance of efficient project management in delivering quality patient care, implementing digital transformation initiatives, and managing complex healthcare projects. The adoption of project management software in the Healthcare sector enables organizations to optimize resource allocation, improve communication and coordination among healthcare professionals, ensure regulatory compliance, and enhance overall operational efficiency. The Healthcare sector's rapid growth in implementing project management software can be attributed to the increasing demand for advanced healthcare services, digitalization of healthcare processes, and the need to drive cost-effective project outcomes.
Global Project Management Software Market By Deployment
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Project Management Software Market Regional Insights
North America dominated the largest market share in the project management software (PMS) market. It can be attributed to the increasing trend of businesses utilizing project management software to effectively track and manage their projects. The region's adoption of PMS is driven by the growing need among enterprises to enhance project visibility and ensure efficient project management. Throughout the forecast period, the market is expected to be propelled by the deployment of PMS solutions for task management, enabling organizations to achieve efficient task completion and flexible work planning. Additionally, the expansion of the market is fueled by enterprises placing a growing emphasis on fostering employee collaboration and improving team productivity.
The Asia Pacific region is the fastest-growing market for project management software (PMS) due to several key factors. Economic development, urbanization, and industrialization in the region have led to a rise in project-based activities, driving the demand for efficient project management tools. Furthermore, businesses in the region increasingly recognise PMS’s benefits in improving operational efficiency and collaboration. The digital transformation journey and investments in advanced technologies also contribute to the growing adoption of PMS in the Asia Pacific region. With diverse markets and countries experiencing infrastructure development and industrial expansion, the region offers significant growth opportunities for the PMS industry.
Global Project Management Software Market By Region
- Largest
- Fastest
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Project Management Software Market Dynamics
Project Management Software Market Drivers
Ability to connect and integrate diverse systems
- The ability of centralized project management systems to connect and integrate diverse systems is expected to have a significant impact on market expansion. Many businesses face challenges in managing their projects and associated information due to a lack of centralization. Centralized management solutions provide a single location for users to access the necessary information, ensuring project success for project managers. This has driven the adoption of centralized project management systems in various industries, leading to increased demand in recent years. Additionally, the advantages of operational efficiency and data security have motivated businesses to transition from conventional dispersed information systems to integrated data management platforms. These technologies enable qualified employees to update essential data and contribute to the demand for project management software and centralized data management technologies.
Project Management Software Market Restraints
High costs associated with these systems
- A notable restraint for the Global Project Management Software Market is the high installation and maintenance costs associated with these systems, which deter businesses from investing in project management software. Robust and reliable software is often linked to higher expenses, including increased security measures. End-users bear the burden of maintenance costs throughout the software's lifetime, requiring periodic upgrades to address security concerns. The adoption of project management software necessitates a mutually beneficial synergy between end-users, technology suppliers, and innovators. Unfortunately, these complex and costly solutions require expert setup, coding, and software upkeep, posing challenges for adoption across diverse sectors. Interoperability costs further complicate the adoption process, as software systems need to be tailored to accommodate ongoing updates, leading to higher installation expenses.
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Project Management Software Market Competitive Landscape
In order to maintain a competitive edge in the online project management software market, major players are focusing on enriching their product portfolio through the utilization of innovative technologies. Furthermore, to attract customers and generate interest in their offerings, many market players are providing free trial versions of their online business process management platforms. Additionally, strategic partnerships, as well as mergers and acquisitions, are being pursued by these key players to expand their businesses and enhance their product portfolios. These initiatives allow companies to tap into new markets, strengthen their market presence, and offer a wider range of solutions to meet the evolving needs of customers. Through these collaborative efforts and continuous product advancements, the key players in the online project management software market are positioning themselves for sustainable growth and staying at the forefront of the industry.
Project Management Software Market Top Player’s Company Profiles
- Broadcom Inc. (CA Technologies) (US)
- Basecamp LLC (US)
- AEC Software (US)
- Workfront Inc. (US)
- ServiceNow Inc. (US)
- Unit4 NV (Netherlands)
- Atlassian Corporation PLC (Australia)
- Wrike Inc. (US)
- Asana Inc. (US)
- Monday.com Ltd. (Israel)
- Smartsheet Inc. (US)
- Zoho Corporation Pvt. Ltd. (India)
- Teamwork.com Ltd. (Ireland)
- Planview Inc. (US)
- Clarizen Ltd. (Israel)
- JIRA Software (Atlassian) (Australia)
- Procore Technologies Inc. (US)
Project Management Software Market Recent Developments
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In March 2024, LambdaTest, a top-tier cloud-based unified testing platform, and Inflectra, a global market leader in IT Software Lifecycle Management solutions, have announced their strategic partnership. This collaboration aims to revolutionize the approach development teams take in managing and delivering software projects.
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In December 2023, Fintech company Infibeam Avenues revealed its acquisition of a 49 percent equity stake in Ahmedabad-based Pirimid Fintech, with an investment of Rs 25 crore. The partnership seeks to merge Infibeam's digital payments and AI-based frameworks with Pirimid Fintech's capital market trading software to serve clients both nationally and internationally.
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In November 2023, Amazon Web Services, Inc., a subsidiary of Amazon.com, Inc., and NVIDIA announced an expansion of their strategic collaboration. This partnership aims to provide customers with the most advanced infrastructure, software, and services to support their generative artificial intelligence (AI) innovations.
Project Management Software Key Market Trends
- One key market trend in the project management software market is the increasing focus on real-time data analytics and predictive insights. Companies are seeking solutions that can provide them with timely and accurate data, along with advanced analytics capabilities, to make informed decisions and drive better project outcomes. This trend reflects the growing recognition of the value of data-driven decision-making in project management, as organizations aim to optimize resource allocation, mitigate risks, and improve overall project performance. The integration of real-time data analytics and predictive insights into project management software allows businesses to proactively identify issues, anticipate bottlenecks, and take corrective actions, leading to improved project efficiency and success.
Project Management Software Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global project management software market analysis, the market is witnessing significant growth and transformation driven by factors such as the need for effective project tracking and management, technological advancements, and the demand for integrated collaboration features. Key market trends include the increasing adoption of cloud-based solutions for enhanced scalability and accessibility, as well as the emphasis on real-time data analytics and predictive insights to drive better project outcomes. Organizations are leveraging project management software to streamline processes, improve productivity, and foster efficient communication and collaboration among project stakeholders. The market is also characterized by the strategic acquisitions, partnerships, and product innovations by key players to expand their product portfolios and meet the evolving needs of businesses. Overall, the project management software market is poised for continued growth and innovation in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.80 billion |
| Market size value in 2031 | USD 14.60 billion |
| Growth Rate | 10.8% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Project Management Software Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Project Management Software Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Project Management Software Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Project Management Software Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Project Management Software Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Project Management Software Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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