What are the Historical Developments and Current Growth Metrics of the AI in Project Management Market?
The ai in project management market has seen considerable growth due to a variety of factors.
•The market size for AI in project management has seen a swift expansion in the past few years. It's projected to escalate from $3.08 billion in 2024 to $3.58 billion in 2025, growing at a compound annual growth rate (CAGR) of 16.3%.
The growth observed during the historic period is tied to the increased adoption of industry 4.
What Does Future Hold for The AI in Project Management Market Size?
The ai in project management market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of AI in project management is projected to witness speedy expansion over the coming years, with an expected value of $7.4 billion by 2029. This growth, at a compound annual growth rate (CAGR) of 19.9%,
will be driven largely by factors such as increased need for quality control and mechanization, governmental support for industrial automation, integration of AI, more investments in AI tech, growth in corporate sectors, and greater adoption of machine learning. Key trends set to dominate the forecast period are predictive analytics and risk management, AI-enabled resource optimization, personalized interaction and engagement, adaptive learning algorithms, and advanced next-gen solutions.
What Are The Primary Growth Drivers In The AI in Project Management Market?
The proliferation of diverse cloud workings is playing a vital role in propelling the growth of AI within the project management market. Cloud efforts encompass managing workload and IT service distribution, optimizing, and executing in a cloud-oriented environment, including multi-cloud, hybrid, data center, and edge. The utilization of artificial intelligence (AI) in project management is facilitated and integrated via these cloud operations. Companies that have opted for cloud integration are vastly employing AI to administrate their project management data. Additionally, they automate processes to enhance decision-making and build efficiencies in project progression. For example, Google LLC, a leader in American IT design, noted in January 2023 that there was a 56% rise in public cloud usage from 2021, reaching a high of 76% in 2022. Therefore, the broadening of multiple cloud activities is steering the growth of AI in the project management sector.
What Is The Segmentation Of The Global AI in Project Management Market?
The AI in project management market covered in this report is segmented –
1) By Type: Solutions, Services
2) By Deployment Model: Cloud, On-Premises
3) By Organization Size: Large Enterprises, Small And Medium Enterprises
4) By Application: Project Scheduling And Budgeting, Data Analytics, Reporting, And Visualization, Project Support And Administration, Project Data Management, Risk Management, Project Task Management, Multiple Serving
5) By End User: Banking, Financial Services And Insurance (BFSI), Retail And E-Commerce, IT And Telecom, Government And Defense, Energy And Utilities, Other End-Users
Subsegments:
1) By Solutions: Project Planning And Scheduling Tools, Resource Management Software, Risk Management Solutions, Collaboration And Communication Tools
2) By Services: Consulting Services, Implementation Services, Support And Maintenance Services, Training And Education Services
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What Emerging Trends Are Shaping The AI in Project Management Market Landscape?
Leading corporations in the AI in project management market are channeling their efforts towards advancements such as voice and text activation to make it more user-friendly for project managers as well as team members. Voice and text activation is a characteristic feature that allows devices, software, or systems to respond to or interact with speech commands (voice activation) or typed input (text activation). An exemplar of this is the US-based enterprise software company, Deltek, that launched an innovative tool named Dela, in April 2024, aimed to augment project management in its software suite. This next-gen AI tool simplifies project management through automation of tasks, predicting potential success, and maximizing resource allocation. Its machine learning capabilities evaluate past performance to deliver actionable insights and lessen manual work. The tool's functionality of voice and text commands makes it easy-to-use for all team members. Such enhancements across the project lifecycle empower teams to work in a smarter way.
Who Are the Key Players in the AI in Project Management Market?
Major companies operating in the AI in project management market include:
• Amazon Web Services
• Microsoft Corporation
• Intel Corporation
• International Business Machines Corporation
• Deloitte
• Oracle Corporation
• SAP SE
• Cognizant Technology Solutions Corporation
• Adobe Inc.
• Wipro Ltd.
• ServiceNow Inc.
• Infor
• Atlassian Corporation
• Zoho Corporation
• Smartsheet Inc.
• Automation Anywhere
• Asana Inc.
• Hyperlink InfoSystem
• AlphaSense Inc.
• Moveworks Inc.
• H2O.ai
• Jasper AI inc.
• Aitheon
• ALICE Technologies Inc.
• Deeper Insights
• ProofHub LLC
• Uizard Technologies.
What are the Regional Insights into the AI in Project Management Market?
North America was the largest region in the AI in project management market in 2024. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the AI in project management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
