How Is The Global Project Management Software Market Defined?
Project management software is a digital tool designed to help teams plan, organize, execute, and track the progress of projects from start to finish. It is designed to help businesses and individuals to track projects, tasks, and schedules effectively.
Project Management Software Global Market Report 2024 provides data on the global project management software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Project Management Software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Project Management Software Market Size Expected To Change, And What Are The Growth Rate Projections?
The project management software market size has grown rapidly in recent years. It will grow from $6.94 billion in 2023 to $7.98 billion in 2024 at a compound annual growth rate (CAGR) of 15%. The growth in the historic period can be attributed to the increased trend towards globalization, increased complexity of projects, regulatory compliance requirements, the rise of project-based work, and focus on productivity and efficiency. The project management software market size is expected to see rapid growth in the next few years. It will grow to $14.04 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The growth in the forecast period can be attributed to the rise of hybrid work models, enhanced collaboration features, expansion into niche markets, subscription-based pricing models, and the integration of AI and machine learning capabilities. Major trends in the forecast period include AI-powered project insights, a mobile-first approach, a focus on sustainability, remote project management tools, and augmented project management.
Which Drivers Are Accelerating Growth In The Project Management Software Market?
The changing organizational structure and hybrid work-life scenario are expected to propel the growth of the project management software market going forward. Changing organizational structure refers to modifying how companies are organized and operate, while a hybrid work-life scenario entails a blend of remote and in-office work arrangements for employees. There is a changing organizational structure and hybrid work-life scenario due to shifting employee expectations and the need for greater flexibility. Project management software facilitates the coordination, communication, and collaboration necessary to adapt to changing organizational structures and support hybrid work-life scenarios by providing remote access, real-time updates, and centralized task management for distributed teams. For instance, in May 2023, according to a survey from over 5,600 working professionals conducted by FlexJobs, a US-based provider of job search services, 47% of employees preferred to work remotely full-time, while 24% follow a mostly remote or hybrid arrangement with occasional in-office attendance, with 17% opting for 2-3 days remote and 8% occasionally working remotely in predominantly in-office roles, leaving only 4% exclusively in-office with no remote work options. Therefore, the changing organizational structure and hybrid work-life scenario are driving the growth of the project management software market. The project management software market size is expected to reach $2023 billion in 2023, $2024 billion in 2024, and $2028 billion in 2028.
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What Are The Core Segments Of The Global Project Management Software Market?
The project management software market covered in this report is segmented –
1) By Component: Solution, Services,
2) By Deployment: On-Premises, Cloud
3) By Enterprise Size: Large Enterprise, Small And Medium Enterprise,
4) By Industry: Building And Construction, Retail, Hospitality, IT and Telecom, Energy and Utilities, Manufacturing, Government, Other Industry
Which Emerging Trends Are Reshaping The Project Management Software Market Size?
In the project management software market, companies are integrating advanced technologies like artificial intelligence to deliver more efficient and collaborative project management solutions. Artificial intelligence is used to automate tasks, generate insights, and improve decision-making within project management workflows. For example, in March 2024, Dart, a US-based provider of AI project management tools, released Dart's AI-Powered Project Management Tool. This software leverages AI to automate tasks, produce reports, and offer insights, aiming to enhance project management efficiency, team collaboration, and productivity. It features automatic report generation and AI-driven task completion to streamline project management across various industries.
What Is The Largest Region In The Project Management Software Market?
North America was the largest region in the project management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the project management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
