NEWARK, Del, May 16, 2022 (GLOBE NEWSWIRE)-According to project management software industry analysis by Future Market Insights (FMI), demand registered in the market will increase to a healthy CAGR of 13.1% from 2022-2032. The report states that the market is expected to reach a valuation of ~ US $ 5.9 Bn by the end of 2022. According to the FMI, the growing demand for project collaboration of large enterprises is fueling the growth of the project management software market. . Project management software helps project managers get real-time details of projects, making it simpler for businesses to track the status of projects.
Project management software also helps organizations collaborate efficiently with team members. Additionally, the software accurately helps in allocating resources for a particular job, thus lowering the overall cost.
Businesses in North America are increasingly using advanced project management software to track the progress of any project. Thus, the use of project management software solutions in the region continues to increase. The project management software market is expected to have significant growth opportunities for small and medium sized Enterprises (SMEs).
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Key Takeaways: Project Management Software Market
- Through the solution, the project management software segment is expected to take the lead in the global demand for project management software during the forecasting period. However, the services segment is projected to grow at a stable CAGR of 10.9% to 2032.
- By industry, the IT and Telecom segment is expected to grow at a CAGR of 14.7% between 2022 and 2032.
- North America is expected to lead the market with a CAGR of approximately 9.5% to 2032 followed by Europe in 2022. South Asia and the Pacific are expected to emerge as the fastest growing regions between 2022 and 2032.
- The Japanese market is expected to grow at a CAGR of approximately 15.4% by 2032.
- In India, sales are expected to increase at a CAGR close to 21.0% over the next ten years.
“The demand for project management software is increasing in the building and construction industry. To meet this, vendors are offering highly innovative construction software that enhances the project planning process. The software has enabled offering a safe and secure database for all project -related details ”said the FMI analyst.
Budget Tracking Throughout Project Life Cycle to Drive Demand
The in-built budget tracking feature allows businesses to automatically track the project budget throughout the life cycle. Proper project management software is one of the better ways to avoid uncontrolled spending and excessive costs.
The budget tracking feature lets users know exactly where the work stands and how much money and time was spent, and supports users to accurately predict the cost and timeline for the entire project. Therefore, the benefit offered by the budget tracking feature in the project management software solution is driving the market demand.
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Competitive Analysis-
Oracle Corporation, ServiceNow, SAP SE, Elecosoft, NetSuite, Citrix Systems, Inc., Deltek, Inc., Unit4, Zoho Corporation Pvt. Ltd., Total Synergy, Hive, Digité, Inc., Wrike, Inc., MeisterLabs, monday.com, Basecamp, ProjectManager.com, Inc., Whizible, Zilicus Solutions, Asana, Atlassian
Project Management Software Outlook by Category
Through Solutions, the Project Management Software Market is split as:
- Project Management Software
- Services
Enterprise Size segments as Project Management Software Market:
- Big Business
- Small and Medium Sized Enterprises (SMEs)
By Industry, the Project Management Software Market is split as:
- Building and Construction
- Tingi
- Hospitality
- IT and Telecom
- Energy and Utilities
- Working
- Government
- The others
By Region, Project Management Software Sales are segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- Middle East and Africa (MEA)
The Cloud-first Approach Becomes the Standard in Project Management
Cloud-based project management software facilitates collaboration, tracking, delivery, and planning of a project. This allows project managers and teams to get the job done using a network of tools available within the software, rather than using traditional methods.
The use of project management software measures from business to business. But, on the whole, it was created to make deadlines and project management simpler and more effective. Online Cloud-based project management tools offer a centralized place for document sharing and communication resulting in high productivity for each team member without any financial cost. All cloud-based project management software such as ProofHub is made using outstanding technologies and undergoes various security measures. Thus, cloud-based project management software is reliable and secure.
Table of contents
1. Executive Summary
1.1. Global Market Outlook
1.2. Side Demand Trends
1.3. Supply Side Trends
1.4. Review and Recommendations
2. Market Overview
2.1. Market / Taxonomy Scope
2.2. Market Definition / Scope / Limitations
3. Major Market Trends
3.1. Major Trends Affecting the Market
3.2. Product Changes / Development Trends
4. Pricing Analysis
4.1. Pricing Analysis, according to the Pricing Model
4.1.1. Subscription Model
4.1.2. Perpetual Licenses (One Time Fee)
4.2. Overall Average Pricing Benchmark Analysis
5. Global Project Management Software Market Demand (in Value or Size in US $ Mn) Analysis 2017–2021 and Forecast, 2022-2032
5.1. Historical Market Value Analysis (US $ Mn), 2017–2021
5.2. Projections of Present and Future Market Value (US $ Mn), 2022-2032
5.2.1. YoY Growth Trend Analysis
5.2.2. Full $ Opportunity Analysis
6. Market Background
6.1. Macro-Economic Factors
6.2. Forecasting Factors – Relevance and Impact
6.3. Value Chain
6.4. Market Dynamics
6.4.1. Drivers
6.4.2. Restrictions
6.4.3. Opportunity Analysis
7. Global Project Management Software Market Analysis 2017–2021 and Forecast, 2022-2032, by Solution
7.1. Introduction / Key Findings
7.2. Analysis of Historical Market Size (US $ Mn) By Solution, 2017–2021
7.3. Current and Future Market Size (US $ Mn) Analysis and Forecasting According to Solution, 2022-2032
7.3.1. Project Management Software
7.3.1.1. Cloud-based
7.3.1.2. In place
7.3.2. Services
7.3.2.1. Managed services
7.3.2.2. Professional service
7.3.2.2.1. Consulting
7.3.2.2.2. Integration and Implementation
7.3.2.2.3. Support and Maintenance
TOC resumedThe fire
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in -depth insights into the factors that drive increasing market demand. It revealed opportunities to favor market growth in various segments based on Source, Application, Sales Channel and End Use over the next 10 years.
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