According to a new market report published by Transparency Market Research, the global online project management software market is expected to reach US $ 6.68 Bn by 2026 due to the increasing use of project -based management solutions in the cloud. The market is expected to expand at a CAGR of 9.4% during the forecast period from 2018 to 2026. The Asia Pacific market is expected to experience healthy growth followed by the Middle East and Africa during the forecast period. The large business segment holds the dominant share in the global online project management software market, due to the increasing use of project management solutions worldwide.
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The increasing demand for efficient project management solutions is driving the global online project management software market.
Despite sluggish economic growth in some regions and limited IT budgets, companies are purchasing project management software solutions to efficiently manage and optimize their project resources. Online project management software helps in gaining market visibility, easily make an actionable plan the strategy to achieve success. In addition, online project management software helps to access real time dashboards anywhere and anytime. It also helps the project manager stay up to date about the status of reports and ensure that no last minute details are missed. The rising demand for cost management is also one of the factors expected to drive the online project management market. Online project management software solutions help in efficient allocation of resources for a particular job, thus reducing the overall cost. Businesses in the Americas and Europe operate at higher costs. Therefore, the adoption of project management software solutions in these regions continues to grow.
Online Project Management Software Market: Scope Report
The online project management software market is split on the basis of end-user and geography. The end-user segment is further classified into small and medium sized businesses, large enterprises, and government. According to the research study, large businesses are expected to experience steady growth during the forecast period. This is largely due to the fact that large businesses spend heavily on IT infrastructure and technology. Many large enterprises are also focusing on strengthening their market position by acquiring regional or SMEs around the world. It is highly expected to increase the number of projects and activities for companies and project managers. To manage and control a large number of projects, organizations are focusing on using online project management software in the near future. Additionally, small and medium sized businesses are also focusing on investing in IT infrastructure and technology to enhance their businesses and deliver projects effectively and efficiently with reduced cost and project duration.
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North America leads the online project management software market with more than 40% share worldwide in 2017. This is mainly due to the presence of a large number of businesses that deploy online project management software. Moreover, the US is the hub for a large number of start-ups and established online project management software players. In terms of opportunities, the Asia Pacific and Middle East & Africa (MEA) regions are expected to witness healthy growth during the forecast period. The investment in project management of organizations and the adoption of this software in small and large scale businesses is driving the growth of the online project management software market in the Asia Pacific region.
Global Online Project Management Software Market: Competitive Dynamics
The research study includes profiles of leading companies operating in the global online project management software market. Some of the major players profiled in the market include Microsoft Corporation, Oracle Corporation, ServiceNow, SAP SE, Autodesk Inc., Unit4, Aconex Ltd., NetSuite, Deltek, Inc., Citrix Systems, Inc., Workfront , Inc., Atlassian Corp PLC, Zoho Corporation, Wrike, Inc., Basecamp, LLC, Smartsheet.com, Inc., Mavenlink, Asana, Inc., monday.com Labs Ltd., and Streamline Media Group, Inc.
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