What is Project Management Software Market?
Project Management is used for application such as planning, scheduling, resource allocation and perform changes according to projects. it is required in all kind of industries such as construction industry, engineering industry, information technology, finance and insurance services, healthcare and, hospital management, marketing industry, among others. With the addition of software technology these whole process can be done in fast and accurate manner thatís why many industries accepting the project management software in there organization. According to its requirement and different industries and others category project management software classifies into different type such as project planning software, project tracking software, task management software, project portfolio management software, among others. Owing to increase in demand of project management software due to high complexity of project and need of better coordination and communication, project management software market is expected to grow at a significant rate during the forecast period.
Highlights from Project Management Software Market Study
|High Growth Market
|Value (USD N)
|Key Companies Profiled
|Microsoft Corporation (United States), Asana Inc. (United States), Monday.com (Israel), SAP SA (Germany), ClickUp (United States), Wrike, Inc. (United States), Oracle Corporation (United States), Trello Enterprises (United States), Basecamp (United States), teamwork,com (Ireland), Zoho Corporation Pvt Ltd (India), ServiceNow (United States), Broadcom Inc. (United States) and Quickbase (United States)
The Project Management Software market is a fragmented market due to the presence of various players. The players are focusing on increasing their manufacturing capacity and are offering competitive prices to gain a high market share and establish their position in the market. Further, companies are focusing on developing innovative products and solutions such as Artificial intelligence and automation to improve quality and enhance and promote performance. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help maintain their competitive edge Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Project Management Software market throughout the forecasted period. Microsoft Corporation (United States), Asana Inc. (United States), Monday.com (Israel), SAP SA (Germany), ClickUp (United States), Wrike, Inc. (United States), Oracle Corporation (United States), Trello Enterprises (United States), Basecamp (United States), teamwork,com (Ireland), Zoho Corporation Pvt Ltd (India), ServiceNow (United States), Broadcom Inc. (United States) and Quickbase (United States) are some of the key players profiled in the study.
Project Management Software Market Segmentation:
|Application / End User
|Construction Industry, Finance and Insurance Services, Healthcare and Hospital Management, Law and Consulting services, Energy and Utility Services and Others
|Project Planning Software, Project Tracking Software, Task Management Software, Project Portfolio Management Software and Workflow Management Software
|Small and Medium Organizations,Large Organizations
On the basis of geography, the market of Project Management Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2022. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Increasing Demand for Project Management Software Equipped With Data Analytics for Data-Driven Project Management and Growing inclination towards Cloud Computing Solutions in Project Management Software
Market Growth Drivers:
Increasing Demand of Project Management Software Due To High Complexity of Project and Need of Better Coordination and Communication, Rising Demand for Project Management Software for Remote Work and Virtual Tasks and Growing Demand of Better Budget and Time Management
Increasing Incidence of Malfunctioning In Cybersecurity and Fast Changing Technology
Lack of Skilled Workforce and High Cost of Upgradation
Rising Demand for Project Management Software with Artificial Intelligence and Automation and Sudden Project Cancellation
Key Target Audience
Project Management Software provider, Project Management Software designer, Government Bodies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End Users and Others
Market Leaders & Development Strategies
In October 2022, ServiceNow acquired Era Software Company. Era developed observability and log management software which is used in IT and security organizations to manage, store and analyse their data. This acquisition help ServiceNow to expand their presence in management software market
In October 2019, Microsoft Corporation launched all new version of project management software known as Microsoft project. This software is specifically designed particularly for the collaboration of project more efficiently. This software is customizable to users according to their projects. With this launch Microsoft expand its presence in project management software market.