NEWARK, Del, May 16, 2022 (GLOBE NEWSWIRE) — According to Future Market Insights (IMF) project management software industry analysis, market demand will grow at a healthy CAGR of 13.1 % from 2022 to 2032. The report indicates that the market is expected to reach a valuation of ~$5.9 billion by the end of 2022. According to the IMF, the increasing demand for project collaboration by large companies is accelerating the growth of the project management software market. Project management software helps project managers get real-time project details, making it easier for businesses to monitor project status.
Project management software also helps organizations collaborate effectively with team members. Moreover, the software helps with accurate resource allocation for a particular job, thus reducing the overall cost.
Companies in North America are increasingly using advanced project management software to monitor the progress of any project. Thus, the adoption of project management software solutions in the region is constantly increasing. The project management software market is expected to offer remarkable growth opportunities for small and medium-sized enterprises (SMEs).
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Key Takeaways: Project Management Software Market
- By solution, the project management software segment is expected to account for the major share of the global project management software demand during the forecast period. However, the services segment is expected to grow at a robust CAGR of 10.9% through 2032.
- By industry, the IT & Telecom segment is expected to grow at a CAGR of 14.7% between 2022 and 2032.
- North America is expected to dominate the market with a CAGR of around 9.5% till 2032, followed by Europe in 2022. South Asia and Pacific is expected to become the fastest growing region between 2022 and 2032.
- The Japanese market is expected to grow at a CAGR of around 15.4% through 2032.
- In India, sales are expected to increase at a CAGR of nearly 21.0% over the next ten years.
“The demand for project management software is increasing in the building and construction industry. To address this, vendors come up with highly innovative construction software that improves the project planning process. The software offers a safe and secure database for all project-related details,” explains the IMF analyst.
Budget tracking throughout the project lifecycle to drive demand
The built-in budget tracking feature allows companies to automatically monitor the project budget throughout the lifecycle. The right project management software is one of the best ways to avoid runaway expenses and cost overruns.
The budget tracking feature lets users know exactly where the work is at and how much money and time has been spent, and helps users accurately forecast the cost and schedule of the entire project. Hence, the advantage offered by the budget tracking feature in the project management software solution is driving the market demand.
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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
By Solution, the Project Management Software Market is segmented as follows:
- Project management software
Enterprise Size Segments as Project Management Software Market:
- Large companies
- Small and medium-sized enterprises (SMEs)
By Industry, the Project Management Software Market is segmented as follows:
- Building and construction
- IT & Telecom
- Energy and Utilities
By region, Project Management Software sales are segmented as follows:
- North America
- Latin America
- East Asia
- South Asia and the Pacific
- Middle East and Africa (MEA)
The cloud-first approach becomes the norm in project management
Cloud-based project management software organizes project collaboration, monitoring, delivery, and scheduling. It allows project managers and teams to work using a network of tools available in the software, rather than using a traditional method.
The use of project management software is changing from company to company. But, overall, it is created to make timelines and project management easier and more efficient. Cloud-based online project management tools provide a centralized place for document sharing and communication, resulting in high productivity for every team member without any financial cost. All cloud-based project management software such as ProofHub is built with exceptional technologies and is subject to various security measures. Thus, the cloud-based project management software is reliable and secure.
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Key Market Trends
3.1. Key trends impacting the market
3.2. Product Innovation / Development Trends
4. Price analysis
4.1. Price analysis, by pricing model
4.1.1. Subscription model
4.1.2. Perpetual licenses (one-time fee)
4.2. Comparative analysis of world average prices
5. Global Project Management Software Market Demand Analysis (by value or size in US$ Million) 2017-2021, and forecast, 2022-2032
5.1. Historical Market Value Analysis (USD Million), 2017-2021
5.2. Current and Future Market Value Projections (USD Million), 2022-2032
5.2.1. Analysis of annual growth trends
5.2.2. Analysis of opportunities in absolute dollars
6. Market context
6.1. Macroeconomic factors
6.2. Predictors – Relevance and Impact
6.3. Value chain
6.4. Market dynamics
6.4.3. Opportunity analysis
7. Global Project Management Software Market Analysis 2017-2021 and Forecast, 2022-2032, by Solution
7.1. Introduction / Main results
7.2. Historical Market Size Analysis (USD Million) by Solution, 2017-2021
7.3. Current and Future Market Size Analysis and Forecast (USD Million) by Solution, 2022-2032
7.3.1. Project management software
18.104.22.168. On the site
22.214.171.124. Managed Services
126.96.36.199. Professional services
188.8.131.52.2. Integration and implementation
184.108.40.206.3. Support & Maintenance
Table of contents continued…
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About Future Market Insights (IMF)
Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.
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