NEW YORK, Jan. 19, 2023 /PRNewswire/ — According to Technavio, the global online project management software market size is estimated to grow by USD 4341.71 million from 2022 to 2027. The market is estimated to grow at a CAGR of 12.21% during the forecast period.  Apptio Inc, Atlassian Corp. Plc, Basecamp LLC, Citrix Systems Inc., Clarizen Inc., LiquidPlanner Inc., Mavenlink Inc., Microsoft Corp., monday.com Ltd., Planbox Inc, Premiere Global Services Inc., ProjectManager.com Inc., Redbooth, Scoro Software, TeamGantt, Teamwork Crew Ltd., Workfront Inc., Wrike Inc., Zoho Corp. Pvt. Ltd., and ActiveCollab LLC among major players, For insights on player offerings – Request a sample report

Global online project management software market – Five forces
The global online project management software market is fragmented, and the five forces analysis covers–

• Bargaining Power of Buyers

• The threat of New Entrants

• Threat of Rivalry

• Bargaining Power of Suppliers

• Threat of Substitutes

• Interpretation of porter’s five models helps to strategize the business, for entire details – buy the report!

Global online project management software market – Customer landscape 

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global online project management software market – Segmentation assessment

Segment overview
Technavio has segmented the market based on end-user (enterprises and government), deployment (on-premises and cloud), and geography (North America, Europe, APAC, Middle East and Africa, and South America).

• The market share growth of the enterprise segment will be higher than the other segments during the forecast period. The main reason of the increased demand for this software in the manufacturing sector are the growing requirement for a solution in businesses to address important issues including ineffective cost, schedule, and quality management. Furthermore, to minimise conflicts with the project deadlines, businesses must make sure that all tasks, including budget estimation, task scheduling, selecting subcontractors, and hiring employees, are performed on time. Online project management tools make it easier to plan, coordinate, and oversee a project from start to finish.

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Geography overview
By geography, the global online project management software market is segmented into North America, Europe, APAC, the Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global online project management software market.

• North America will account for 40% of the market’s growth during the forecast period. The increased demand among businesses for cost-effective and user-friendly online project management solutions has prompted major firms to launch industry-specific project management software and services in all nations in the area, particularly the United States. Due to the early adoption of technologies, the industrial sector in the region is highly advanced. The strong existence and penetration of the top vendors increase the overall market growth in the region.

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Global online project management software market – Market dynamics Key factor driving market growth

• The increasing integration of social media with project management software is notably driving the market growth.

• Integrating social media with online project management software gives social workflow options for employees even outside of the company firewall.

• A social workflow can be a group of SOA application interfaces (APIs) or it can be a stand-alone feature with integrated apps that integrate with other communications or business applications.

• Additionally, the increasing need for visibility and transparency and the increasing requirements for large-scale project management will further drive the market during the forecast period.

Leading trends influencing the market 

• The rise in remote working is an emerging trend boosting market growth.

• According to Gartner’s poll, 74% of businesses intend to permanently migrate to remote work after the pandemic. Online project management software can therefore be a great help in these situations. The program is easy to implement globally and allows a hybrid or remote workforce to keep on top of assignments and projects.

• Furthermore, the increasing focus on data analytics and AI is another major trend that will drive the market during the forecast period.

Major challenges hindering market growth

• High implementation and operating costs are major challenges impeding the market growth.

• The cost of cloud-based portfolio management software is typically high and is based on the number of users. Despite having lower initial costs than on-premises apps, cloud-based applications end up being more expensive over time. This is due to vendors placing orders yearly or quarterly to increase their customer base.

• Another factor that increases the cost of implementation is the training required. Therefore, high implementation and operational costs will hinder the market growth during the forecast period.

Driver, Trend & Challenges are the factor of market dynamics which states about
consequences & sustainability of the businesses, find some insights from a sample
report!

What are the key data covered in this online project management software market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the online project management software market between 2023 and 2027

• Precise estimation of the size of the online project management software market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the online project management software market across North America, Europe, APAC, Middle East and Africa, and South America

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of online project management software market vendors

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Browse for Technavio “Information Technology” Research Reports

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-user

7 Market Segmentation by Deployment

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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