NEW YORK, Jan. 30, 2023 /PRNewswire/ — As per Zion Market Research study, The global project management software industry size was nearly $11.96 Billion in 2021 and is set to increase to about $15.08 Billion by 2030 with a CAGR of nearly 10.68% between 2022 and 2030.
Project Management Software Market: Overview
Project management software effectively handles the work of group members and schedules the order of projects they are handling. With corporations increasing in size and complexity, it is necessary for an all-inclusive solution for managing and coordinating the portfolio of various projects of an organization. Moreover, project management software helps in effectively managing and shuffling between various plans, budgets, workloads, and resources along with observing the progress of the project. In addition to this, project management software has emerged as a strategic function of current business owing to the accelerating pace, technological breakthroughs, online transformations, and disruptions taking place across the industry.
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Key Industry Insights & Findings of the Project Management Software Market Reports:
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As per the analysis shared by our research analyst, the global project management software market is projected to expand annually at the annual growth rate of around 10.68% over the forecast timespan (2022-2030)
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In terms of revenue, the global project management software market was evaluated at nearly $6.1 billion in 2021 and is anticipated to hit $15.08 billion by 2030
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The global market is anticipated to surge at a remarkable rate over the forecast period due to the surging use of software in effectively managing resources and escalating demand for software which helps in minimizing project risks & costs.
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Based on deployment type, the on-premise segment accounted for the major market share in 2021
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On basis of end-user, the oil and gas segment accounted for the highest market share in 2021
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On the basis of region, the North American region is predicted to be a key revenue pocket of the global market over the projected timeline
Zion Market Research published the latest report titled “Project Management Software Market By Deployment Type (Cloud and On-Premise), By End-User (Oil and Gas, IT and Telecom, Healthcare, Government, and Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030.” into their research database.
Industry Dynamics:
Project Management Software Market: Growth Drivers
The expansion of the global project management software market can be attributed to aspects such as the surging use of software in effectively managing resources and escalating demand for software which helps in minimizing project risks & costs. On the other hand, the addition of new features to the product such as reminders and setting of due dates are projected to promote the growth of business during the anticipated period. Furthermore, the ability of project management software in integrating many disparate systems will boost global market trends.
Project Management Software Market: Restraints
Surging deployment costs of setting up project management software along with escalating costs of maintenance are preventing the firms from investing in the manufacture of project management software, thereby slowing the expansion of the global project management software industry.
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Project Management Software Market: Opportunities
Growing awareness about the product among the end-users is predicted to open new growth opportunities for the global project management software industry in the ensuing years. The emergence of connected things and the use of agile NPD will open new facades of growth for the global market.
Project Management Software Market: Challenges
Slow market penetration due to huge product costs will pose a massive challenge to the growth of the global project management software industry. Large-scale use of project management software requires a large number of technology suppliers and these result in high costs, thereby posing a huge challenge to the expansion of the business.
Global Project Management Software Market: Segmentation
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The global project management software market is divided into deployment type, end-user, and region.
In terms of deployment type, the global project management software industry is segmented into on-premise and cloud segments. Moreover, the on-premise segment, which accounted for the global industry share in 2021, is slated to demonstrate lucrative growth during the forecast timeframe. The expansion of this segment over 2022-2030 can be credited to the large-scale on-premise deployment by small & medium-scale businesses.
On the basis of end-user, the global project management software market is divided into healthcare, oil and gas, government, IT and telecom, and others. Moreover, the oil and gas segment, which led the global project management software industry share in 2021, is anticipated to lead the segmental surge even in the foreseeable future. The segmental growth can be attributed to the use of project management software by oil & gas firms owing to their focus on garnering real-time data and the need for data analysis.
Based on end-user, the global Project Management Software market is segmented into hotels, cruises, luxury yatches, and others.
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List of Key Players in Project Management Software Market:
Key questions answered in this report:
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Recent Developments
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In January 2022, TD SYNNEX Corporation signed a strategic partnership agreement with Amazon Web Services, Inc. The move is aimed at providing investment in small & medium-scale firms as well as the public sector for expanding their business. Moreover, the use of a slew of AWS cloud solutions will further boost the scope of their business. The initiative will also enhance the scope of growth of the global project management software market.
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In January 2023, Confluent, Inc., a key data streaming firm, entered a definitive partnership with Immerok, a contributor to Apache Flink®, for accelerating the expansion of cloud-native Apache offering. The strategic move will boost the expansion of the project management software market.
Regional Dominance:
In terms of region, the global project management software market is sectored into Europe, the Middle East and Africa, Asia-Pacific, Latin America, and North America. The North American project management software market is slated to maintain its dominant status during the forecast period subject to the rise in the number of organizations adopting project management software services. Moreover, the escalating demand for project management software among organizations of the sub-continent for proficiently tracking and managing their ventures is likely to act as a stimulator for use of project management software in the region.
Global Project Management Software Market is segmented as follows:
Project Management Software Market: By Deployment Type Outlook (2022-2030)
Project Management Software Market: By End user Outlook (2022-2030)
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Oil and Gas
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IT and Telecom
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Healthcare
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Government
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Others
Project Management Software Market: By Region Outlook (2022-2030)
North America
Europe
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France
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The UK
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Spain
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Germany
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Italy
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Rest of Europe
Asia Pacific
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China
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Japan
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India
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South Korea
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Southeast Asia
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Rest of Asia Pacific
Latin America
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Brazil
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Mexico
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Rest of Latin America
Middle East & Africa
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