25-Jan-2023 | Zion Market Research
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 assists the staff in effectively handling the project along with gaining insights into real-time data of the project. It helps firms in monitoring the status of projects. Apart from this, the project management software assists firms in effectively interacting with the team members. In addition, the project management software aids in allocating resources for a particular job and thus reduce the overall operating costs of the firm.
The expansion of the global project management software industry over the forecast timeline can be credited to the growing preference of firms towards automated project management software as it is helpful in performing key project management functions without any manual intervention. Apart from this, project management software accounts for about 36% of sales in business process management business. In addition to this, project management software helps in performing a slew of functions such as planning, monitoring, integrating, and delivering a project through the use of budget management, document management, and task management. All these aforementioned aspects will boost global market trends.
Nonetheless, the surge in costs of software installation and high maintenance costs can pose a threat to the growth of the global project management software market. However, the rise in acceptance of cloud-based solutions for remote tracking of data and innovations in project management software will create new growth avenues for the global industry.
The global project management software market is divided into deployment type, end-user, and region.
On the basis of deployment type, the global project management software industry is sectored into on-premise and cloud segments. Furthermore, the cloud segment is predicted to record notable growth over the forecast timeline. The growth of the segment over 2022-2030 can be due to the massive demand for cloud by large-scale enterprises for enhanced planning & scheduling, effective collaboration, proficient task delegation, and easy access & sharing of files.
Based on the end-user, the global project management software market is segmented into healthcare, oil and gas, government, IT and telecom, and others. Moreover, the IT and telecom segment is predicted to register the highest CAGR during the forecast period. The segmental surge can be attributed to a rise in the use of project management software in the IT and telecom sector as there is a massive need for the product with an increase in project requests from a slew of clients and business units.
The North American project management software market is set to retain its dominant status over the forecast timeline subject to escalating product demand from firms for proficiently tracking and managing projects. Apart from this, firms in the region deploy project management software solutions for effectively executing organizational tasks. This aspect, in turn, has further boosted the surge in the regional market.
This review is based on a report by Zion Market Research, 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.”- Report at https://www.zionmarketresearch.com/report/project-management-software-market
Key participants included in the global project management software industry include:
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