According to the project management software market analysis by Future Market Insights (FMI), the demand registered in the market will increase at a healthy CAGR of 13.1% from 2022-2032.
The report states that the market is expected to reach the valuation of ~US$ 5.9 Bn by the end of 2022. As per FMI, growing demand for project collaboration by large enterprises escalate the growth of project management software market. Project management software helps project managers to get real-time details of projects, making it simpler for enterprises to monitor status of projects.
The project management software also helps organizations to efficiently collaborate with team members. Additionally, the software accurately helps in the allocation of resources for a particular job, thereby lowering the overall cost.
Enterprises in North America are increasingly using advanced project management software to monitor the progress of any project. Thus, adoption of project management software solutions in the region is consistently rising increasing. The project management software market is anticipated to have remarkable growth opportunities for small and mid-sized Enterprises (SMEs).
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Key Takeaways: Project Management Software Market
- By solution, the project management software segment is anticipated to account for the leading share in the global demand for project management software during the forecast period. However, the services segment is estimated to grow at a robust CAGR of 10.9% through 2032.
- By industry, the IT & Telecom segment is anticipated to increase at a CAGR of 14.7% between 2022 & 2032.
- North America is expected to lead the market at a CAGR of around 9.5% through 2032 followed by Europe in 2022. South Asia and Pacific is anticipated to emerge as the fastest growing region between 2022 & 2032.
- The market in Japan is expected to progress at a CAGR of around 15.4% through 2032.
- In India, sales are expected to increase at a CAGR of close 21.0% over the next ten years.
Budget Tracking Throughout Project Lifecycle to Drive Demand
The in-built budget tracking feature enables enterprises to automatically monitor project budget through the life cycle. The right project management software is one of the better way to prevent out of control spending and overrun costs.
Budget tracking feature enable users to know exactly where work stands and how much money and time has been spent, and supports users to precisely predict the cost and timeline for the whole project. Therefore, the benefit offered by the budget tracking feature in the project management software solution is driving the market demand.
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Cloud-first Approach Becoming the Standard in Project Management
Cloud-based project management software organizes the collaborating, monitoring, delivering, and planning of a project. It enables project managers and teams to get work done utilizing a network of tools obtainable within the software, rather than utilizing a traditional method.
The usage of project management software scales from business to business. But, in all, it is created to make deadlines and managing projects simpler and more effective. Online Cloud-based project management tools offer a centralized place for document sharing and communication which results in high productivity for every team member without any financial costs. All cloud-based project management software such as ProofHub is made with outstanding technologies and undergo various security measures. Thus, cloud-based project management software is reliable and secure.
More Valuable Insights on Project Management Software Market
Future Market Insight’s report on the project management software research is segmented into four major sections – solutions (project management software (cloud-based and on-premises) and services (managed services and professional services), enterprise size (Small and Mid-sized Enterprises (SMEs) and large enterprises), industry (building and construction, retail, hospitality, IT and Telecom, energy and utilities, manufacturing, governments, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the project management software outlook.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the 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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