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.
According to the analysis, by the end of 2022, the market is predicted to be worth US$5.9 billion. According to FMI, the market for project management software is expanding due to large organisations’ increasing desire for project collaboration. Enterprises may more easily track the status of projects thanks to project management software, which assists project managers in getting real-time project information.
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Additionally, firms may effectively engage with team members thanks to the project management software. Additionally, the programme precisely aids in resource allocation for a certain task, hence reducing the overall cost.
To track the status of every project, businesses in North America are increasingly employing sophisticated project management software. As a result, project management software solutions are increasingly being adopted in the area. For small and mid-sized businesses, the project management software market is expected to present significant growth potential (SMEs).
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 9%through 2032.
- By industry, the IT & Telecom segment is anticipated to increase at a CAGR of 7%between 2022 & 2032.
- North America is expected to lead the market at a CAGR of around 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 4%through 2032.
- In India, sales are expected to increase at a CAGR of close 0%over the next ten years.
Budget Tracking Throughout Project Lifecycle to Drive Demand
Enterprises may automatically track project budget throughout its life cycle with the help of the built-in budget tracking feature. One of the best ways to prevent excessive spending and cost overruns is with the use of the proper project management software.
Users can accurately forecast the cost and timetable for the entire project with the help of the budget tracking function, which lets users know exactly where work stands and how much time and money has been spent. As a result, the market demand is being driven by the benefit provided by the budget tracking feature in the project management software solution.
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Cloud-first Approach Becoming the Standard in Project Management
A project’s planning, delivery, monitoring, and collaboration are all organised via cloud-based project management software. Instead of using a conventional approach, it enables project managers and teams to complete their job using a network of tools available within the programme.
Software for project management is used at varying levels by different businesses. Overall though, it’s designed to make managing projects and deadlines easier and more efficient. Online cloud-based project management systems provide a central location for document sharing and communication, increasing team member efficiency without incurring any fees. All cloud-based project management tools, including ProofHub, are created using cutting-edge technologies and put through a number of security checks. Software for project management that is hosted in the cloud is trustworthy and safe.
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.
Project Management Software Outlook by Category
By Solution, Project Management Software Market is segmented as:
- Project Management Software
- Cloud-based
- On-premise
- Services
- Professional Services
- Consulting
- Implementation & Integration
- Support & Maintenance
- Managed Services
- Professional Services
By Enterprise Size, Project Management Software Market is segmented as:
- Large Enterprises
- Small and Mid-sized Enterprises (SMEs)
By Industry, Project Management Software Market is segmented as:
- Building and Construction
- Retail
- Hospitality
- IT & Telecom
- Energy and Utilities
- Manufacturing
- Government
- Others
By Region, Project Management Software Sales is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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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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