New York, United States, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The Global Project Management Software Market Size is to grow from USD 6.53 billion in 2022 to USD 21.89 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 12.8% during the projected period.
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Project management software can be utilized for scheduling, project planning, resource allocation, and change management. Costs, budgets, quality, and documents can all be managed by project managers (PMs), stakeholders, and users. It is also useful as a management system. Project managers need a variety of tools to manage and complete their projects on time. Project management software allows users to monitor and identify critical tasks, assign resources, assign due dates, create timelines, and keep track of project phases. Furthermore, with the help of project management software, members of the team can collaborate remotely at a faster pace because it enables automated communication as well as sharing updates with the team involved in the specific project. The increasing use of cloud-based services for remote assignment monitoring is a critical factor that will have a significant impact on market growth. Monitoring and analytical solutions are in high demand in a variety of industries, including medical services, government, banking and financial services, telecommunications, engineering, and construction. However, the high installation and maintenance costs of these systems hinder businesses from investing in project management software systems, hampering market growth.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on the "Global Project Management Software Market Size, Share, and COVID-19 Impact Analysis By Deployment (Cloud, On-Premises), By Component (Solution and Services), By End Use (Manufacturing, BFSI, IT & Telecom, Healthcare, Engineering & Construction, Government, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The cloud segment is expected to grow at the fastest pace in the global project management software market during the forecast period.
The global project management software market is divided into cloud and on-premises deployments. The cloud segment is projected to expand at the highest rate in the global project management software market throughout the forecast period. Cloud-based solutions' numerous advantages, such as accessibility, scalability, and cost-effectiveness, have fueled their widespread adoption.
The solution segment is expected to hold the largest share of the global project management software market during the forecast period.
The global project management software market is classified into solution and services. The solution segment is projected to account for the majority share of the global project management software market throughout the forecast period. This is because organizations primarily invest in project management software solutions to meet their core project management needs and gain access to the functionalities required for efficient project execution.
The IT & telecom segment is expected to hold the largest share of the global project management software market during the forecast period.
The global project management software market is segmented by end use into manufacturing, BFSI, IT & telecom, healthcare, engineering & construction, government, and others. The IT & telecom segment is projected to account for the biggest share of the global project management software market throughout the forecast period. The IT and telecom industry includes software development, IT infrastructure deployment, network expansion, and telecommunications services.
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North America is projected to hold the largest share of the global project management software market during the study period.
North America includes the United States and Canada, both of which make significant contributions to the global project management software market. The region has a robust technological infrastructure, widespread adoption of cutting-edge software solutions, and a strong emphasis on project management practices across multiple industries. The North American market is driven by industries such as IT & telecom, healthcare, manufacturing, and BFSI.
The project management software market in the Asia Pacific region is rapidly expanding, fueled by emerging economies such as China, India, Japan, and South Korea. These countries have a high amount of IT and technology-driven businesses, manufacturing plants, and government infrastructure development initiatives.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Project Management Software Market include Adobe Inc., Broadcom Inc., Oracle Corporation, Atlassian Corporation Plc, Microsoft Corporation, Plainview, Inc., Planisware, SAP SE, ServiceNow, Zoho Corporation Pvt. Ltd., Teamwork.com, Smartsheet, inc., Asana Inc., Monday.com, LiquidPlanner, inc., and Others.
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Recent Developments
In July 2022, Oracle and Microsoft partnered to provide Azure clients with direct, simplified access to Oracle databases on Oracle Cloud Infrastructure.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Project Management Software Market based on the below-mentioned segments:
Global Project Management Software Market, By Deployment
- Cloud
- On-Premises
Global Project Management Software Market, By Component
- Solution
- Services
Global Project Management Software Market, By End Use
- Manufacturing
- BFSI
- IT & Telecom
- Healthcare
- Engineering & Construction
- Government
- Others
Global Project Management Software Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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