Dublin, Feb. 06, 2024 (GLOBE NEWSWIRE) -- The "Global AI in Project Management Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global market for AI in project management continues to showcase significant growth, with a projected increase from $2.25 billion in 2022 to an impressive $5.09 billion in 2027, marking a CAGR of 17.5%. Despite unprecedented challenges posed by global events like the Russia-Ukraine war and continuity of pandemic-related economic effects, the industry is experiencing bolstered demand due to the expansion of cloud operations and progress in technological innovation.
Cloud Operations Fuel Market Expansion
A noteworthy trend propelling the market is the extensive incorporation of cloud operations into project management. Cloud operations encompass IT service delivery, optimization, and management in diverse environments, such as multi-cloud, hybrid, data centers, and edge computing. The seamless integration of AI through cloud operations enables efficient handling of project data, scheduling, and process automation, which significantly improves decision-making and project development efficiency. In 2021, as per Eurostat, there was a notable increase in the use of cloud computing services amongst EU companies, indicating a pivotal role in driving the AI in project management sector growth.
Technological Advances Propel Industry Trends
Innovation remains the cornerstone in this dynamic market. Companies are extending their AI capabilities to include a wider range of applications. Oracle's recent introduction of the Construction Intelligence Cloud Service, an AI-driven solution aimed at enhancing project management in construction, stands as a testament to such advancements. This service acts as an AI advisor, offering recommendations based on historical project data tailored to boost future project outcomes.
Regional Market Overview
North America emerged as the leading region in the market, with Asia-Pacific predicted as the quickest growing region across the forecast period. The comprehensive analysis covers several key regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. Country-specific insights provide a deeper understanding of market dynamics across continents.
Diverse Applications Fueling Market Demand
- Project scheduling and budgeting
- Data analytics and reporting
- Administrative and support services
- Risk and task management
Multiple industry verticals, particularly banking, financial services, insurance (BFSI), IT and telecom, and government and defense sectors, are increasingly adopting AI in project management solutions. The AI in project management market report delivers an exhaustive analysis, charting the current landscape and future growth prospects. The data encompasses market size, regional shares, competitive analysis, and insightful segment breakdowns that collectively offer a comprehensive view of the industry's trajectory.
Market Players Pushing Boundaries
Established entities and emergent players in the space are innovating relentlessly. Notable market participants are refining their offerings to satisfy the growing demand for intelligent project management solutions. Acquisitions such as Procore Technologies Inc.'s strategic move to acquire INDUS.AI demonstrate the industry's commitment to integrating AI in construction project management, aiming to elevate efficiencies and profitability. The report forms a fundamental tool for stakeholders, providing indispensable metrics and an outlook on market trends and opportunities within the AI in project management sector. It details a well-rounded account of the current status and prospective developments, indispensable for industry players aiming to consolidate their presence and capitalize on emerging trends.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $2.67 billion |
| Forecasted Market Value (USD) by 2027 | $5.09 billion |
| Compound Annual Growth Rate | 17.5% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- Amazon Web Services
- Microsoft Corporation
- Intel Corporation
- International Business Machines Corporation
- Deloitte
- Oracle Corporation
- SAP SE
- Cognizant Technology Solutions Corporation
- Adobe Inc.
- Wipro Ltd.
- ServiceNow Inc.
- Infor
- Atlassian Corporation
- Zoho Corporation
- Smartsheet Inc.
- Automation Anywhere
- Asana Inc.
- Hyperlink InfoSystem
- AlphaSense Inc.
- Moveworks Inc.
- H2O.ai
- Jasper AI Inc.
- Aitheon
- ALICE Technologies Inc.
- Deeper Insights
- ProofHub LLC
- Uizard Technologies.
Key Topics Covered:
- Market Characteristics: An examination of the fundamental characteristics and dynamics shaping the AI in Project Management market.
- Market Trends and Strategies: Analysis of current trends and strategic approaches adopted by market players.
- Macro Economic Scenario: Exploration of macroeconomic factors influencing the market, including the impact of inflation, geopolitical events, and the COVID-19 pandemic.
- Market Size and Growth: Assessment of the market size, historical growth, and forecasted growth trajectory, along with drivers and restraints.
- Market Segmentation: Detailed segmentation based on type, deployment model, organization size, application, and end-user to provide a comprehensive understanding of market segments.
- Regional and Country Analysis: Analysis of the market at regional and country levels, including market size, trends, and key factors driving growth in each region.
- Competitive Landscape: Overview of the competitive landscape, including company profiles, competitive benchmarking, and key mergers and acquisitions.
- Future Outlook and Potential Analysis: Insights into future market trends, growth opportunities, and strategies for market participants.
For more information about this report visit https://www.researchandmarkets.com/r/bt9nl1
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