Pune, Nov. 18, 2020 (GLOBE NEWSWIRE) -- The global online project management software market size is projected to speedily expand owing to the rapid emergence and spread of remote working trends worldwide amid the COVID-19 pandemic, finds Fortune Business Insights™ in its report, titled “Online Project Management Software Market Size, Share & Industry Analysis, By Deployment (On-Premises, Cloud), By Enterprise Size (Large Enterprise, SMEs), By Industry (BFSI, IT & telecom, Healthcare, Retail, Manufacturing) and Regional Forecast, 2020-2027”.
The coronavirus pandemic has wreaked havoc for companies, who have been forced to establish work from home systems for their employees to ensure their safety. This has resulted in a remote working experiment in the corporate world on an unprecedented scale. For example, in the US, approximately 4.7 million employees are working from home for at least half a week. However, businesses are constantly growing and expanding their operations, necessitating the adoption of digital tools to efficiently manage their projects. Online project management software solutions have, therefore, surged in popularity in the business world. Zoho Corp, for instance, is experiencing skyrocketing demand for its software solutions, with the company planning further expansions in India and aiming to hit the 1-million customer mark soon. Thus, the COVID-19 pandemic is expected to create unparalleled opportunities for players in this market.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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What Does This Report Offer?
- Detailed insights into the leading market segments;
- Tangible analysis of the market trends, drivers, and restraints;
- A comprehensive evaluation of the regional opportunities; and
- An in-depth examination of the competitive landscape of the market.
Market Driver
Availability of Project Management Software for the Construction Industry to Aid Growth
A prominent factor powering the online project management software market growth is the rising availability of project management software for the construction industry. For example, Autodesk’s BIM 360 is an online project management tool designed specifically for the construction industry, allowing managers to speed up the completion of projects while staying within budget, abiding by industry standards, and following safety regulations and project requirements. Similarly, Jonas Premier by Jonas Construction has been engineered as cloud construction software to enable construction companies to automate workflows and access profitable opportunities. These software solutions for the construction industry have an added significance in the present pandemic situation, which has stymied construction activities and reduced on-site productivity. However, the global construction industry is still expected to grow exponentially during the next decade, especially in developing economies, which will favor this market.
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Regional Insights
The proliferation of SMEs in Asia Pacific to Enable the Region to Lead the Market
Asia Pacific is expected to lead the online project management software market share in the foreseeable future owing to the rising uptake of advanced enterprise process systems in the burgeoning small & medium enterprises (SMEs) in the region. In addition to this, companies in the region are also steadily adopting cloud management solutions to enhance efficiency and attract clients, which augur well for this market.
In North America, an increasing number of technology startups and the strong presence of tech-world giants such as Microsoft and Google will create ideal growing conditions for the market. In Europe, on the other hand, quick adoption of advanced software for optimizing processes will propel the regional market growth.
Competitive Landscape
Key Players to Invest in Developing Smart Management Tools
Leading competitors in this market are making strategic investments to develop project management tools powered by smart technologies such as artificial intelligence (AI) and machine learning (ML). This is enabling them to devise future-proof products, which not only strengthens their portfolios but also entrenches their position in the market.
Industry Developments:
- October 2020: Wrike announced major upgrades to its project management platform, embedding it AI capabilities for keeping individual projects on track and time. The AI upgrade will also provide new solutions to marketers and managers in large organizations as well.
- January 2020: Clubhouse, a collaborative platform for software teams, secured Series B funding, raising its total funding to USD 39 million. With this new round of funding, Clubhouse aims to accelerate its product innovation capacity as the company aims to breach the 1-million customer mark in 2021.
List of Key Players Covered in the Online Project Management Software Market Report:
- ProjectManager.com, Inc.
- Nulab, Inc.
- Asana, Inc.
- Smartsheet, Inc.
- Zoho Corporation Pvt. Ltd.
- Basecamp
- Zapier, Inc.
- Wrike, Inc.
- OpenProject GmbH
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