New York, May 10, 2022 (GLOBE NEWSWIRE) -- As per a study by Persistence Market Research, from US$ 4.6 Billion in 2022 to US$ 10.4 Billion in 2032, the global Online Project Management Software Market is predicted to grow at an 8.5% CAGR from 2022 to 2032. One of the major key factors such as the rise in remote working is also augmenting the growth of the online project management software market. Since the pandemic outbreak in 2020, remote working has significantly gained traction. Remote working will likely continue for the foreseeable future. This has brought up some interesting challenges for project managers.
According to the Gartner survey of 2020, 74% of companies are planning to shift to remote work post-COVID-19 permanently. Online project management software can be a major benefit in these circumstances. Therefore, it is expected that demand for online project management software will increase during the forecast period. Increasing requirements for large-scale project management is notably driving the online project management software market growth during the forecast period. Another major factor that is fueling the growth of the global online project management software market includes the increasing requirements for large-scale project management.
Moreover, the capability of minimizing project risks and cost has directed small and medium enterprises to adopt the software for optimization of project management. Growing demand for automation of business process management is also expected to fuel the online project management market growth. The customized offering of the industries expected to enhance the demand for project management software in the forthcoming years.
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Key Takeaways from the Market Study
- By end user, large enterprises to grow at the fastest CAGR of 9.0% during the forecast period.
- North America is expected to grow at a high rate, with a CAGR of 7.7% during the forecast period
- The market for the U.S is expected to be worth US$ 1.9 Billion by 2032, with a CAGR of 6.8% over the forecast period.
- China is expected to reach US$ 668.2 Million by 2032, growing at a CAGR of 13.0%
- India to reach a market size of US$ 723.1 Million by 2032
- Japan is expected to have a market size of US$ 697.3 million by 2032, with a CAGR of 13.1% during the research period.
- UK to procure US$ 1 billion by 2032, with a CAGR of 7.3% from 2022 to 2032
Competitive Landscape
Major players such as ActiveCollab LLC, Apptio Inc., Asana Inc., Atlassian Corp. Plc., Basecamp LLC, Citrix Systems Inc., Clarizen Inc., LiquidPlanner Inc., Mavenlink Inc., Codleo, SAP, Microsoft Corp., Planbox Inc., Premiere Global Services Inc., ProjectManager.com Inc., Redbooth, Smartsheet Inc., TeamGantt, Teamwork Crew Ltd., Workfront Inc., Wrike Inc., Zoho Corp. Pvt. Ltd., among others are expected to dominate the market share in terms of revenue.
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- In November 2020, Codleo Consulting launched an exclusive cloud-based project management App for SMBs named ‘ProjecLeo’. The application is equipped with powerful scheduling and project planning features with collaboration tools for teams. It is also equipped with user-friendly task management and time logs that help automate and streamline the essential business processes with an aim to enhance operational efficiency.
- In July 2020, SAP collaborated with Siemens, through which the former will offer the latter’s Teamcenter software as the core foundation for product data management. Siemens will offer SAP Intelligent Asset Management solutions and SAP Portfolio and Project Management applications that are anticipated to maximize business value for customers over the entire product and service lifecycle and enable new collaborative processes between manufacturers and operators.
- In October 2019, Microsoft Corporation had launched an offering project management software as a pay per month subscription model. The availability of software as per customer choice is expected to enhance productivity and company business across the globe.
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Find More Valuable Insights on Online Project Management Software Market
Persistence Market Research (PMR) published a detailed study on the Online Project Management Software Market, which includes global industry analysis for 2015-2021 and forecasts for 2022-2032. The report provides an insightful analysis of the market concentration across five different regions, through end-user segment. The report titled - 'Online Project Management Software' deliberates current installed base, product usage in various applications from domestic to industrial, as well as prevailing trends and technologies. Along with this, detailed value chain analysis pertaining procurement and aftermarket services has been presented in the report.
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