New York, United States, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Project management software is used for planning, scheduling, assigning resources, and managing change. Project management software accounts for over 30% of all business process management industry sales. As firms adopt automated project management software to perform essential project management activity functions spontaneously, the market is predicted to expand rapidly in the coming years. “The On-premise segment commands the largest market share and is expected to grow at a CAGR of 7.84%,” said by Seema, Research Manager at Straits Research P. Ltd.
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Rising Trends
The ability of centralized project management systems to link and integrate a wide range of disparate systems is a crucial factor projected to influence market expansion substantially. This is the primary argument for persuading the majority of end-user industry organizations to transition to centralized project management systems, which has boosted demand over the past few years.
Even though project managers have always used project management software, the situation has changed. Businesses everywhere embrace the idea and teach every staff member how to improve project management. The increasing sophistication of these technologies has led to developing project management strategies that are remarkably adaptable to any department and may help make finishing work much more manageable and straightforward.
Regional Insights
North America owns the most significant market share and is expected to expand at a CAGR of 11.02% over the projected period. The leading cause is the expanding corporate trend of using project management software. The increased requirement among businesses to efficiently track and manage their projects is expected to drive the region's adoption of PMS. The adoption of PMS solutions for task management for practical job completion and flexible work planning is anticipated to continue driving the market throughout the forecast timeframe. Additionally, the increasing focus that businesses are placing on fostering employee collaboration and boosting team productivity is fueling market development.
Europe owns the second-largest market share and is projected to expand at a CAGR of 11.21% by 2030. Among many others, the automobile industry is one of the most well-known on the European continent. Businesses may give customers greater personalization and choice without delaying their time to market or profitability with digital transformation tools and intelligent factories. Many industries are using cloud services in the European area to boost productivity and reduce costs. The region is investing more money to improve and establish cutting-edge telecom infrastructure due to the advent of 5G technology.
Asia-Pacific is expected to provide several development opportunities for the market under research due to increased investments in adopting digital transformation solutions and technology across industries. Additionally, it is projected that the local automakers' growth initiatives would aid market expansion. Local solution providers are collaborating and growing to bring cutting-edge solutions to several businesses throughout the region's industries. It is predicted that these actions would strengthen its market position in the region.
Key Highlights
- The global project management software market size is expected to reach USD 15.06 billion by 2030, growing at a CAGR of 10.77% during the forecast period (2022–2030).
- Based on deployment, the global project management software market is bifurcated into Cloud and On-premise.
- Based on end-user, the global project management software market is classified into Oil & Gas, IT & Telecom, Healthcare, Government, and Others. The Others segment holds the largest market share and is expected to grow at a CAGR of 10.46% during the forecast period.
The key market players are
- Oracle Corporation
- Microsoft Corporation
- SAP SE
- Broadcom Inc. (CA Technologies)
- Basecamp LLC
- AEC Software
- Workfront Inc.
- ServiceNow Inc.
- Unit4 NV
- Atlassian Corporation PLC.
Market News
- In July 2022, Oracle and Microsoft worked together to give Azure clients straightforward access to Oracle databases on the Oracle Cloud Infrastructure.
- In June 2022, Microsoft presented new solutions for small enterprises in Microsoft Teams on the Web.
- In May 2022, the collaboration between Google Cloud and SAP was cultivated to provide native connectivity between Google Workspace and SAP S/4HANA Cloud.
- In April 2022, Broadcom publicized the first Wi-Fi 7 ecosystem solutions.
Global Project Management Software Market: Segmentation
By Deployment
- Cloud
- On-premise
By End-user
- Oil & Gas
- IT & Telecom
- Healthcare
- Government
- Others
Regions
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
About Straits Research Pvt. Ltd.
Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.
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