Top 5 Companies in Project Management Software Industry: Key Drivers for Future Revenue Growth Statistics 2024
RELEASE DATE: Oct 2024 Author: Spherical Insights Request Free Sample
What Is Project Management Software?
Planning, organizing, and allocating resources for project management are done with the help of project management software. It facilitates teamwork and allows for a clear definition of duties and responsibilities while monitoring the project's advancement. It enables seamless stakeholder cooperation and gives project managers control over time and money.
Key Market Insights:
The Global Project Management Software Market size was valued at USD 6.53 billion in 2023 and is projected to USD 21.89 billion by 2033, exhibiting a CAGR of 12.8% during the forecast period 2023-2033. The top companies in the global cosmetic market include Atlassian, SAP SE, Broadcom Inc. (CA Technologies), Oracle Corporation, ServiceNow Inc., Basecamp, ClickUp, Wrike, Smartsheet, and Asana.
Growth Factors and Future Prospects in the Project Management Software Industry
1. Enhanced customer understanding and Sophistication
Software solutions for project management have long been used by project managers, but times have changed. Globally, companies are embracing the idea and training all staff members on improved project management techniques. As a result of these technologies' increasing sophistication, project management strategies that can be applied to any department are now highly flexible and can help make the process of finishing work much clearer and more controllable.
2. The ability to integrate and link diverse systems
One more important factor that will likely have an effect on market growth is the ability of centralized project management systems to link and integrate multiple disparate systems. Lack of centralization is the main reason why so many firms struggle to manage their projects and the information that goes along with it. Centralized management solutions ensure project managers' success by providing users with the information they require in one place while they manage people, assignments, and goals.
3. An growing need to raise the success rates of projects
Organizations commonly employ a variety of project management tools and processes, such as Gantt charts, critical path analysis, and risk management strategies. These methods and resources, which have been improved throughout time, have been used to manage projects for many different organizations in an efficient manner. Project management experts claim that less than half of all projects reach production and are finished on schedule, under budget, and in accordance with the original design. Project failure is primarily caused by a lack of resources, which also results in poor planning and management, poor communication and involvement from stakeholders, and changing project requirements. These elements will fuel the market's expansion in the years to come.
4. Project management software is in high demand as businesses embrace flexibility due to hybrid work.
The market for project management software is being positively impacted by businesses adopting the hybrid workplace paradigm. After being first presented by Google and then adopted by many other companies, the hybrid model is becoming more and more well-known for its ability to increase business productivity and provide a number of benefits. Notably, organizations that provide employees the option to work from both office and remote locations include Google, Amazon, Atlassian, American Express, Coinbase, Facebook, Microsoft, and Infosys.
List of Key Companies in the Project Management Software Market
- Atlassian
- SAP SE
- Broadcom Inc. (CA Technologies)
- Oracle Corporation
- ServiceNow Inc.
- Basecamp
- ClickUp
- Wrike
- Smartsheet
- Asana
Top 5 Players in the Project Management Software Market
1. Atlassian
Headquarters: Sydney, Australia
Atlassian Corporation, an American-Australian software firm, creates tools for project managers and software developers, among other audiences. With its worldwide headquarters located in Sydney, Australia, and its US headquarters located in San Francisco, the corporation is headquartered in Delaware. Atlassian creates software that facilitates more productive and successful teamwork. The company offers IT help desk solutions, collaborative tools, and software for project planning and administration. The business is divided into four business segments: maintenance, perpetual license sales (which are upfront sales of the software with ongoing support and updates), term licenses and cloud agreements, perpetual licenses (which are upfront sales of the software with unlimited usage), and other (which includes training, strategic consulting, and sales from the Atlassian Marketplace app store). With its headquarters located in Sydney, Atlassian was established in 2002.
2. Broadcom
Headquarters: Palo Alto, California.
A multinational corporation based in the United States, Broadcom Inc. designs, develops, manufactures, and distributes a broad range of infrastructure software and semiconductor solutions worldwide. Data center, networking, software, internet, wireless, storage, and industrial markets are all served by Broadcom's product line. The company Broadcom Inc. (Broadcom) creates, develops, and distributes a variety of infrastructure software and semiconductor products. Storage adapters, controllers, integrated circuits, wireless, wired, and optical equipment are among the company's product offerings. Along with cybersecurity software with an emphasis on automation, enterprise, systematic cybersecurity, and factory automation, it also provides mainframe and enterprise software. Set-top boxes, internet access, telecommunications equipment, base stations and smartphones, data center servers, and storage are among the applications for its products.
3. ServiceNow
Headquarters: California, United States
ServiceNow Inc. uses a Software as a Service (SaaS) delivery model to offer software solutions that organize and automate different business operations. The company's primary focus is on providing enterprise customers with IT services. After starting out with IT service management, ServiceNow has since grown inside the IT department and, more recently, has applied its workflow automation logic to other functional areas outside of IT, including customer care, HR service delivery, and security operations. A platform for developing applications is also available as a service from ServiceNow. As a market leader, ServiceNow has made a name for itself in sectors including healthcare, finance, manufacturing, government, and telecommunications. Gartner has continuously acknowledged ServiceNow's ITSM leadership. Driven by the growing need for cloud-based digital solutions, the company has enjoyed tremendous expansion, with over $8 billion in revenue as of 2023 and a subscription-based strategy.
4. Basecamp
Headquarters: Chicago, Illinois, United States
Basecamp was founded as a web design company, but Jason Fried, the company's creator, saw that the team was having trouble dealing with an excessive number of emails. To facilitate communication and teamwork, the team developed an internal project management application. Later, in 2004, they started to sell it to clients as software as a service (SaaS). Basecamp is a cloud-based platform that provides project management tools. Message boards, maintaining to-do lists and assigning tasks, scheduling, sharing documents and files, and other capabilities are all included in the package. The software is offered with a subscription-based pricing structure in both the Apple App Store and the Google Play Store.
5. Asana
Headquarters: Jakarta, Indonesia
Asana, Inc., an American software business with its headquarters in San Francisco, is known for its flagship product, Asana, an online and mobile "work management" platform that assists teams in planning, monitoring, and managing their workload. In 2008, Dustin Moskovitz and Justin Rosenstein launched Asana, Inc. Asana is a cloud-based software as a service (SaaS) supplier of collaborative work management tools. Across a wide range of use cases, such as marketing campaigns, overseeing IT approvals, and performance management, the company's solution provides scalable, dynamic solutions to increase the effectiveness of project and process management. The product from Asana facilitates teamwork in workflow management and offers real-time project visibility along with reporting and automation features. Per-seat software subscriptions are how the company makes money.
Recent Development
- In March 2024, a strategic alliance was established between Inflectra, a leading provider of IT Software Lifecycle Management solutions globally, and LambdaTest, a premium cloud-based unified testing platform. Through this partnership, development teams hope to completely transform how they oversee and complete software projects.
- In January 2023, Confluent, Inc., a leading provider of data streaming, and Immerok, a contributor to Apache Flink®, have finalized their cooperation to accelerate the growth of Confluent's cloud-native Apache product. This calculated action will accelerate the market's growth for project management software.
- In September 2023, SAP declared its plan to purchase LeanIX. Leading the industry in enterprise architecture management (EAM), LeanIX promotes ongoing business transformation and the upgrading of IT environments. With the help of its software-as-a-service offerings, enterprises may plan, evaluate, and oversee the shift to their desired IT architecture.
- In November 2023, A new approach to building project delivery has been introduced by Linarc, Inc., the construction industry's fastest-growing collaborative project management platform.
- In October 2022, Observability Creator Era Software was acquired by ServiceNow to help businesses capitalize on the promise of digital transformation, turn data-driven insights into action, and innovate quickly, precisely, and under control. This helps modern organizations achieve better returns on all of their technology investments.
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