Global Project Management Software Market Insights Forecasts to 2032

• The Global Project Management Software Market Size was valued at USD 6.53 Billion in 2022.
• The Market is growing at a CAGR of 12.8% from 2022 to 2032
• The Worldwide Project Management Software Market Size is expected to reach USD 21.89 Billion by 2032
• Latin America is expected to grow the fastest during the forecast period

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The Global Project Management Software Market size is anticipated to exceed USD 21.89 billion by 2032, growing at a CAGR of 12.8% from 2022 to 2032. According to a new report by Spherical Insights, the growing demand for real-time tracking and monitoring of organizational projects to improve operational efficiency and reduce business complexities is driving the growth of the project management software industry. Furthermore, increasing digitization in different end-use sectors that include IT & telecommunications, production, banking and financial services, and medical services is expected to boost demand for project management software throughout the forecast period.   

 

Market Overview

Project management software is software used for scheduling, project planning, allocation of resources, and change management. It allows project managers (PMs), stakeholders, and users to manage costs, budgets, quality, and documents. It can also be used as a management system. To manage and complete their projects on time, project managers require a variety of tools. Using traditional project management tools, these managers can manage project scope, cost, and resources. Users can use project management software to monitor and identify critical tasks, assign resources, assign due dates, create timelines, and maintain track of project phases. Furthermore, members of the team can collaborate remotely at a faster pace with the help of project management software because it enables automated communication as well as sharing updates with the team involved in the particular project.

 

Report Coverage

This research report categorizes the market for the global project management software market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the project management software market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the project management software market.

 

Driving Factors

The growing use of cloud-based services for remote assignment monitoring is a critical factor that is expected to have a significant impact on market expansion. Monitoring and analytical solutions are in high demand to boost productivity and operational effectiveness in a variety of industries, including medical services, government, banking and financial services, telecommunications, engineering, and construction. This encourages the use of project portfolio management (PPM) systems in particular. On the other hand, it is expected that increasing complexity and rising capabilities, such as reminders and setting due dates, will drive market growth throughout the forecast period. Furthermore, the market is expected to grow during the forecast period due to the increasing complexity of projects and the need for prompt and effective management. The need for a 360-degree view of project operations and resource management drives the demand for PPM solutions. The program facilitates group scheduling, strategy, and more rapid, effective decision-making. Furthermore, an increase in the "bring your own device" (BYOD) trend, as well as organizations' increased emphasis on achieving a faster Return on Investment (ROI), are the main drivers of market growth.

 

Restraining Factors

The expensive installation and maintenance costs of these systems deter businesses from investing in project management software systems, resulting in hindered market expansion. Robust, dependable, and efficient software is associated with higher project management software system costs. These systems are also quite expensive due to the increased security. The pressure is on the final user of those systems, who must pay maintenance costs for the software long-term owing to the need for periodic upgrades to fix safety concerns.

 

Market Segmentation

 

The Global Project Management Software Market share is classified into deployment, component, and end use.

• The cloud segment is expected to grow at the fastest pace in the global project management software market during the forecast period.

The global project management software market is categorized by deployment into cloud and on-premises. Among these, the cloud segment is expected to grow at the fastest pace in the global project management software market during the forecast period. The numerous benefits offered by cloud-based solutions, such as accessibility, scalability, and cost-effectiveness, have fueled their adoption. Cloud-based project management software providers have been able to rapidly innovate, integrate with other cloud-based tools, and provide competitive pricing models.

 

• The solution segment is expected to hold the largest share of the global project management software market during the forecast period.      

Based on the component, the global project management software market is divided into solution and services. Among these, the solution segment is expected to hold the largest share of the global project management software market during the forecast period. This is due to the fact that organizations primarily invest in project management software solutions to address their core project management requirements and gain access to the functionalities required for efficient project execution. The core software applications that enable project management functions are referred to as the solutions segment. Task management, scheduling, resource allocation, collaboration tools, document sharing, reporting, and analytics are common features of these solutions.   

      

•   The IT & telecom segment is expected to hold the largest share of the global project management software market during the forecast period.  

Based on the end use, the global project management software market is divided into manufacturing, BFSI, IT & telecom, healthcare, engineering & construction, government, and others. Among these, the IT & telecom segment is expected to hold the largest share of the global project management software market during the forecast period. The IT and telecom sector includes software development, IT infrastructure deployment, network expansion, and telecommunications services. Project management software is required to manage software development lifecycles, infrastructure projects, network upgrades, and service deployments. It enables efficient resource allocation, collaboration, project milestone tracking, and client expectation management in a highly dynamic and competitive industry.   

 

Regional Segment Analysis of the Global Project Management Software Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America is projected to hold the largest share of the global project management software market during the study period.   

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North America is expected to hold the largest share of the global project management software market during the forecast period. North America includes the United States and Canada, both of which contribute significantly to the global project management software market. The region has a strong technological infrastructure, widespread adoption of advanced software solutions, and a strong emphasis on project management practices across multiple industries. Sectors such as IT & telecom, healthcare, manufacturing, and BFSI drive the North American market. Furthermore, the presence of major software vendors, as well as a favorable business environment for innovation and digital transformation, drive the growth of the project management software market in this region.     

 

Asia Pacific is expected to grow at the fastest pace in the global project management software market during the forecast period. The Asia Pacific region's project management software market is expanding rapidly, fueled by emerging economies such as China, India, Japan, and South Korea. These countries have a large number of IT and technology-driven businesses, manufacturing facilities, and government infrastructure development initiatives. The IT and telecommunications sectors, as well as the manufacturing, engineering, and construction industries, are major contributors to the Asia Pacific region's demand for project management software. Rapid digitization, rising cloud-based solution adoption, and the need for efficient project execution are driving market growth in this region.

 

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global project management software market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Adobe Inc.
• Broadcom Inc.
• Oracle Corporation
• Atlassian Corporation Plc
• Microsoft Corporation
• Plainview, Inc.
• Planisware
• SAP SE
• ServiceNow
• Zoho Corporation Pvt. Ltd.
• Teamwork.com
• Smartsheet, inc.
• Asana Inc.
• Monday.com
• LiquidPlanner, inc.
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• In July 2022, Oracle and Microsoft partnered to provide Azure clients with direct, simplified access to Oracle databases on Oracle Cloud Infrastructure.

 

• In July 2022, Planview announced a strategic partnership with Tasktop to provide value stream management and offered connected work solutions such as portfolio and work management solutions. Planview and Tasktop will collaborate to help organizations accelerate their time to market, improve operational efficiency, and provide capability that will help customers connect their software delivery business while enabling them to transform their organization quickly and efficiently.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Project Management Software Market based on the below-mentioned segments:

 

Global Project Management Software Market, By Deployment

• Cloud
• On-Premises

 

Global Project Management Software Market, By Component

• Solution
• Services

 

Global Project Management Software Market, By End Use

• Manufacturing
• BFSI
• IT & Telecom
• Healthcare
• Engineering & Construction
• Government
• Others

 

Global Project Management Software Market, By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa