According to the project management software industry analysis by Future Market Insights (FMI), the demand registered in the market will increase at a healthy CAGR of 13.1% from 2022-2032.
The report states that the market is expected to reach the valuation of ~US$ 5.9 Bn by the end of 2022. As per FMI, growing demand for project collaboration by large enterprises escalate the growth of project management software market. Project management software helps project managers to get real-time details of projects, making it simpler for enterprises to monitor status of projects.
The project management software also helps organizations to efficiently collaborate with team members. Additionally, the software accurately helps in the allocation of resources for a particular job, thereby lowering the overall cost.
Enterprises in North America are increasingly using advanced project management software to monitor the progress of any project. Thus, adoption of project management software solutions in the region is consistently rising increasing. The project management software market is anticipated to have remarkable growth opportunities for small and mid-sized Enterprises (SMEs).
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Key Takeaways: Project Management Software Market
- By solution, the project management software segment is anticipated to account for the leading share in the global demand for project management software during the forecast period. However, the services segment is estimated to grow at a robust CAGR of 10.9% through 2032.
- By industry, the IT & Telecom segment is anticipated to increase at a CAGR of 14.7% between 2022 & 2032.
- North America is expected to lead the market at a CAGR of around 9.5% through 2032 followed by Europe in 2022. South Asia and Pacific is anticipated to emerge as the fastest growing region between 2022 & 2032.
- The market in Japan is expected to progress at a CAGR of around 15.4% through 2032.
- In India, sales are expected to increase at a CAGR of close 21.0% over the next ten years.
“The demand of project management software is increasing in the building and construction industry. To cater to this, vendors are offering highly innovative construction software that improves the project planning process. The software offers a safe and secure database for all details related to the project” says FMI analyst.
Budget Tracking Throughout Project Lifecycle to Drive Demand
The in-built budget tracking feature enables enterprises to automatically monitor project budget through the life cycle. The right project management software is one of the better way to prevent out of control spending and overrun costs.
Budget tracking feature enable users to know exactly where work stands and how much money and time has been spent, and supports users to precisely predict the cost and timeline for the whole project. Therefore, the benefit offered by the budget tracking feature in the project management software solution is driving the market demand.
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Cloud-first Approach Becoming the Standard in Project Management
Cloud-based project management software organizes the collaborating, monitoring, delivering, and planning of a project. It enables project managers and teams to get work done utilizing a network of tools obtainable within the software, rather than utilizing a traditional method.
The usage of project management software scales from business to business. But, in all, it is created to make deadlines and managing projects simpler and more effective. Online Cloud-based project management tools offer a centralized place for document sharing and communication which results in high productivity for every team member without any financial costs. All cloud-based project management software such as ProofHub is made with outstanding technologies and undergo various security measures. Thus, cloud-based project management software is reliable and secure.
Project Management Software Outlook by Category
By Solution, Project Management Software Market is segmented as:
- Project Management Software
- Cloud-based
- On-premise
- Services
- Professional Services
- Consulting
- Implementation & Integration
- Support & Maintenance
- Managed Services
- Professional Services
By Enterprise Size, Project Management Software Market is segmented as:
- Large Enterprises
- Small and Mid-sized Enterprises (SMEs)
By Industry, Project Management Software Market is segmented as:
- Building and Construction
- Retail
- Hospitality
- IT & Telecom
- Energy and Utilities
- Manufacturing
- Government
- Others
By Region, Project Management Software Sales is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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