In 2021, the project management software market was worth $5,359.6 million. The project management software market is expected to generate $20,420.6 million in revenue by 2032, growing at a CAGR of 13.1% between 2022 and 2032.
The market is expected to be worth $5.9 billion by the end of 2022, according to the report. According to FMI, the market for project management software is booming due to the growing desire of large organisations for project cooperation. Project management software, which enables project managers in obtaining real-time project information, allows businesses to more easily track the status of projects.
Additionally, firms may effectively engage with team members thanks to the project management software. Additionally, the program precisely aids in resource allocation for a certain task, hence reducing the overall cost.
To track the status of every project, businesses in North America are increasingly employing sophisticated project management software. As a result, project management software solutions are increasingly being adopted in the area. For small and mid-sized Enterprises (SMEs), the project management software market is predicted to offer outstanding growth potential.
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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
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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