Project Management Software Market Size & Share, by Implementation (Cloud, On-Premise); Service (Professional, Managed Services); Organization (SMEs, Large Enterprise); End-user (IT, BFSI, E-Commerce, Healthcare) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

Global Project Management Software Market Definition

Project management software is used by managers and their teams to control the budget, synchronize and collaborate, control quality and efficiency and also manage documentation exchanged throughout a project. It is used by industries of all kinds for project planning, resource allocation, and scheduling. There are two main types of project management software namely desktop and web-based. The first one has its limitations as it requires the updates to be done by all the relevant parties from time to time. The web-based is more suited to teams that operate virtually on the internet. This way all the stakeholders can access the project details at any time. 

Global Project Management Software Market: Key Insights

Global Project Management Software Market Size, Forecast, and Trend Highlights Over 2023 - 2035

The global project management software market is estimated to garner a revenue of USD 35,000 Million by the end of 2035 by growing at a CAGR of ~18% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 8,000 Million in the year 2022. The market is expected to grow exponentially owing to the escalating activities of business process automation. Businesses rely more on automation processes, mainly for automated order entry, email automation, automated batch processing, file transfer, automated report generation and distribution. For instance, around 60% of enterprises were noticed to be utilizing business process automation activities to acquire more visibility in 2022. Additionally, 25% of enterprises were planning to adopt business automation activities during the forecast period.

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Furthermore, the global project management software market is also projected to grow on account of the higher demand for task management across different cultures and various geographical regions. Project management is divided into four categories, technical, supportive, adventurous, and expert project manager. It is observed that approximately 10% of resources are wasted owing to poor project management per day. The value of project management can be observed in recent decades when digitalization is at its peak. In 2018, it is believed and admitted by almost 85% of senior executives that the value of project management is fully understood by their enterprises. Hence, all these factors are anticipated to propel the growth of the market over the forecast period.

Global Project Management Software Market: Growth Drivers and Challenges

Growth Drivers

• Escalating Utilization in Multiple Industry Such as E-Commerce, IT, Healthcare, and Others   - Majority of industries and mainly, e-commerce and healthcare industries are in high need of software that can handle multiple data, generate automated reports, and help in managing tasks more accurately. Hence, these sectors are employing project management software at a high rate. In 2020, more than 85% of the major healthcare organization across the globe were found to be utilizing automation and strategies to enhance their performance.

• Growing Workforce Management Application Industry- In 2020, the workforce management application industry generated revenue of about USD 2.5 billion. The total revenue from 2018 to 2020 was estimated to be around USD 650 million.

• Significant Expansion in Database Management System Industry- The database management industry is set to expand during the forecast period, the industry generated revenue of approximately USD 75 billion in 2020.

• Up-Surged Information Technology (IT) Spending Associated with Multiple Devices- A rise in the spending by the global population in the IT sector can be observed in recent decades. For instance, spending on PCs, mobile phones, tablets, data center systems, enterprise software, and others was projected to reach around USD 4 trillion in 2021.

• Higher Demand in Business Process Automation (BPA) Industry - Business process automation (BPA) was valued at approximately USD 10 billion in 2021 which increased from around USD 8 billion in 2018.

Challenges

• Possibility of Data Loss Owing to Bugs or Cyber Attacks
• As a result of the increase in frequency and complexity of cyberattacks and digital threats, cybersecurity is now a worldwide problem. But the paucity of new specialists entering the cybersecurity field and the shortage of cybersecurity workers are two of the biggest barriers to combating cybercrime. Web-based attacks have been encountered by 64% of businesses. Social engineering and phishing attempts were experienced by 62%. Malicious code, botnets, and denial-of-service assaults were experienced by 59% of the businesses and 51%, respectively.
• Requirement for Expensive Maintenance Procedure
• Complexity in Understanding and Learning Requisite Tools and Functions 

The global project management software market is segmented and analyzed for demand and supply by end-user industry into IT, BFSI, e-commerce, healthcare, and others, out of which, the IT segment is anticipated to hold the largest share in the global project management software market during the forecast period on the back of huge data traffic and higher rate of adoption of project management software in IT and Telecom industry as IT departments are flooded with project requests from several business units and clients. There has to be a method to prioritize, arrange projects. Mere categorization may not work for enterprise businesses; projects should align with strategic goals of an organization. For instance, data traffic generated by the global population in 2018 was projected to be around 20 exabytes per month. The IT sector is entirely based on the internet and requires enhanced and upgraded software to manage the data.

Global Project Management Software Market Regional Synopsis

The Asia Pacific project management software market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed to the higher adoption of project management software in all sorts of enterprises. Furthermore, escalating demand for cloud-based infrastructure is also projected to boost the growth of the market during the forecast period. In the ranking for innovation potential and business environment, Singapore scored the highest obtaining almost 65% out of 100 percent in 2021. Moreover, the IT sector of Asia Pacific has significant demand for project management software which is further expected to increase exponentially over the forecast period. For instance, IT services in 2022 were anticipated to fall to about USD 200 billion in the region.

Additionally, the global project management software market is further anticipated to grow rapidly in the North America region over the forecast period. The presence of major key players in the market, rising adoption of digital services, and the growing IT and healthcare sector are the major growth driver of the market which are projected to foster the growth of the market in the region during the forecast period. The USA is considered to be a country having the highest health expenditure which is estimated to be more than USD 3.5 trillion.

Market Segmentation

Our in-depth analysis of the global project management software market includes the following segments:

Top Featured Companies Dominating the Global Project Management Software Market

• Citrix Systems, Inc.

  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

• Wrike, Inc.
• Total Synergy Consulting Private Limited
• Deltek, Inc.
• MeisterLabs GmbH
• WAX, Inc.
• Stewart Technology Associates
• Dlubal Software GmbH
• Dogtooth Technologies Limited
• Energid Technologies Corporation