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Project Management Software Market Analysis by Implementation (Cloud and On-Premise); by Service (Professional and Managed Services); by Enterprise Size (SMEs and Large Enterprise); and by End-User Industry (IT, BFSI, E-Commerce, Healthcare, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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IN THE NEWS

  • Deltek, Inc. to bring light upon the subject of huge mistakes that are consecutively made by agencies in the industry report in a partnership campaign to elaborate the methods adopted by successful agencies.
  • Wrike, Inc. to win the Top Rated Award, TrustRadius 2022 in the two categories, primary and secondary. For the primary category, it was selected for Project Management and secondary category, Wrike, Inc. was selected for Creative, Enterprise Marketing, Portfolio Management, and others.

Global Project Management Software Market Size, Forecast, and Trend Highlights Over 2022 - 2031

Project-Management-Software-Market-Demand

The global project management software market is estimated to garner a revenue of USD 20,000 Million by the end of 2031 by growing at a CAGR of ~15% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of USD 5,000 Million in the year 2021. The market is expected to grow exponentially owing to the escalating activities of business process automation. 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.

Project-Management-Software-Market

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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   

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 Attack
  • 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. 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.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Research-and-Development-Expenditure

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in the ICT sector has significantly contributed to GDP growth, labour productivity, and R&D spending among other transformations of economies in different nations around the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

Global Project Management Software Market Regional Synopsis

Regionally, the global project management software market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2031. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of 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, the 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.

Project-Management-Software-Market-Size

The global project management software market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

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

Project-Management-Software-Market-Growth

Top Featured Companies Dominating the Global Project Management Software Market

  • Citrix Systems, Inc.
  • 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

 

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