Project Management Software Market size was over USD 9.47 Billion in 2023 and is anticipated to exceed USD 85.12 Billion by the end of 2036, witnessing over 18.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of project management software is evaluated at USD 11.04 Billion.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.
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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
18.4% |
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Base Year Market Size (2023) |
USD 9.47 Billion |
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Forecast Year Market Size (2036) |
USD 85.12 Billion |
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Regional Scope |
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End-user (IT, BFSI, E-Commerce, Healthcare)
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.
Our in-depth analysis of the global market includes the following segments:
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By Implementation |
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By Service |
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By Enterprise Size |
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By End-User Industry |
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Asia Pacific Market Forecast
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 2036. 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.
North America Market Forecast
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.
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.
Author Credits: Abhishek Verma
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