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What is the present valuation and projected CAGR of the project management software market?
The project management software market size has grown rapidly in recent years. It will grow from $7.98 billion in 2024 to $9.22 billion in 2025 at a compound annual growth rate (CAGR) of 15.4%. The growth in the historic period can be attributed to the increased trend towards globalization, increased complexity of projects, regulatory compliance requirements, the rise of project-based work, and focus on productivity and efficiency.
The project management software market size is expected to see rapid growth in the next few years. It will grow to $16.14 billion in 2029 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to the rise of hybrid work models, enhanced collaboration features, expansion into niche markets, subscription-based pricing models, and the integration of AI and machine learning capabilities. Major trends in the forecast period include AI-powered project insights, a mobile-first approach, a focus on sustainability, remote project management tools, and augmented project management.
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Which Market drivers have played a significant role in driving the project management software market?
The changing organizational structure and hybrid work-life scenario are expected to propel the growth of the project management software market going forward. Changing organizational structure refers to modifying how companies are organized and operate, while a hybrid work-life scenario entails a blend of remote and in-office work arrangements for employees. There is a changing organizational structure and hybrid work-life scenario due to shifting employee expectations and the need for greater flexibility. Project management software facilitates the coordination, communication, and collaboration necessary to adapt to changing organizational structures and support hybrid work-life scenarios by providing remote access, real-time updates, and centralized task management for distributed teams. For instance, in May 2023, according to a survey from over 5,600 working professionals conducted by FlexJobs, a US-based provider of job search services, 47% of employees preferred to work remotely full-time, while 24% follow a mostly remote or hybrid arrangement with occasional in-office attendance, with 17% opting for 2-3 days remote and 8% occasionally working remotely in predominantly in-office roles, leaving only 4% exclusively in-office with no remote work options. Therefore, the changing organizational structure and hybrid work-life scenario are driving the growth of the project management software market.
What are the key segments within the project management software market?
The project management software market covered in this report is segmented –
1) By Component: Solution, Services
2) By Deployment: On-Premises, Cloud
3) By Enterprise Size: Large Enterprise, Small And Medium Enterprise
4) By Industry: Building And Construction, Retail, Hospitality, IT And Telecom, Energy And Utilities, Manufacturing, Government, Other Industry
Subsegments:
1) By Solution: Project Planning And Scheduling, Task Management, Collaboration Tools, Budget AndCost Management, Resource Management, Risk Management, Time Tracking, Reporting And Analytics
2) By Services: Consulting Services, Integration Services, Training And Support Services, Managed Services
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Which key players are shaping the project management software market?
Major companies operating in the project management software market are Oracle Corporation, NetSuite Inc., SAP SE, ServiceNow Inc., Citrix Systems Inc., Atlassian Corporation Plc, Zoho Corporation Pvt. Ltd., Deltek Inc., Unit4 N.V., Procore Technologies Inc., Asana Inc., Monday.com Ltd., Planview Inc., Wrike Inc., Hive Technologies, Workfront Inc., Elecosoft PLC, Digite Inc., ProjectManager.com Inc., Basecamp LLC, LiquidPlanner Inc., Whizible Technologies Pvt. Ltd., Zilicus Solutions Pvt. Ltd., MeisterLabs GmbH, Total Synergy Pty Ltd
Which transformative trends will shape the project management software market landscape?
Major companies in the project management software market provide solutions powered by advanced technologies such as artificial intelligence, to provide more efficient and collaborative project management solutions and gain a competitive edge. Artificial intelligence refers to integrating AI technologies to automate tasks, provide insights, and enhance decision-making processes within project management workflows. For instance, in March 2024, Dart, a US-based company providing AI project management tools, launched Dart’s AI-Powered Project Management Tool, a software solution that leverages artificial intelligence to automate tasks, generate reports, and provide insights, aiming to streamline project management processes and enhance team collaboration and productivity. It includes automatic report generation and AI-driven task completion to improve productivity and streamline project management for businesses across various industries.
How do regional factors impact the project management software market, and which region is the largest contributor?
North America was the largest region in the project management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the project management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Project Management Software Market Report 2025 Offer?
The project management software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Project management software is a digital tool designed to help teams plan, organize, execute, and track the progress of projects from start to finish. It is designed to help businesses and individuals to track projects, tasks, and schedules effectively.
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