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Online Project Management Software Market Expected to Reach US$ 6.68 Bn by 2026, oBSERVES tmr
In addition, online project management software solutions efficiently help in the allocation of resources for a specific job, thereby reducing the overall cost. Enterprises in the Americas and EMEA regions operate at much higher costs. Therefore, adoption of project management software solutions in these regions is continuously growing.The online project management software market is expected to have prominent growth opportunities from small and mid-sized businesses (SMBs).
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Increased adoption of cloud-based project management solutions is anticipated to drive the online project management market. Both large enterprises and SMEs are increasingly using SaaS-based project management solutions. Large- and small-sized enterprises use freemium, which provides software over Internet and offers increased flexibility to organizations that implement cloud-based models. In addition, the increasing need for efficient project management solutions is also one of the major reasons that is expected to accelerate the growth of the online project management market.
Despite sluggish growth of the economy in some regions and a confined IT budget, companies are purchasing project management software solutions in order to efficiently manage and optimize their project resources as well as for further cost reduction across business processes. Several companies from developing countries are purchasing the software for the first time than in developed countries, which has enhanced the growth opportunities for the market. An important factor that offers significant growth opportunity to the online project management software market is the standardization of processes and workflows in order to manage more complex projects. Buyers of online project management software opt for software which encompasses a wide range of functionality which is also providing opportunities to the market.
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The online project management software market is segmented based on end-user and geography. In terms of end-user, the market can be classified into small and medium sized enterprises (SME’s), large enterprises, and government. Among these end-users, large enterprises is anticipated to register high growth rate. This is because large enterprises are adopting project management solutions across the world.
Moreover, with strong geographical presence and extensive product portfolios, large enterprises are heavily spending on IT infrastructure and technologies. Several large enterprises are also emphasizing on strengthening their market position by acquiring regional or SME’s across the world. This is further expected to increase the number of projects and activities for companies and project managers. In order to manage and control a large number of projects, large organizations are focusing on using online project management software in the near future.
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The research study includes profiles of leading companies operating in the global online project management software market. Some of the key players profiled in the market include Microsoft Corporation, Oracle Corporation, ServiceNow, SAP SE, Autodesk Inc., Unit4, Aconex Ltd., NetSuite, Deltek, Inc., Citrix Systems, Inc., Workfront, Inc., Atlassian Corp PLC, Zoho Corporation, Wrike, Inc., Basecamp, LLC, Smartsheet.com, Inc., Mavenlink, Asana, Inc., monday.com Labs Ltd., and Streamline Media Group, Inc.
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TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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