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Online Project Management Software Market - Increased Adoption of Cloud-Based Project Management Solutions
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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. Online project management software helps in gaining visibility of the market, easily turning strategy into an actionable plan to achieve success. In addition, online project management software helps to access real time dashboards anywhere and anytime. It also helps the project manager to stay up to date regarding the status of reports and ensure that no last minute details are missed. The rising need for cost management is also one of the factors that is expected to drive the online project management market. Online project management software solutions help in the efficient allocation of resources for a specific job, thereby reducing the overall cost. Enterprises in Americas and Europe operate at much higher costs. Therefore, the adoption of project management software solutions in these regions is continuously growing.
The online project management software market is segmented on the basis of end-user and geography. The end-user segment has been further classified into small and medium sized enterprises, large enterprises, and government. According to the research study, large enterprises are anticipated to experience flourishing growth during the forecast period. This is mainly due to the fact that large enterprises are heavily spending on IT infrastructure and technologies. Several large enterprises are also laying emphasis 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, organizations are focusing on using online project management software in the near future. Additionally, small and medium sized enterprises are also focusing on investing in IT infrastructure and technologies to enhance their businesses and deliver projects effectively and efficiently with reduced project cost and duration.
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North America is leading the online project management software market with more than 40% share globally in 2017. This is mainly due to the presence of a large number of enterprises which deploy online project management software. Moreover, the U.S. is the hub for a large number of start-ups and established players of online project management software. In terms of opportunities, Asia Pacific and Middle East & Africa (MEA) regions are expected to witness healthy growth during the forecast period. Investment in project management by organizations and adoption of this software in small and large size enterprises drives the growth of the online project management software market in the Asia Pacific region
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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