Online Project Management Software Market is Anticipated to Reach US$ 10.4 Billion by 2032

The global market for online project management software is anticipated to grow at an 8.5% CAGR from 2022 to 2032, from US$ 4.6 billion in 2022 to US$ 10.4 billion in 2032, according to a research by Persistent Market Research. One of the key factors, such as the rise in remote work, is causing the market for online project management software to grow.

Since the pandemic outbreak in 2020, remote employment has become much more common. Remote work will presumably continue for the foreseeable future. As a result, project managers now encounter some unique challenges.

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According to a 2020 Gartner survey, 74% of businesses intend to permanently switch to remote work after COVID-19. In these situations, using online project management software can be very advantageous. As a result, it is anticipated that during the projected period, there will be an increase in demand for online project management software.

The expansion of the online project management software market is primarily being driven by rising demands for large-scale project management throughout the forecast period. The rising demand for large-scale project management is a significant element that is driving the growth of the worldwide online project management software market.

Moreover, the capability of minimizing project risks and cost has directed small and medium enterprises to adopt the software for optimization of project management. Growing demand for automation of business process management is also expected to fuel the online project management market growth. The customized offering of the industries expected to enhance the demand for project management software in the forthcoming years.

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Key Takeaways from the Market Study

• By end user, large enterprises to grow at the fastest CAGR of 9.0% during the forecast period.
• North America is expected to grow at a high rate, with a CAGR of 7.7% during the forecast period
• The market for the U.S is expected to be worth US$ 1.9 Billion by 2032, with a CAGR of 6.8% over the forecast period.
• China is expected to reach US$ 668.2 Million by 2032, growing at a CAGR of 13.0%
• India to reach a market size of US$ 723.1 Million by 2032
• Japan is expected to have a market size of US$ 697.3 million by 2032, with a CAGR of 13.1% during the research period.
• UK to procure US$ 1 billion by 2032, with a CAGR of 7.3% from 2022 to 2032

Competitive Landscape

Major players such as

Microsoft Corporation
Oracle Corporation
ServiceNow, Inc.
SAP SE
Autodesk, Inc.
UNIT 4
Aconex Limited
NetSuite Inc.
Deltek
Citrix Systems, Inc.
Workfront, Inc.
Atlassian Corp PLC
Zoho Corporation
Wrike, Inc.
Basecamp, LLC
Smartsheet.com, Inc.
Mavenlink
Asana, Inc.

are expected to dominate the market share in terms of revenue.

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• In November 2020, Codleo Consulting launched an exclusive cloud-based project management App for SMBs named 'ProjecLeo'. The application is equipped with powerful scheduling and project planning features with collaboration tools for teams. It is also equipped with user-friendly task management and time logs that help automate and streamline the essential business processes with an aim to enhance operational efficiency.

• In July 2020, SAP collaborated with Siemens, through which the former will offer the latter's Teamcenter software as the core foundation for product data management. Siemens will offer SAP Intelligent Asset Management solutions and SAP Portfolio and Project Management applications that are anticipated to maximize business value for customers over the entire product and service lifecycle and enable new collaborative processes between manufacturers and operators.

• In October 2019, Microsoft Corporation had launched an offering project management software as a pay per month subscription model. The availability of software as per customer choice is expected to enhance productivity and company business across the globe.

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This release was published on openPR.