Press release
Project Management Software Market Size, Outlook Report 2024 To 2033
Project Management Software Market Size
According to The Business Research Company's, The project management software market size has grown rapidly in recent years. It will grow from $6.94 billion in 2023 to $7.98 billion in 2024 at a compound annual growth rate (CAGR) of 15%. 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 $14.04 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Project Management Software Market 2024 Key Insights:
• The project management software market size is expected to see rapid growth in the next few years. It will grow to $14.04 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%.
• Changing Organizational Structure And Hybrid Work-Life Scenario Fuels Growth In The Project Management Software Market
• Advanced Technologies Transforming The Project Management Software Market
• North America was the largest region in the project management software market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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