Research Nester published a report titled “Project Management Software Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers a detailed overview of the global project management software market in terms of market segmentation by implementation, service, enterprise size, end-user industry, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, and supply and demand risk, along with a detailed discussion of current and future market trends that are associated with the growth of the market.
The global project management software market is projected to grow at a CAGR of ~15% during the forecast period, i.e., 2022 – 2031. Rising activities of business process automation and escalating demand in multiple industries such as, IT, e-commerce, healthcare, and others are anticipated to propel the growth of the market during the forecast period. As of 2020, more than 85% of big organizations in the healthcare sector were noticed to be utilizing automation and strategies. Additionally, by the end-user industry, the global project management software market is segmented into IT, BFSI, e-commerce, healthcare, and others.
Out of these sub-segments, the IT segment is estimated to obtain the largest share in the market during the forecast period. The growth of the segment can be accounted to constantly growing web data traffic. In 2018, the data traffic generated about 20 exabytes per month. Hence, the need for project management software emerges in the market.
Global Project Management Software Market Regional Synopsis
Furthermore, the global project management software market, by region, is bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of these regions, the market in the Asia Pacific region is estimated to grow at a noteworthy pace over the forecast period on the back of the rising adoption of project management software in all sorts of sectors and higher demand for cloud-based infrastructure. For instance, Singapore ranged highest in innovation potential and business environment by acquiring about 65% out of 100 percent. An up-surged demand in the IT sector of Asia Pacific is further projected to propel the growth of the market during the forecast period. As of 2022, the IT services in the region reached around USD 200 billion.
The research is global in nature and covers a detailed analysis of the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook, etc. have also been covered and displayed in the research report.
Increasing Utilization of Business Process Automation to Foster the Growth of the Market
In 2022, almost 60% of were noticed to be utilizing business process automation while about 25% of companies are anticipated to adopt the system during the forecast period.
In recent decades, a notable demand for heavy data management can be noticed in every sector. The conventional methods of storing data in papers and files are changing rapidly since all organization is utilizing big data centers for such purpose. In such circumstances, business process automation becomes a vital part of the data management procedure. Therefore, such factors are anticipated to propel the growth of the market during the forecast period.
However, the possibility of data loss due to cyber-attacks or Bugs is expected to operate as a key restraint to the growth of the global project management software market over the forecast period.
This report also provides the existing competitive scenario of some of the key players in the global project management software market which includes company profiling of Citrix Systems, Inc., Wrike, Inc., Total Synergy Consulting Private Limited, Deltek, Inc., MeisterLabs GmbH. WAX, Inc., Stewart Technology Associates, Dlubal Software GmbH, Dogtooth Technologies Limited, and Energid Technologies Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global project management software market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.