Online Project Management Software Market Segmented By Small and Medium Sized Enterprises, Large Enterprises, Government End User
Industry: IT and Telecommunication
Published Date: May-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 300
Report ID: PMRREP33076
The online project management software market is anticipated to document a CAGR of 8.5% during the period of 2022-2032. The online project management software market is anticipated to reach US$ 10.4 Billion in 2032, from US$ 4.6 Billion in 2022.
“The major factor that is expected to accelerate the growth of the online project management software market during the forecast period includes the increasing demand for project collaboration by large enterprises.”
Online project management software becomes favourable in the industries as it can manage several projects together without investing too much time and installation process.
| Attributes | Details |
|---|---|
|
Online Project Management Software Market CAGR (2022-2032) |
8.5% |
|
Online Project Management Software Market Size (2022) |
US$ 4.6 Billion |
|
Online Project Management Software Market Size (2032) |
US$ 10.4 Billion |
The increasing requirements for large-scale project management is notably driving the online project management software market growth during the forecast period. Another major factor that is fueling the growth of the global online project management software market includes the increasing requirements for large-scale project management.
The primary purpose of an online project management software is to automate processes to ensure maximum outputs by managing resources and maintaining a regular follow-up. Automated services increase connectivity so that organizations can handle project-related inquiries quickly and effectively. Automation also decreases the response time and increases productivity, ensuring efficient process management. By using online project management software, revenue possibilities can be rapidly increased by calculating conversion ratios and running reports to track the metrics per customer demand. These features decrease the operating time. It enables the managers and team members to focus on high-priority tasks since the repetitive tasks are automated. All these factors are expected to positively impact the market growth over the analysis period.
In addition, one of the major key factors such as the rise in remote working is also augmenting the growth of the online project management software market. Since the pandemic outbreak in 2020, remote working has significantly gained traction. Remote working will likely continue for the foreseeable future. This has brought up some interesting challenges for project managers.
According to the Gartner survey of 2020, 74% of companies are planning to shift to remote work post-COVID-19 permanently. Online project management software can be a major benefit in these circumstances. Therefore, it is expected that demand for online project management software will increase during the forecast period.
Online project management helps the manager to get real-time information, making it easy for enterprises and project managers in particular, to track status of projects. The demand for automated processes is the main factor generating opportunities for large-scale adoption of online project management software. The software solution also helps organizations to competently collaborate with team members. In addition, online project management software solutions efficiently help in the allocation of resources for a specific job, thereby reducing the overall cost.
Online project management software becomes favorable in the industries as it can manage several projects together without investing too much time and installation process. Wherein, the cloud-based online project management software offers mobility, enhanced storage capacity, and centralization of project data which increases the demand for the system. Although, easy integration capabilities with other applications and remote accessibility makes cloud-based project management software more favorable.
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.
Additionally, the increasing demand for project collaboration by large enterprises is expected to accelerate the demand for the online project management software market during the forecast period. The cloud-based subscription model offers a cost-effective, mobile, and flexible solution which may be expected to upsurge the growth of the market in the analysis period. On-demand and customized offerings of key players directed industries for the adoption of project management software.
The online project management software provides numerous features such as deeper win insights and attribution around drivers, as well as greater sales targeting efficiency, but has few restraints as well. One of the factors that is expected to restrain the growth of the global online project management software market includes the data security and privacy concerns.
Many business organizations prefer cloud-based online project management software for its cost-effectiveness and ease of accessibility, which can be easily hacked or infected by malware.
Moreover, the lack of transparency relating to the information stored in the data centers can lead to several legal and security concerns over organization infrastructure, identity management, access control, risk management, regulatory and legislative compliance, and auditing. Thus, due to the increasing data security concerns, many organizations are delaying the adoption of online project management software, which will negatively impact the market growth in the forecast period.
Another factor that is expected to impede the growth of the online project management software market includes the high installation costs of setting up these systems, coupled with high maintenance costs.
| Attributes | Online Project Management Software Market |
|---|---|
|
CAGR (2022-2032) |
8.5% |
|
Market Value (2032) |
US$ 10.4 Billion |
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Growth Factor |
Increasing usage of software to manage resources is driving the growth of the online project management software market. |
|
Opportunity |
The rising demand for the software that minimizes project risk as well as project cost is anticipated to create market opportunity for the online project management software market during the forecast period. |
|
Key Trends |
The increasing demand for project collaboration by large enterprises is expected to accelerate the demand for the online project management software market. |
| Attributes | Award Management Software Market |
|---|---|
|
CAGR (2022-2032) |
8.2% |
|
Market Value (2032) |
US$ 4.5 Bn |
|
Growth Factor |
The rising need among enterprises to improve the overall award process by accelerating award application review is expected to drive the growth of the market. |
|
Opportunity |
The integration of machine learning and artificial intelligence capabilities with award management software is expected to create new growth opportunities for the growth of the market over the forecast period. |
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Key Trends |
The capabilities of award management software to automate report creation, to keep the record of the award process, screen large volumes of entries, are expected to drive the adoption of market. |
| Attributes | Productivity Management Software Market |
|---|---|
|
CAGR (2022-2032) |
13.4% |
|
Market Value (2032) |
US$ 110.0 Bn |
|
Growth Factor |
The growing demand for workforce management among several businesses, coupled with the need for communication and collaboration between the remote workers, is expected to drive the market growth. |
|
Opportunity |
An increased demand for he increased adoption of enterprise mobility among the small and medium-sized enterprises is expected to accelerate the market growth. |
|
Key Trends |
The increased adoption of and Bring Your Own Device (BYOD), cloud-based SaaS solutions is one of the major factors that is expected to propel the market growth. |
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.
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.
Further, 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.
On the basis of end-user, the large enterprises segment is expected to hold a larger market size with a CAGR of 9.0% during the forecast period. Large Enterprises are all set to dominate the online project management software market during the forecast period, as these enterprises are largely adopting project management solutions across the world.
In addition, 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 SMEs 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.
| Regions | CAGR (2022-2032) |
|---|---|
|
United States |
6.8% |
|
China |
13.0% |
|
Japan |
13.1% |
|
India |
13.1% |
North America to be a Prominent Growth Hotspot for Online Project Management Software
North America dominates the online project management software market with a CAGR of 7.7% during the forecast period, owing to the due to the presence of a large number of market players and start-up firms in the US. The U.S is expected to represent reach US$ 1.9 Billion in the online project management software market, with a CAGR of 6.8% during the forecast period.
Asia Pacific is expected to represent a significant growth rate in the online project Management Software market during the forecast period, owing to the rising adoption of enterprise process management software among small and medium enterprises. In addition, an increasing acceptance of cloud and mobile solutions in developing countries like Singapore, Malaysia, and India expected to raise the demand for the cloud-based infrastructure of online project management software.
Whereas, India is expected to represent a CAGR of 13.1%, to reach a market share of US$ 723.1 Million during the forecast period. On the other hand, Japan is expected to represent a CAGR of 13.1%, to reach a market share of US$ 697.3 Million during the forecast period. China is expected to represent a CAGR of 13.0%, to reach a market share of US$ 668.2 Million during the forecast period.
Europe is expected to represent a significant market growth with U.K attaining a CAGR of 7.3%, to reach US$ 1 Billion during the forecast period. The growth is attributed to the increasing demand for online project management solutions in the country.
ActiveCollab LLC, Apptio Inc., Asana Inc., Atlassian Corp. Plc., Basecamp LLC, Citrix Systems Inc., Clarizen Inc., LiquidPlanner Inc., Mavenlink Inc., Codleo, SAP, Microsoft Corp., Planbox Inc., Premiere Global Services Inc., ProjectManager.com Inc., Redbooth, Smartsheet Inc., TeamGantt, Teamwork Crew Ltd., Workfront Inc., Wrike Inc., Zoho Corp. Pvt. Ltd., among others are the top companies in the global online project management software market.
In order to strengthen their position in the global online project management software market, organizations are focused on industry collaborations, mergers & acquisitions, and partnerships.
The research offers a comprehensive competition analysis of some top competitors in the online project management software market, including company biographies, recent developments, and significant market strategies. It shows how the competitors are taking advantage of the opportunities present in the online project management software market.
| Attributes | Details |
|---|---|
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Forecast period |
2022-2032 |
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Historical data available for |
2015-2021 |
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Market analysis |
USD Mn for Value |
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Key Countries Covered |
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By Market Segments |
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Key Companies Profiled |
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Pricing |
Available Upon Request |
Online Project Management Software by End User
Online Project Management Software Region
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The online project management software market is projected to have a CAGR of 8.5% in 2032.
U.S is the leading country, with an anticipated market share of US$ 1.9 Billion by 2032.
On the basis of End-User, the large enterprises category leads the market with the projected CAGR of 9.0% by 2032.
The online project management software market is predicted to grow US$ 10.4 Billion by 2032.
North America leads the market with the projected CAGR of 7.7% in 2032.
