“Increased Adoption of Cloud has increased the Demand for Online Project Management Software Market”
Globally, the online project management software market is expected to grow with a CAGR of 13.7% during the forecast period from 2023 to 2030, starting from US$ 4,157.9 Mn in 2021.
With the rise in the adoption of cloud-based software coupled with its ability to integrate and connect multiple systems, the global online project management market is growing at a rapid pace. The surge in demand for automated process across organizations and rising demand for project management software in small & medium enterprises are another major factor expected to enhance the market growth over the forecast period. The benefits of online project management software are easy collaboration, better scheduling, flexibility, low cost, provide more speed to work, and diminishes time, geography & space barriers among others are projected to support the market growth in years to come.
The rising requirements for effective project management solutions is one of the major factor expected to enhance market growth during the forecast period. The surge in need for cost management software along with the requirement of access to real-time data anytime & anywhere are some other key factors presumed to drive the global market over the forecast period. Major players are focusing on launching updated product versions for a better experience. For instance, in October 2019, Microsoft Corporation launched Microsoft Project 2019 for the cloud as well as on-premise. According to Microsoft Corporation, the new software have numerous features such as a fresh new experience to work, made collaborations more easily, insights at your fingertips, extensible platform, and others which will enhance user experience.
“Surge in investment on IT infrastructure to spur the segment growth”
In 2021, the large enterprise segment had the highest share in the global market. The aforementioned segment contributed to over 55% market share in the same year. The surge in investment in IT infrastructure across the globe coupled with a strong geographic presence is the major factor for the dominance of the segment. The large corporations are adopting online services to reduce travel, training, and other infrastructure costs that results in the overall reduction of the cost. Additionally, the online project management software allows the users to interact with the person working on it and allows them to track the work process. Thus, the segment is expected to grow substantially in years to come.
“Growing deployment of cloud-based services to spur the segment growth”
The small & medium enterprises segment is anticipated to expand with the fastest CAGR during the forecast period owing to the rapid surge in cloud-based services and a growing need for project management software. The rise in start-up companies around the globe accompanied by growing IT investments are some other factors expected to enhance the segment growth in years to come.
“Growing adoption of cloud-based software to enhance the North America market”
The global online project management software market was dominated by North America with a market share of than more 40.00% in the year 2021. The increasing adoption of cloud-based solutions from various end-users coupled with early technological adoption is one of the major factors driving the growth of the regional market. Additionally, the presence of various industries based on online content in the region is one of the major factors driving the market. The U.S. had the highest share in the North American market owing to the developed economy and presence of major market players such as Microsoft Corporation, Oracle Corporation, Autodesk, Inc., and others.
“Growing number of small & medium enterprises to boost the Asia Pacific market”
On the contrary, Asia-Pacific is expected to be the fastest-growing region during the forecast period due to increasing internet availability and a growing number of small & medium enterprises in the region. The surge in the adoption of advanced enterprise software solutions is another factor expected to enhance the market growth in years to come.
Key Industry Developments:
List of Companies Covered:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Online Project Management Software market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
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Region Segment (2022-2032; US$ Billion)
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Key questions answered in this report
