New York, May 10, 2022 (GLOBE NEWSWIRE) — According to a study by Persistence Market Research, from US$4.6 billion in 2022 to US$10.4 billion in 2032, the Global online project management software market is expected to grow at a CAGR of 8.5% from 2022 to 2032. One of the major key factors such as the increase in remote working is also increasing the growth of the online project management software market. Since the pandemic outbreak in 2020, remote work has grown in popularity significantly. Remote work will likely continue for the foreseeable future. This raised some interesting challenges for project managers.
According to the 2020 Gartner survey, 74% of companies plan to permanently switch to remote work after COVID-19. Online project management software can be a major advantage in these circumstances. Hence, the demand for online project management software is expected to increase during the forecast period. Growing requirements for large-scale project management are notably driving the growth of the online project management software market over the forecast period. Another major factor fueling the growth of the global online project management software market includes the growing requirements for large-scale project management.
Additionally, the ability to minimize project risks and costs has driven small and medium-sized businesses to adopt the software to optimize project management. Rising demand for business process management automation is also expected to fuel the growth of the online project management market. The custom offering of industries is expected to increase the demand for project management software in the coming years.
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Key insights from market research
- By end user, large enterprises are expected to grow at the fastest CAGR of 9.0% over the forecast period.
- North America is expected to grow at a high rate with a CAGR of 7.7% over the forecast period
- The US market is expected to be worth US$1.9 billion by 2032 growing at 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 will reach a market size of US$723.1 million by 2032
- Japan is projected to have a market size of US$697.3 million by 2032 growing at a CAGR of 13.1% over the research period.
- The UK will buy US$1 billion by 2032, growing at a CAGR of 7.3% from 2022 to 2032
Major players such as 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 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 application for SMEs named “ProjecLeo”. The app 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 essential business processes with the aim of improving operational efficiency.
- In July 2020, SAP collaborated with Siemens, through which the former will offer the latter’s Teamcenter software as the basic basis for product data management. Siemens will offer SAP Intelligent Asset Management solutions and SAP Portfolio and Project Management applications that are expected to maximize business value for customers across the entire product and service lifecycle and enable new collaborative processes between manufacturers and operators.
- In October 2019, Microsoft Corporation had launched project management software offering a monthly subscription model. The availability of software according to the customer’s choice is expected to improve business productivity and operations worldwide.
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Find more valuable information about Online ProProject Management Software Market
Persistence Market Research (PMR) has published a detailed study on Online Project Management Software Market which includes global industry analysis for 2015-2021 and forecast for 2022-2032. The report provides an in-depth analysis of market concentration in five different regions, by end-user segment. The report titled “Online Project Management Software” examines the current installed base, the product’s usage in various applications, from household to industrial, as well as the prevailing trends and technologies. Along with this, a detailed value chain analysis regarding procurement and after-sales services has been presented in the report.
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