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According to Future Market Experiences (IMF) project management software market review, market interest will grow at a solid CAGR of 13.1% from 2022 to 2032.
The report indicates that the market is expected to reach a valuation of ~US$5.9 billion by the end of 2022. According to the IMF, the development of interest in project cooperation by large companies is accelerating the development of the market for project management software. Project management software helps project managers get the ongoing intricacies of projects, making it easier for businesses to keep track of project status.
Project management software also helps associations work effectively with colleagues. Moreover, the software precisely helps in the allocation of assets for a specific job, thereby reducing overhead.
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Companies in North America are progressively using advanced project management software to monitor the progress of any project. Subsequently, the reception of project management software arrangements in the region is reliably increasing and growing. The project management software market is expected to provide wonderful learning experiences for small and medium-sized enterprises (SMEs).
Key Takeaways: Project Management Software Market
By solution, the project management software segment is expected to account for the major share of the global project management software demand during the forecast period. However, the services segment is expected to grow at a robust CAGR of 10.9% through 2032.
By industry, the IT & Telecom segment is expected to grow at a CAGR of 14.7% between 2022 and 2032.
North America is expected to dominate the market with a CAGR of around 9.5% till 2032, followed by Europe in 2022. South Asia and Pacific is expected to become the fastest growing region between 2022 and 2032.
The Japanese market is expected to grow at a CAGR of around 15.4% through 2032.
In India, sales are expected to increase at a CAGR of almost 21.0% over the next ten years.
Budget tracking throughout the project lifecycle to drive demand
The built-in budget tracking feature allows companies to automatically monitor the project budget throughout the lifecycle. The right project management software is one of the best ways to avoid runaway expenses and cost overruns.
The budget tracking feature lets users know exactly where the work is at and how much money and time has been spent, and helps users accurately forecast the cost and schedule of the entire project. Hence, the advantage offered by the budget tracking feature in the project management software solution is driving the market demand.
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The cloud-first approach becomes the norm in project management
Cloud-based project management software organizes project collaboration, monitoring, delivery, and scheduling. It allows project managers and teams to work using a network of tools available in the software, rather than using a traditional method.
The use of project management software is changing from company to company. But, overall, it is created to make timelines and project management easier and more efficient. Cloud-based online project management tools provide a centralized place for document sharing and communication, resulting in high productivity for every team member without any financial cost. All cloud-based project management software such as ProofHub is built with exceptional technologies and is subject to various security measures. Thus, the cloud-based project management software is reliable and secure.
Competitive landscape
The Project Management Software market players are focusing on various strategies to increase their research and development investments to support future technologies. Additionally, several companies are acquiring and partnering with other companies to develop their own project management software to serve their customers and reduce churn.
In February 2022, Oracle announced its new “Workflow Manager” product, which helps field service teams deliver consistent and efficient service with a new Workflow Manager.
In January 2021, ProjectManager, a software company unveiled a redesigned mobile app to improve project and work management for hybrid teams.
More Valuable Insights into Project Management Software Market
Future Market Insight’s project management software research report is segmented into four major sections – solutions (project management software (cloud-based and on-premises) and services (managed services and professional services), size of company (small and medium enterprises (SMEs) and large enterprises), industry (building and construction, retail, hospitality, IT and telecommunications, energy and utilities, manufacturing, governments and others) and region (Americas North, Latin America, Europe, East Asia, South Asia & Pacific, and Middle East & Africa), to help readers understand and assess the lucrative opportunities in the project management software outlook.
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Project Management Software Outlook by Category
By Solution, the Project Management Software Market is segmented as follows:
Project management software
Cloud-based
On the site
Services
Professional services
Consultant
Implementation & Integration
Support & Maintenance
Managed Services
By company size, the project management software market is segmented as follows:
Large companies
Small and medium-sized enterprises (SMEs)
By Industry, the Project Management Software Market is segmented as follows:
Building and construction
Detail
Hospitality
IT & Telecom
Energy and Utilities
Manufacturing
Government
Others
By region, Project Management Software sales are segmented as follows:
North America
Latin America
Europe
East Asia
South Asia and the Pacific
Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.
This press release was published on openPR.
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