The global project management software market is anticipated to witness significant growth in coming years attributed to rising demand for efficient solutions to enhance productivity in organizations. Project management software is an online system for collaborating and working on tasks in organizations. Such solutions support organizations in organizing and planning resources to execute a task. These online systems provide real time information to the managers and make the performance of tasks easy. In addition, they can allow organizations to allocate specific resource for particular job. Correct allocation can reduce operational cost and overall risk associated with tasks being performed.
Increasing number of information technology companies investing in advanced business solutions is anticipated to propel market growth. Rising focus on high work efficiency among organizations is expected to fuel adoption of task management solutions in future. Such solutions help companies to distribute workload, observe tasks, manage budget and resources, and report on successful delivery. Most companies find it difficult to hire experienced and qualified workers. Lack of skills and appropriate resources can lead to improper staffing. Growing need for software that can review skills and workload of employees efficiently is likely to fuel product demand in coming years. In addition, poor management of financials by project managers can create obstacles for their organization. Therefore, analyzing scope of task at the initial stage becomes essential. Innovative management solutions can support managers to discuss tasks in time and prioritize their work, which could, in turn, stimulate market growth in coming years.
Lack of infrastructure required for implementation and maintenance of the system can hamper market growth. However, standardization of processes and workflows in organization to manage complex tasks can present lucrative opportunities for the market. Rising adoption of enterprise solutions in developing countries than developed ones is also likely to open new avenues for the market.
The market can be segregated on the basis of business function, component, and deployment type. Based on business function, the market can be categorized into human resource, finance, and marketing. On the basis of component, the market can be bifurcated into services and software. On premises and cloud are the key deployment types in the market.
North America is a leading region in the market owing to increasing number of organizations deploying project management solutions. Rising demand among organizations to centrally track and manage their tasks can fuel product demand in the region. Use of task management systems for successful execution of tasks and flexible work planning can boost market expansion in coming years. In addition, increasing focus of enterprises to promote collaborations among workforce and boost team’s efficiency can impel regional market growth. Moreover, introduction of technologically advanced enterprise solutions by local manufacturing companies is likely to gain traction among consumers. For instance, Victory Square Technologies launched real-time resource management software named Tim, which is based on artificial intelligence (AI). It can save companies up to 40 % on Amazon Web Services (AWS). The system improves human-led monitoring of AWS resources and workloads in an organization to provide actionable and customized solutions on cost savings through slack.
Asia Pacific is likely to emerge highly lucrative due to rising awareness among small medium enterprises (SMEs) regarding availability of advanced technologies. SMEs in developing countries, such as Singapore, India, and Malaysia, are expected to invest in advanced technologies to enhance work efficiency. Proliferation of internet of things and rising adoption of advanced enterprise solutions can augment regional market growth. Increasing number of market players providing advanced enterprise solutions can stimulate market growth in future. For instance, Zoho Corporation offers an advanced project management software that assists an organization to plan its tasks easily. In addition, organizations can use Gantt charts to get detailed information related to progress of the tasks and scheduling. Moreover, collaboration tools allow employees, vendors, and clients to work together.
Some of the leading companies operating in the project management software market are Oracle Corporation, Microsoft Corporation, ServiceNow, SAP SE, and Zoho Corporation.
Research Support Specialist, USA