Project Management Software Global Market Report 2024

The project management software market size has grown rapidly in recent years. It will grow from $6.94 billion in 2023 to $7.98 billion in 2024 at a compound annual growth rate (CAGR) of 15%. The growth observed in the historical period can be attributed to several factors, including the increasing trend towards globalization, the growing complexity of projects, regulatory compliance requirements, the rise of project-based work, and a heightened focus on improving productivity and efficiency.

The project management software market size is expected to see rapid growth in the next few years. It will grow to $14.04 billion in 2028 at a compound annual growth rate (CAGR) of 15.2%. The anticipated growth in the forecast period can be attributed to several factors, including the emergence of hybrid work models, the integration of enhanced collaboration features, expansions into niche markets, the adoption of subscription-based pricing models, and the incorporation of AI and machine learning capabilities. Major trends expected in the forecast period encompass AI-powered project insights, a shift towards a mobile-first approach, a heightened focus on sustainability practices, the development of remote project management tools, and the implementation of augmented project management techniques.

The evolution of organizational structures and the adoption of hybrid work models are expected to drive the expansion of the project management software market. Organizational structures are undergoing transformation to adapt to changing employee expectations and the need for greater flexibility, while hybrid work arrangements combine remote and in-office work setups. Project management software plays a crucial role in facilitating coordination, communication, and collaboration within these evolving organizational frameworks by offering features such as remote access, real-time updates, and centralized task management for distributed teams. For instance, data from a survey conducted by FlexJobs in May 2023, encompassing over 5,600 working professionals, revealed that 47% of employees preferred full-time remote work, with an additional 24% opting for mostly remote or hybrid arrangements. This shift in work dynamics underscores the increasing relevance of project management software to accommodate diverse work setups, thereby propelling market growth.

Leading companies in the project management software market are leveraging advanced technologies such as artificial intelligence (AI) to deliver more efficient and collaborative solutions. AI integration enables automation of tasks, generation of insights, and enhancement of decision-making processes within project management workflows. For example, Dart, a US-based company specializing in AI project management tools, introduced Dart's AI-Powered Project Management Tool in March 2024. This software solution leverages AI capabilities to automate tasks, generate reports, and provide insights, aiming to streamline project management processes and boost team collaboration and productivity. Features such as automatic report generation and AI-driven task completion contribute to improved productivity and streamlined project management across various industries.

In January 2024, Big Band Software, a US-based B2B SaaS holding company, expanded its portfolio by acquiring Workzone for an undisclosed amount. This strategic move aimed to revolutionize the project management landscape by combining technological innovation with personalized customer success, ultimately enhancing work-life balance for team members and delivering modern project management experiences. Workzone, a US-based project management platform, caters to organizations across diverse sectors, including companies, universities, hospitals, and marketing agencies, assisting them in streamlining project workflows and enhancing collaboration.

Major companies operating in the project management software market are Oracle Corporation, NetSuite Inc., SAP SE, ServiceNow Inc., Citrix Systems Inc., Atlassian Corporation Plc, Zoho Corporation Pvt. Ltd., Deltek Inc., Unit4 N.V., Procore Technologies Inc., Asana Inc., Monday.com Ltd., Planview Inc., Wrike Inc., Hive Technologies, Workfront Inc., Elecosoft PLC, Digite Inc., ProjectManager.com Inc., Basecamp LLC, LiquidPlanner Inc, Whizible Technologies Pvt. Ltd., Zilicus Solutions Pvt. Ltd., MeisterLabs GmbH, Total Synergy Pty Ltd.

North America was the largest region in the project management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the project management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the project management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Project management software is a digital solution crafted to assist teams in planning, organizing, executing, and monitoring the progression of projects from inception to completion. It serves as a crucial aid for businesses and individuals alike in effectively tracking projects, tasks, and schedules.

The primary components of project management software comprise service and software offerings. Services encompass activities or tasks provided by one party to another, typically intangible in nature, with the objective of meeting specific needs or requirements. This software is deployed across both on-premise and cloud-based infrastructures, catering to enterprises of varying sizes, including large corporations and small to medium-sized enterprises (SMEs). Its utilization spans across diverse industry sectors such as building and construction, retail, hospitality, IT and telecommunications, energy and utilities, manufacturing, government, among others.

The project management software market research report is one of a series of new reports that provides project management software market statistics, including the project management software industry global market size, regional shares, competitors with project management software market share, detailed project management software market segments, market trends, and opportunities, and any further data you may need to thrive in the project management software industry. This project management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The project management software market includes revenues earned by entities by providing services such as professional services and managed services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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