Originally published on Technavio: Online Project Management Software Market Forecasting Report for 2023-2027 reveals an estimated growth of USD 4.34 billion, at a CAGR of 12.21% from 2022 to 2027. Key drivers include the increasing need for large-scale project management, demand for visibility and transparency, and integration of social media with project management software.

Market Dynamics:

Key Driver: The integration of social media with project software is a significant growth driver. Social networks are increasingly prevalent in companies and play a substantial role in digital marketing projects. Incorporating social media into project management software allows for social workflow opportunities, even beyond the corporate firewall.

Key Trends: The rise in remote working, boosted by the COVID-19 pandemic, is an emerging trend. With 74% of companies planning to permanently switch to remote work, project management software becomes essential. It enables global deployment for remote or hybrid workforces, facilitating real-time monitoring and informed decision-making.

Key Restrain: High implementation and operating costs pose a challenge. Cloud-based project software, while initially lower in cost, may become expensive in the long run due to subscription fees based on user needs. These costs hinder market growth, especially for small and medium-sized enterprises.

Segmentation By End-User:

Enterprise Segment: The enterprises' segment is poised for significant growth, valued at USD 2.54 billion in 2017 and continuing to rise. Industries such as IT, manufacturing, construction, marketing, BFSI, and more drive demand. The software addresses challenges in manufacturing, enhances progress tracking in construction, and aids overall planning in various sectors.

Segmentation By Deployment:

On-Premises Segment: Holding the largest market share in 2022, the on-premises segment is favored by large enterprises. Installed and operated within an organization's premises, it caters to specific needs and offers diverse tools for overseeing simple and intricate enterprise-level projects.

Regional Overview:

North America: Estimated to contribute 40% to global market growth, North America benefits from being the headquarters of major management providers. The region's early adoption of advanced technologies and the mature industrial sector contribute to its lucrative market for project management software.

The report includes the adoption lifecycle, from innovators to laggards, and assesses penetration rates in different regions. It also outlines key purchase criteria and drivers of price sensitivity to aid companies in their growth strategies.

Major Market Companies:

Key players implementing various strategies for market presence include Apptio Inc, Atlassian Corp. Plc, and Basecamp LLC. The market research report provides qualitative and quantitative analyses of these companies, categorizing them based on their focus, strength, and dominance.

To Learn deeper into this report , View Sample PDF

The market is witnessing significant growth due to digitalization and automation trends. Project management software streamlines tasks, enhances resource engagement, and offers real-time monitoring and collaboration. Cloud-based solutions dominate, emphasizing ease of installation and remote accessibility. Customized offerings, focusing on industry-specific needs, are becoming prevalent to optimize business process management.

The report forecasts market growth by revenue globally, regionally, and at the country level from 2017 to 2027. It provides insights into the latest trends and growth opportunities in the online project management software market.

For more information please contact.