Originally published on Technavio:Analysis of the Online Project Management Software Market in North America, Europe, APAC, Middle East and Africa, and South America - Covering US, China, Japan, UK, Germany - Size and Forecast 2023-2027

The estimated growth of the online project management software market is USD 4.34 billion at a CAGR of 12.21% between 2022 and 2027. The market's expansion relies on several factors, such as the escalating demand for large-scale project management, the growing necessity for visibility and transparency, and the increasing integration of social media with project management software.

Market Dynamics
Key Driver
The significant driver propelling market growth is the increasing integration of social media with project software. Social networks are progressively becoming commonplace in companies, forming a substantial part of digital marketing projects. Integrating social media into management software opens avenues for social workflows for employees beyond the corporate firewall.

Key Trends
An emerging trend in the market is the surge in remote working. Remote work gained significant momentum since the 2020 pandemic outbreak and is projected to persist in the foreseeable future. This shift poses unique challenges for project managers.

According to a 2020 Gartner survey, 74% of companies plan to permanently adopt remote work post-COVID-19. Consequently, software becomes a valuable asset in such scenarios, offering easy deployment globally for a hybrid or remote workforce. This enables teams to stay on top of tasks and projects, capturing crucial information for real-time monitoring and decision-making regardless of time and location changes. Consequently, the demand for this software is anticipated to rise during the forecast period.

Key Restraint
A major challenge hindering market growth is the high implementation and operating costs. Cloud-based project software often comes with subscription fees that can increase based on user needs, including custom features, expanded storage capacity, remote access, and advanced support.

Cloud-based portfolio software is generally high-priced, with costs depending on the number of users. While the initial cost of cloud-based applications may be lower than on-premises solutions, long-term expenses accumulate. Suppliers place periodic orders to grow their customer base, and additional services contribute to the requested amount. Hence, the high implementation and operational costs are likely to impede market growth during the forecast period.

Segmentation By End-User
The enterprise segment is expected to experience significant market share growth during the forecast period. Enterprises encompass a range of industries such as IT, manufacturing, construction, marketing/public relations, advertising, management consultancies, BFSI, and others.

Online Project Management Software Market Size

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The enterprise segment, valued at USD 2.54 billion in 2017, continued to grow until 2021. The rising demand for solutions addressing critical challenges in the manufacturing sector, such as inefficient cost, schedule, and quality control, is a major driver for software adoption in manufacturing. In the construction sector, project progress tracking becomes challenging manually, requiring software for effective planning, coordination, and control. Other sectors utilizing this software include healthcare, telecommunications, aviation, and energy. Consequently, demand for this software in the enterprise segment is anticipated to increase, fostering market growth during the forecast period.

Regional Overview
Online Project Management Software Market Share by Geography

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North America is estimated to contribute 40% to the global market's growth during the forecast period. Technavio analysts have provided comprehensive explanations of regional trends and drivers shaping the market.

Customer Landscape
The market trends and analysis report include the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Additionally, the market analysis and report include key purchase criteria and drivers of price sensitivity to assist companies in evaluating and developing their growth and forecasting strategies.

Customer Landscape

Major Market Companies
Companies are employing various strategies, including strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their market presence.

ProjectManager - The company provides task management, collaboration, and project management software.
The market research and growth report also include detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

Market Analyst Overview
The market is witnessing significant growth, driven by digitalization and automation trends. Project management software streamlines work processes, enhances resource engagement, and enables organizations to efficiently organize tasks within specified timelines. Automated project software offers advantages such as real-time monitoring, feedback mechanisms, and status updates.

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Cloud-based solutions dominate the market, facilitating easy installation processes and enabling remote accessibility. Mobility, enhanced storage capacity, and centralization of project data are key features driving adoption. Integration capabilities ensure seamless collaboration across teams, mitigating project risks. The market caters to small and medium enterprises seeking optimization of business process management.

Customized offerings are increasingly prevalent, addressing the specific needs of diverse industries. In the upcoming period, the emphasis will remain on enhancing functionalities, addressing project risks, and further optimizing business processes through solutions.

For more information please contact.

Technavio Research

Jesse Maida

Media & Marketing Executive

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UK: +44 203 893 3200

Email: media@technavio.com

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