The project management software market is expected to register a CAGR of 10.17% during the forecast period(2020 - 2025). As today’s corporations increase in size and complexity, an all-inclusive solution is needed to manage and coordinate an entire organization’s portfolio of different projects. These solutions help the management to shuffle between plans, workload, budgets, and resources, carefully observe the project progress and report on delivery success.
- Project management software (PMS) has now evolved into a strategic function of today’s business due to the accelerating pace, technological advancements as well as the digital transformation and disruption happening across almost every industry.
- The PMS market is witnessing the presence of third-party technological and innovative accelerators that has given rise to new business models, engaging with customers and fulfilling their needs, and operationalizing business processes.
- Project management today has also transformed into a means of new product development, owing to the emergence of the Internet of Things and adoption of agile NPD, which has now merged with PMS and has lead to the development of new firms like UMT360, GenSight, and Decision Lens in the field of enterprise product creation.
Scope of the Report
Project management software is a software which is used for various purposes in a project such as planning, scheduling, resource allocation, and change management. It allows project managers, stakeholders, and users to control costs and manage budgeting, quality management, and documentation and can also be used as an administration system.
Key Market Trends
Oil & Gas Segment to Witness High Growth
- Project management software enables the oil & gas industry to plan, implement, monitor progress, close, and evaluate oil & gas projects, be it for present and future scenario.
- Moreover, due to the increasing complexity of the operations in the industry, there is a growing demand for project management software to properly optimize the utilization of resources, track the capital expenditure, expansion into new markets or for large oil & gas exploration, and production activities.
- The software can also be implemented to manage and foresee risks associated with various projects which will enable cost reduction, increase productivity, and enhance the safety of the workforce.
- The growing adoption of automation in the sector and the growth of a connected ecosystem in the oil & gas industry have further buoyed the adoption of PMS with the need for collaboration, mobility, workflow, and analytic functions.
- With the rising oil production across the globe, it is evident that the need for fuel is rising and hence will initiate new projects in the industry which is further driving the project management software market in this segment
North America Occupies the Largest Market Share
- North American region holds the largest market share due to the increasing number of enterprises adopting project management software solutions. The increasing demand among organizations to efficiently track and manage their projects is fueling this software demand in this region.
- Usage of systems for task management for the successful execution of tasks and flexible work planning is anticipated to further drive the market in the coming years.
- Additionally, the increased focus of organizations to promote collaborations among the workforce and boost the team’s efficiency is also driving market growth.
- Moreover, the introduction of technologically advanced enterprise solutions by small players is likely to boost the market growth. For instance, Victory Square Technologies in December 2018 launched Tim a real-time resource management software, which is an AI-based solution.
The project management software market is very competitive in nature. The market is mildly concentrated because of the presence of many small and large players. The key strategies adopted by the major players are mergers and acquisitions and product innovation to stay ahead of the competition and to expand their global reach.
- April 2018 - Accenture (which empowers Oracle’s cloud applications) acquired Certus Solutions. The acquisition was aimed at boosting Oracle cloud applications to accelerate the company’s digital transformation and achieve better business outcomes.
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