The global project management software market size was evaluated at $6.1 Billion in 2021 and is slated to hit $15.08 Billion by the end of 2030 with a CAGR of nearly 10.68% between 2022 and 2030.
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➤ The demand for software that reduces project risks and costs is increasing in order to support the global market’s expansion.
The global project management software market’s growth can be attributed to the increasing demand for software that assists in the reduction of project risks and costs, as well as the increasing use of software for resource management. Conversely, the anticipated period is expected to be characterized by the expansion of the business due to the incorporation of new features, including reminders and the establishment of due dates. Moreover, the capacity of project management software to integrate a multitude of disparate systems will promote global market trends.
➤ The global market’s expansion is being impeded by the increasing costs of maintenance.
The global project management software industry is experiencing a slowdown in its expansion due to the escalating costs of maintenance and the increasing deployment costs of project management software. Consequently, firms are unable to invest in the production of this software.
➤ Increasing awareness of the extensive utilization of products by end users to generate new growth opportunities for the global market
It is anticipated that the global project management software industry will experience new growth opportunities in the years ahead as a result of the increasing awareness of the product among end-users. The global market will be presented with new growth opportunities as a result of the emergence of connected objects and the implementation of agile NPD.
➤ The global industry may face a challenge in terms of growth due to the significant costs associated with slow industry penetration.
The global project management software industry will face a significant challenge in terms of growth due to the high costs of products and the slow market penetration. The expansion of the business is significantly impeded by the high costs associated with the large-scale use of project management software, which necessitates a significant number of technology suppliers.
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The Global Project Management Software Market is segmented based on product, application and region
Global Project Management Software Market: Product Segment Analysis
● Cloud
● On-Premise
Global Project Management Software Market: Application Segment Analysis
● Oil and Gas
● IT and Telecom
● Healthcare
● Government
● Others
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The global Project Management Software market profiles key players such as:
● Asana Inc.
● Microsoft Corporation
● SAP SE
● Zoho Corporation
● Broadcom Inc.
● Atlassian Corp PLC
● Oracle Corporation
● Smartsheet.com Inc.
● ServiceNow Inc.
● AEC Software
● Citrix Systems Inc.
● Workfront Inc.
● Streamline Media Group Inc
???? Recent Developments
• TD SYNNEX Corporation has entered into a strategic partnership agreement with Amazon Web Services, Inc. in January 2022. The objective is to facilitate the expansion of the business operations of small and medium-sized enterprises and the public sector through investment. Additionally, their firm will be expanded through the implementation of numerous AWS cloud solutions. Additionally, the initiative will expand the global project management software market’s potential for expansion.
• In January 2023, Confluent, Inc., a prominent data streaming firm, established a definitive partnership with Immerok, a contributor to Apache Flink®, to expedite the expansion of the cloud-native Apache offering. The expansion of the project management software market will be facilitated by the strategic move.
➤ North America is expected to dominate the global market in terms of revenue and size during the forecast period.
The global project management software market is segmented into Europe, the Middle East and Africa, Asia-Pacific, Latin America, and North America. The North American project management software market is expected to maintain its dominant position during the forecast period, as a result of the increasing number of organizations that are adopting project management software services. Additionally, the increasing demand for project management software among organizations in the sub-continent to effectively monitor and manage their undertakings is expected to serve as a catalyst for the adoption of project management software in the region.
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