Project Management Software Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)
The Report Covers Global Manufacturing Project Management Software Market Trends and is Segmented by Type of Deployment (Cloud-Based, On-Premises), End-User Vertical (Oil and Gas, IT and Telecom, Healthcare, Government, Other End-User Verticals), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value in USD Billion for all the Above Segments.
Project Management Software (PMS) Market Size
Project Management Software (PMS) Market Analysis
The Project Management Software Market size is estimated at USD 6.54 billion in 2024, and is expected to reach USD 10.86 billion by 2029, growing at a CAGR of 10.67% during the forecast period (2024-2029).
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 evolved into a strategic function of today's business due to the accelerating pace, technological advancements, digital transformations, and disruptions happening across almost every industry.
- Some of the factors that are expected to enhance the growth of the project management software (PMS) systems market include the increasing use of software to manage resources, the rising demand for software that minimizes project risks and project costs, budget and shuffle plans, and help in accessing real-time dashboard anywhere and anytime. On the other hand, increasing sophistication and rising capabilities, such as reminders and setting due dates, are also anticipated to provide further impetus to the market's growth during the forecast period.
- While the factors such as increased sophistication of software systems, growing awareness among end users, and ability to connect and integrate multiple disparate systems are anticipated to drive the demand, the high installation costs of setting up these systems, coupled with high maintenance costs, are dissuading the enterprises in the end user from investing in project management software systems, thus leading to slow market penetration.
- Project management has also evolved into a means of new product development, owing to the emergence of the Internet of Things and the adoption of agile NPD, which has now merged with PMS and has led to the development of new firms like UMT360, GenSight, and Decision Lens in the field of enterprise product creation.
- During the COVID-19 pandemic, project management software provided a 360-degree view of import and fare control analysis, flexibility chain, provincial government strategy, and future impact on the business, among others. Hence, the reliance on such digital solutions has greatly increased and is anticipated to witness no retreat even in the post-pandemic era.
- These software systems also helped project managers evaluate the critical ways the pandemic affected their teams to mitigate the adverse effects and plans to recover, even remotely. Enterprises intend to harness digital channels that can provide proper planning and scheduling, team collaboration, and project budgeting, among others, ultimately leading to supplementing and further strengthening their relationships with their customers.
Project Management Software (PMS) Market Trends
Oil and gas segment to witness high growth.
- Digital transformation and tight budgets are due to global economic conditions and the need to provide a growth platform that can cause an intense change in the oil and gas industry. The smallest delays can cost millions of dollars to an oil and gas or chemical company.
- Enterprises are continuously leveraging the benefits of project management software to increase business productivity, streamline communication, improve project quality, and minimize overall project costs.
- Projects are increasing in volume, size, and scope and need to be scalable. Relying on manual processes and decentralized spreadsheets exposes projects to risks and time to prevent errors. The need for accurate forecasts and useful progress reports is essential. Accurate forecasts and useful progress reports are crucial for business operations.
- Oil and gas organizations are utilizing project management software for real-time accurate project data to focus more time on data analysis over data entry. Industry players focus on adopting capital investment decisions and leveraging digital technologies to achieve higher capital productivity. For instance, in September 2022, Kodiak Gas Services LLC (Kodiak), the largest privately-owned contract compression company in the United States, selected IFS Cloud™️ to enhance its cross-functional business operations, This allows Kodiak to consolidate its three main systems of record into one system with multiple functional areas and business processes, including sales, supply chain, procurement, human capital management (HCM), and finance. Furthermore, IFS Platinum Partner, Astra Canyon, implements the solution and rolls it out across Kodiak's entire US operations, encompassing 16 sites and 1,157 users.
North America Occupies the Largest Market Share
- The North American region is expected to dominate the project management software market 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 expected to act as a stimulator for adopting PMS in the region.
- The deployment of PMS solutions for task management for successfully executing tasks and flexible work planning is anticipated to drive the market during the forecast period. Additionally, organizations' increased focus on promoting collaborations among the workforce and boosting the team's efficiency drives the market growth.
- In January 2022, TD SYNNEX Corporation announced a new strategic collaboration agreement (SCA) with Amazon Web Services Inc. (AWS) that covers North America, Latin America, and the Caribbean regions. This partnership significantly expands cloud solutions for independent software vendors (ISV) and in cloud technology, enabling partners to expand their offerings to reach larger markets throughout the channel.
Project Management Software (PMS) Industry Overview
The project management software market is very competitive. The market is mildly concentrated because of many small and large players. The key strategies adopted by the major players are mergers and acquisitions and product innovations to stay ahead of the competition and to expand their global reach.
In July 2022, Arcadis and IBI Group agreed to a recommended all-cash offer of USD 19.50 per share for Arcadis to acquire all issued and outstanding shares of IBI Group. This acquisition amplifies the ability to deliver the most innovative and impactful project management software globally and locally, all aimed at new and innovative technology-enabled solutions.
In February 2022, RedTeam Software LLC, a leading construction management software provider, announced the acquisition of paskr Inc., a cloud-based construction management solution. This acquisition robusts a suite of integrated software solutions purpose-built for commercial construction entities of all sizes.
Project Management Software (PMS) Market Leaders
Microsoft Corporation
Broadcom Inc. (CA Technologies)
Oracle Corporation
ServiceNow Inc.
*Disclaimer: Major Players sorted in no particular order
Project Management Software (PMS) Market News
- October 2022: ServiceNow acquired Observability Innovator Era Software, helping businesses turn data-driven insights into action, allowing innovating fast with precision and control, helping modern organizations deliver better outcomes across all their technology investments, and capitalizing on the promise of digital transformation.
- August 2022: Linarc launched the all-in-one cloud-based construction project management software to foster collaboration and efficiency for mid to large-scale projects with real-time updates and predictive analytics. This is to provide complete transparency to get detailed reports and quick reference dashboards to keep them informed on the target detailed work assignments with documents, photos, and visual cues to keep them safe, productive, and on task.
- May 2022: InEight Inc., a global leader in capital project and program management software, launched InEight Design, which delivers an integrated project control process to successfully manage design scopes and provide traceability in design quantities for progressive project delivery models, reducing design quantity growth risk up to 20% and reducing engineering costs by 10%, eliminating the surprises that impact budgets and schedules.
Project Management Software (PMS) Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased Sophistication and Growing Awareness Among End Users
4.2.2 Ability to Connect and Integrate Multiple Disparate Systems
4.3 Market Restraints
4.3.1 High Initial Investment
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Assessment of the Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Deployment
5.1.1 Cloud
5.1.2 On-premise
5.2 By End-user Vertical
5.2.1 Oil and Gas
5.2.2 IT and Telecom
5.2.3 Healthcare
5.2.4 Government
5.2.5 Other End-user Verticals
5.3 By Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Latin America
5.3.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Oracle Corporation
6.1.2 Microsoft Corporation
6.1.3 SAP SE
6.1.4 Broadcom Inc. (CA Technologies)
6.1.5 Basecamp LLC
6.1.6 AEC Software
6.1.7 Workfront Inc.
6.1.8 ServiceNow Inc.
6.1.9 Unit4 NV
6.1.10 Atlassian Corporation PLC
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Project Management Software (PMS) Industry Segmentation
Project management software is software that 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. It can also be used as an administration system.
The market is segmented by Type of Deployment (Cloud-based, On-premises), End-user Vertical (Oil and Gas, IT and Telecom, Healthcare, Government, Other End-user Verticals), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The market sizes and forecasts are provided in terms of value in USD billion for all the above segments.
Project Management Software (PMS) Market Research FAQs
How big is the project management software market.
The Project Management Software Market size is expected to reach USD 6.54 billion in 2024 and grow at a CAGR of 10.67% to reach USD 10.86 billion by 2029.
What is the current Project Management Software Market size?
In 2024, the Project Management Software Market size is expected to reach USD 6.54 billion.
Who are the key players in Project Management Software Market?
Microsoft Corporation, SAP SE, Broadcom Inc. (CA Technologies), Oracle Corporation and ServiceNow Inc. are the major companies operating in the Project Management Software Market.
Which is the fastest growing region in Project Management Software Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Project Management Software Market?
In 2024, the North America accounts for the largest market share in Project Management Software Market.
What years does this Project Management Software Market cover, and what was the market size in 2023?
In 2023, the Project Management Software Market size was estimated at USD 5.84 billion. The report covers the Project Management Software Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Project Management Software Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Who are the end-users of the Project Management Market?
The end-users of the Project Management Software Market include Oil and Gas, IT and Telecom, Healthcare, Government, and Other End-user Verticals
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Project Management Software Industry Report
The global project management software market is witnessing significant growth, fueled by the demand for efficient workflows and increased awareness of its benefits. This market is crucial for tasks like planning, scheduling, and resource allocation, with a notable surge in sectors such as IT & Telecom, Healthcare, Government, and notably, Oil & Gas. The shift towards cloud-based solutions is driven by the need for scalability, cost-efficiency, enhanced team collaboration, data security, and real-time tracking. North America is at the forefront, with Europe and the rapidly digitalizing Asia Pacific region following. Despite challenges like high initial costs and data security concerns, the market's expansion is propelled by strategic moves from key players, including partnerships and new product developments, to meet diverse business needs. Statistics for the Project Management Software Market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Project Management Software analysis includes a market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download.
Project Management Software Market Report Snapshots
- Project Management Software Companies
- Project Management Software News
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Project Management Software Market Size, Share & Trends Analysis Report By Component (Solution, Services), By Deployment (On-premise, Cloud), By Enterprise Size (Large Enterprise, Small & Medium Enterprises (SMEs)), By End-Use (Manufacturing, BFSI, IT & Telecom, Healthcare, Engineering & Construction, Government, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032
Market Dynamics
Regional analysis.
- Report Scope
Segmental Analysis
Impact of covid-19.
- Key Players
- Recent Development
- Report Overview
- Table of Content
- Segmentation
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Market overview.
The global project management software market size was valued at USD 7.36 billion in 2023 . It is expected to reach USD 15.06 billion by 2032 , growing at a CAGR of 18.48% during the forecast period (2024–2032).
Project management software is a software used in scheduling, planning of a project, allocation of resources, and managing changes. It is a platform where project managers, stakeholders, and users can control their costs, budgets, quality, and documents, and it also serves as a management system. There several tools that are necessary for a project manager to manage and finish his projects on time. The traditional project management tools help these managers controlling the projects concerning scope, cost, and resources. They will be able to trace the critical tasks, resource allocation, and deadlines and thus be in a position to make a timeline and monitor their project phases. Furthermore, working remotely at a much rapid pace is allowed by project management software because it lets the team members automatically communicate and share updates with the team that is involved in that particular project.
Global Project Management Software Market Drivers
Increased sophistication and awareness among end-users.
Project managers have always employed project management software solutions, but things are different now. Businesses worldwide are adopting the concept and educating every employee in their organization to manage projects in a better way. Due to the growing sophistication of these technologies, project management techniques are now available that are incredibly adaptable to any department and may assist make completing work much more manageable and straightforward.
Additionally, there has been a rise in end-user awareness due to the comprehensive capabilities of today's automated information systems, which can deliver the most accurate and timely critical information necessary to the decision-makers in the enterprise to overcome the difficulties involved and support the achievement of organizational goals.
Capability to Incorporate and Interconnect Disparate Systems
Another significant element that is anticipated to impact market expansion is the capacity of centralized project management systems to connect and integrate numerous dissimilar systems. The leading cause of many businesses' problems managing their projects and associated information is a lack of centralization. In the middle of juggling people, tasks, and goals, centralized management solutions let users discover the information they need in a single location and guarantee the success of every project for project managers. This has been the primary justification for getting most end-user industry companies to switch to centralized project management systems, leading to increased demand over the past few years.
Other advantages, including operational effectiveness and data security, have motivated businesses to transition from their conventional dispersed information systems to an integrated data management platform. These technologies also enable qualified employees of the company to update data that is essential to the company. These factors have fueled the demand for project management software solutions and centralized data management technologies.
Global Project Management Software Market Restraint
Huge preliminary investment.
Slow market penetration results from these systems' high installation and maintenance costs, which deter businesses from investing in project management software systems. Robust, reliable, and effective software is linked to more extraordinary project management software system expenses. Due to the increased security, these systems are also quite expensive. The pressure is on the end-user of those systems, which must pay maintenance costs for the software lifetime due to the need for periodic upgrades to address safety concerns.
Project management software adoption demands a robust, mutually beneficial synergy between end users, technology suppliers, and innovators. Unfortunately, these costly, intricate solutions require expert setup, coding, and software upkeep. Adopting these systems in diverse end-user sectors is further complicated by the interoperability expenses, which are an additional hurdle. Software systems must be tailored to address the requirement for ongoing updates, which typically results in higher installation costs.
North America is Predominant Over Others
Region-wise, the global project management software market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
North America holds the largest market share and is anticipated to grow at a CAGR of 11.02% during the forecast period. The principal reason for this is the rising trend in business use of project management software. It is anticipated that the region's adoption of PMS would be stimulated by the growing need among enterprises to track and manage their projects effectively. Throughout the projection period, it is predicted that the market will continue to be driven by the deployment of PMS solutions for task management for the efficient completion of tasks and flexible work planning. The market expansion is also driven by enterprises' growing emphasis on encouraging employee cooperation and enhancing team productivity.
Europe holds the second-largest market share and is estimated to account for USD 4.16 million by 2030, growing at a CAGR of 11.21%. The automotive sector is among the most well-known sectors in the European continent, among many others. With the help of digital transformation tools and intelligent factories, businesses can offer customers more personalization and choice without slowing down their time to market or profitability. Several sectors in the European region are utilizing cloud services to increase productivity and save expenses. With the introduction of 5G technology, the area is spending more money to upgrade and put in place cutting-edge telecom infrastructure.
Due to rising investments in implementing digital transformation solutions and technologies across sectors, Asia-Pacific is anticipated to provide several development chances for the market under study. Furthermore, the expansion efforts of international automakers in the region are expected to support market expansion. Solution providers are partnering and developing to deliver cutting-edge solutions to several enterprises throughout the region's industries. Such activities are anticipated to increase its market presence in the area.
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The global project management software market is segmented into component, deployment, enterprise size, and end-user.
Based on Components, the global project management software market is segmented into Solutions and Services.
The Solutions sub-segment within the Components segment of the global project management software market encompasses Activity Scheduling, Project Portfolio Management, Resource Management, Issue Tracking, Document Management, and Others. This sub-segment is driving market growth due to its ability to address diverse project needs efficiently. Activity Scheduling and Project Portfolio Management facilitate streamlined planning and strategic alignment, enhancing overall project execution.
Resource Management optimizes resource allocation, while Issue Tracking ensures prompt resolution of project issues. Document Management simplifies document handling, improving team collaboration and compliance. The integration of these functionalities within project management software supports comprehensive project oversight and coordination, making it indispensable for organizations aiming for improved project outcomes and operational efficiency.
Based on Deployment, the global project management software market is segmented into On-premise and Cloud.
The cloud-based deployment sub-segment is rapidly expanding in the global project management software market. This segment involves delivering project management solutions through cloud platforms, enabling users to access tools and data from anywhere with an internet connection. The cloud-based approach is driving market growth due to its scalability, cost-effectiveness, and ease of integration with other cloud services.
Organizations are increasingly adopting cloud solutions to benefit from real-time collaboration, automated updates, and reduced IT overhead. Moreover, the flexibility and remote accessibility of cloud-based project management software align with the growing trend of remote and hybrid work environments, further propelling its demand across various industries.
Based on Enterprise Size, the global project management software market is segmented into Large Enterprises and Small & Medium Enterprises (SMEs).
The Large Enterprises sub-segment within the Enterprise size segment of the global project management software market is characterized by organizations with over 1,000 employees. This sub-segment is driving market growth due to the increasing need for scalable and robust project management solutions that can handle complex projects and extensive teams. Large enterprises often face challenges such as coordinating cross-departmental workflows, managing vast amounts of data, and ensuring compliance with regulatory requirements.
Advanced project management software provides these organizations with integrated tools for resource planning, risk management, and real-time collaboration, enabling them to streamline operations and improve efficiency. The growing digital transformation trend and the need for comprehensive project oversight further propel the demand for sophisticated software solutions in this segment.
Based on End-Users, the global project management software market is segmented into Manufacturing, BFSI, IT & Telecom, Healthcare, Engineering & Construction, Government, and Others.
The IT & Telecom sub-segment for end-users is experiencing significant growth in the global project management software market. This expansion is driven by the sector's increasing need for efficient, scalable project management solutions to handle complex, multi-phase projects and support remote and distributed teams. IT and telecom companies require robust tools to streamline workflows, enhance collaboration, and ensure timely project delivery amidst rapid technological advancements and competitive pressures.
Additionally, the adoption of cloud-based project management solutions provides these industries with flexibility and cost-effectiveness, enabling better resource management and real-time tracking of project progress. The drive for digital transformation and operational efficiency further fuels the demand for advanced project management software in this sub-segment.
Market Size By Component
COVID-19 has positive and negative market consequences, as carbon emissions have decreased globally due to the lockout. COVID-19's reduction in emissions is a short-term benefit. Still, when industries and enterprises attempt to recoup some of their financial losses in the first quarter of the year, carbon emissions will rise dramatically. COVID-19 had a negative impact on global recycling efforts. Countries, notably the United States, have halted or decreased recycling programs to focus on collecting additional domestic waste or because services have been disrupted by the virus.
Also, with industries slowly returning to normalcy following the COVID-19 outbreak, this shift in workplace health and safety is expected to increase due to mandatory social distancing and continuous personal care through sanitization to eliminate even the tiniest possibility of COVID-19 spread. COVID-19 has impacted various companies' revenues, and if the lockdown is lifted, companies will turn their attention to operations to make up for their losses.
List of key players in Project Management Software Market
- Oracle Corporation
- Microsoft Corporation
- Broadcom Inc. (CA Technologies)
- Basecamp LLC
- AEC Software
- Workfront Inc.
- ServiceNow Inc.
- Atlassian Corporation PLC
Project Management Software Market Share of Key Players
Recent Developments
- July 2022 - Oracle and Microsoft collaborated to provide direct, simplified access to Oracle databases on Oracle Cloud Infrastructure for Azure clients.
- June 2022 - Microsoft unveiled new tools for small businesses in Microsoft Teams on the Web.
- May 2022 - To enable native integration between Google Workspace and SAP S/4HANA Cloud, Google Cloud and SAP have expanded their partnership.
- April 2022 - Broadcom Announced Availability of World's First Wi-Fi 7 Ecosystem Solutions.
Project Management Software Market Segmentations
By component (2020-2032).
- Activity Scheduling
- Project Portfolio Management
- Resource Management
- Issue Tracking
- Document Management
- Integration & Deployment
- Support & Maintenance
By Deployment (2020-2032)
By enterprise size (2020-2032).
- Large Enterprise
- Small & Medium Enterprises (SMEs)
By End-Use (2020-2032)
- Manufacturing
- IT & Telecom
- Engineering & Construction
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