Global Project Software Market Size By Offering (Software, Services), By Deployment (Cloud, On-Premises), By End User (BFSI, Government), By Geographic Scope And Forecast

Project Software Market Size And Forecast

Project Software Market size was valued at USD 4.21 Billion in 2020 and is projected to reach USD 6.82 Billion by 2028, growing at a CAGR of 6.29% from 2021 to 2028.

The growing adoption of cloud-based services for the remote monitoring of assignments is an essential factor that is expected to contribute significantly to market expansion. The factors that are expected to enhance the growth of the Project Software (PMS) systems market include increasing usage of software to manage resources, rising demand for the software that minimizes project risk as well as project cost, budget and shuffle plans, help in accessing real-time dashboard anywhere and anytime. The Global Project Software Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Project Software Market Definition

Software project management refers to the branch of project managers dedicated to the planning, scheduling, resource allocation, execution, tracking, and delivery of software and web projects. Project Software is software used for project planning, scheduling, resource allocation, and change management. It allows project managers (PMs), stakeholders, and users to control costs and manage budgeting, quality management, and documentation and also may be used as an administration system.

Project Software is also used for collaboration and communication between project stakeholders. Project Software helps project managers (PMs) and teams collaborate and meet goals on time while managing resources and costs. Functions may include task distribution, time tracking, budgeting, resource planning, team collaboration, and many more. Project Software helps managers control their costs and hit deadlines. It helps people deliver the projects they commit to.

It even helps them track whether or not they’ve been paid on time and in the right amount. Project Software has many high-level bucket features. Project managers need specific tools to manage and deliver their projects on time. Traditional Project Software helps these managers perform functions including managing project scope, cost, and resources. Modern collaboration software offers even more tools. (Understand project collaboration with this free resource.) These tools help reduce wasted time, such as time spent looking for files or data and time spent manually updating schedules and timetables.

They need tools to share files, communicate in real-time, and ensure all team players are working on one page. Some tools reduce redundancy — they consolidate systems, so that information exists in only one place. And they also avoid file redundancies, which can contribute to what some call a “versioning nightmare.” In addition to mitigating the number of differing files around, Project Software also ensures teams use one method to track time, tasks, expenses, other budgeting items such as invoices, and more. Having one system allows teams to work creatively within a given framework.

Global Project Software Market Overview

The growing adoption of cloud-based services for the remote monitoring of assignments is an essential factor that is expected to contribute significantly to market expansion. The surge in activities such as automation and digitalization across industries including healthcare, government, BFSI, telecom, and engineering and construction has stimulated the need for monitoring and analytical solutions to increase productivity and business efficiency. This is significantly encouraging the implementation of project portfolio management (PPM) solutions.

In addition, the growing complexities in projects and the need for timely and efficient management are expected to drive market growth over the forecast period. Furthermore, the need to gain a 360-degree view of project operations and resource management is driving the demand for PPM solutions. The software helps in collaborative scheduling, planning, and faster and more efficient decision-making. Additionally, a surge in the trend of bringing your own device (BYOD) coupled with the growing focus of organizations on attaining faster Return on Investment (ROI) is the key factor driving the market growth.

Moreover, some of the factors that are expected to enhance the growth of the Project Software (PMS) systems market include increasing usage of software to manage resources, rising demand for the software that minimizes project risk as well as project cost, budget and shuffle plans, help in accessing real-time dashboard anywhere and anytime. On the other hand, the increasing sophistication and rising capabilities such as reminders and setting due dates are also anticipated to provide further impetus to the growth of the market during the forecast period. However, some of the factors, such as 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 Software systems, thus leading to slow market penetration.

Global Project Software MarketSegmentation Analysis

The Global Project Software Market is segmented on the basis of Offering, Deployment, End User, and Geography.

Project Software Market, By Offering

• Software
• Services

Based on Offering, the market is bifurcated into Software and Services. The service segment comprises integration and deployment, support and maintenance, and training and consulting services. The service segment is anticipated to witness rapid growth over the forecast period. The surging demand can be attributed to the innovative services offered by the market players such as process assessment, process improvement, and reporting and analysis. Developments in project portfolio management services such as on-the-job communication facilities, assignment governing policies, and program facilitation services help organizations in comparing macro-environmental factors that lead to increased productivity and ROI.

Project Software Market, By Deployment

• Cloud
• On-Premises

Based on Deployment, the market is segmented into Cloud and On-Premises. The on-premise segment dominated the project portfolio management market in 2019 as it has been a classical approach that has existed since the beginning of the computer age. The on-premise solution offers total control over the software as all sensitive data is stored internally and there is no risk of exposing it to a third party. On-premise deployment further enables more options for customizations. However, companies are increasingly shifting toward the usage of cloud-based solutions as on-premise solutions have higher operational costs. The other factor is the high maintenance requirements as it becomes the organization’s responsibility to upgrade and scale the solution when required.

Project Software Market, By End User

• BFSI
• Government
• Engineering & Construction
• Healthcare
• IT & Telecom
• Others

Based on End User, the market is bifurcated into BFSI, Government, Engineering & Construction, Healthcare, IT & Telecom, and Others. The healthcare segment is expected to witness significant growth over the forecast period. The healthcare industry faces many issues, such as the unreliable quality of data owing to various complicated projects.

Hence, vendors are offering PPM solutions to this sector for reducing costs and improving patient care and quality, reducing equipment installation time, decreasing readmission rates, accelerating automation of electronic medical records (EMR), and minimizing waiting time to optimize revenue cycles. Owing to these factors, the healthcare segment is witnessing a surge in the adoption of PPM solutions for meeting market demand, delivering uninterrupted patient care, and sustaining costs.

Project Software Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, the Global Project Software Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America dominated the market in 2019 and is deemed the most advanced region in terms of adopting the latest technologies and cloud-based solutions. The region’s financial positioning enables it to invest substantially in leading technologies and tools for efficient project operations. Additionally, the presence of several prominent PPM solution providers such as Microsoft, Oracle, and Workfront in North America is expected to significantly drive the market growth in the region.

Key Players

The “Global Project Software Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Broadcom, Celoxis Technologies Pvt. Ltd., Changepoint Corporation, HP Development Company, L.P., ServiceNow, Planview, Inc., Planisware, Microsoft, Oracle, and Workfront, Inc. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

Partnerships, Collaborations and Agreements

• On March 2020, SAP added two new and free templates on its lightweight project management and collaboration tool, Ruum, for helping both individuals and businesses plan, prepare, and respond to COVID-19. The new interactive checklist templates, namely Checklist for Employers and Checklist for Individuals & Families, are available to all the Ruum users for managing the risks of COVID-19.
• On July 2020, DORIS Group, global Engineering and Project Management company in the energy industry, Schneider Electric, the leader in the digital transformation of energy management and automation, and AVEVA a global leader in engineering and industrial software, have agreed to develop a strategic partnership to deliver Digital Twin technology for the upstream oil and gas markets. These new solutions will support the goals of oil & gas organizations to improve asset performance, increase sustainability and maximize return on capital on projects.
• On July 2020, SAP collaborated with Siemens, through which the former will offer the latter’s Teamcenter software as the core foundation for product data management. Siemens will offer SAP Intelligent Asset Management solutions and SAP Portfolio and Project Management applications that are anticipated to maximize business value for customers over the entire product and service lifecycle and enable new collaborative processes between manufacturers and operators.
• On November 2020, Codlleo Consulting launched an exclusive cloud-based project management App for SMBs named ‘ProjecLeo. The application is equipped with powerful scheduling and project planning features with collaboration tools for teams. It is also equipped with user-friendly task management and time logs that help automate and streamline the essential business processes to enhance operational efficiency.

Mergers and Acquisitions

• On August 2019, Broadcom had acquired the enterprise security business of Symantec Corporation. Broadcom announced that it had completed the acquisition of the business and Symantec, which is now known as the consumer software portion.

Product Launches and Product Expansions

• On March 2020, Broadcom introduced a digital business and agile management solution, ValueOps, integrating its PPM solutions, Clarity PPM and Broadcom Rally. The integrated offering helps customers align their business strategies with their IT goals, thereby helping them streamline their business operations.
• On April 2020, Oracle announced a special assistance service for Primavera customers during the global COVID-19 outbreak. Under which, Oracle Construction and Engineering client services teams initiated an online support service for Primavera customers to assist them with their day-to-day challenges amidst the crisis and deliver knowledge onto best practices.
• On April 2020, Planview partnered with Cherwell, an IT service management company, to combine Planview PPM Pro with Cherwell’s IT Service Management (ITSM) solutions for helping customers address both their project management needs and ITSM challenges. Where Cherwell offers no code development and concurrent licensing model with ITSM solutions, Planview enables the customer to use a range of methods for work delivery, including Lean-Agile, collaborative, traditional project work, and hybrid.

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