The Project Management Software market is expected to register a CAGR of 10.67% 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. - Some of the factors that are expected to enhance the growth of the Project Management 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. - 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. - With the COVID-19 pandemic lurking around, project management software is likely to provide a 360-degree view of analysis in terms of import and fare control, flexibility chain, provincial government strategy, 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 help project managers to evaluate the critical ways in which the pandemic affects their teams to mitigate the negative effects and plans to recover, even remotely. It is evident that enterprises are intending to harness digital channels that could provide proper planning and scheduling, team collaboration, project budgeting, among others, and ultimately leading to supplement and further strengthen their relationships with their customers.
Key Market Trends Oil and Gas Segment to Witness High Growth
- Digital transformation, tight budgets owing to global economic conditions, and the need to provide a growth platform cause an intense change in the Oil & Gas industry. The smallest of delays can cost millions of dollars to an oil and gas or chemical company. - Projects are increasing in volume, size, and scope, and the need to be scalable has become even more critical. Relying on manual processes and decentralized spreadsheets expose projects to risks and require ample time to prevent errors. The need for accurate forecasts and useful progress reports is essential. - Oil & Gas organizations are moving towards a more efficient month-end project process. Instead of manually updating information, organizations are utilizing project management software for real-time accurate project data to focus more time on data analysis over data entry. Industry players are focusing on adopting a disciplined approach to capital investment decisions and leveraging digital technologies to achieve higher capital productivity. - The market vendors are forming partnerships to provide the best solutions with the most upgraded technology to the industry. For instance, in July 2020, AVEVA, a global engineering, and industrial software firm, announced that it had formed a digital twin alliance for the upstream oil and gas sector with engineering and project management company DORIS Group energy management and automation specialist Schneider Electric.
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 the successful execution of tasks and flexible work planning is anticipated to drive the market over the forecast period further. Additionally, organizations’ increased focus to promote collaborations among the workforce and boost the team’s efficiency is also driving the market growth. - In August 2020, AXA XL’s North America Construction insurance business collaborated with Procore, a project management software provider, to help contractors improve construction productivity while enhancing project risk management. Procore’s construction platform connects project teams across offices, companies, and even on-site construction sites allowing them to collaborate. It also helps increase productivity and efficiency, significantly reducing rework and delays while boosting financial transparency.
Competitive Landscape 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.
- 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 with an aim to enhance operational efficiency. - 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.
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