Online Project Management Software Market to grow by USD 4.34 billion from 2022 to 2027, Increasing integration of social media with project management software drives the market - Technavio

NEW YORK, Jan. 5, 2024 /PRNewswire/ -- The "Online Project Management Software Market by End-user (Enterprises and Government), Deployment (On-premises and Cloud), and Geography (North America, Europe, APAC, Middle East and Africa, and South America) - Forecast and Analysis 2023-2027" report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the online project management software market between 2022 and 2027 is USD 4.34 billion.

The increasing integration of social media with project management software is notably driving market growth. Companies are increasingly using social networks as a major component of their digital marketing strategies. By integrating social media with online project management software, companies can provide employees with social workflow opportunities even when working outside the corporate firewall. A social workflow can consist of a set of service-oriented application interfaces (APIs) or a standalone feature with integrated applications that work with other messaging or business applications.

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Market Challenge

High implementation and operating costs are major challenges impeding market growth. Cloud-based project management software typically requires users to pay a subscription fee. The cost of the subscription can be based on the user's specific needs, such as custom features, storage capacity, remote access, and advanced support. On the other hand, cloud-based portfolio management software is generally expensive and the price often varies based on the number of users. Although the initial cost of cloud-based applications tends to be lower than on-premises applications, over time the costs can add up. This is because suppliers often require annual or quarterly orders to grow their customer base, which results in additional charges for extra services. 

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The online project management software market has segmented by End-user (Enterprises and Government), Deployment (On-premises and Cloud), and Geography (North America, Europe, APAC, Middle East and Africa, and South America). 

• The market share growth by the enterprises segment will be significant during the forecast period. Various industries such as IT, manufacturing, construction, marketing/public relations and advertising, management consultancies, BFSI, and others are referred to as enterprises. The manufacturing sector is one of the industries in which there is a growing demand for software solutions that can address significant issues, including inefficient cost, schedule, and quality control. 
• North America is estimated to account for 40% of the global market during the forecast period.

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Key Companies in the online project management software market:

Apptio Inc, Atlassian Corp. Plc, Basecamp LLC, Citrix Systems Inc., Clarizen Inc., LiquidPlanner Inc., Mavenlink Inc., Microsoft Corp., monday.com Ltd., Planbox Inc, Premiere Global Services Inc., ProjectManager.com Inc., Redbooth, Scoro Software, TeamGantt, Teamwork Crew Ltd., Workfront Inc., Wrike Inc., Zoho Corp. Pvt. Ltd., and ActiveCollab LLC

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The cloud-based ITSM market is estimated to grow at a CAGR of 15.08% between 2022 and 2027. The size of the market is forecast to increase by USD 6,094.37 million. 

The construction management software market is estimated to grow at a CAGR of 10.14% between 2022 and 2027. The size of the market is forecast to increase by USD 986.36 million

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user 

Market Segmentation by Deployment

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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