Revenue of Online Project Management Software Market estimated at US$ 11.7 Bn by 2031, TMR Report

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Jun 28, 2022, 07:30 ET

Critical advantage to track individual activities of complex business projects from a central platform that determines success drives online project management software market
Flexibility of use substantiate practice of deployment of freemium software by large as well small organizations

ALBANY, N.Y., June 28, 2022 /PRNewswire/ -- The online project management software market is estimated to expand at a CAGR of 8.3% for the forecast period from 2021 to 2031. Need to deploy software that reduces project risk as well as project budget, enables shuffle planning, and real-time view of dashboards are some key factors fueling the growth of online project management software market.

Complex nature of business projects that involves multiple tasks carried out by different individuals requires a solid task management system that is designed for flexible project planning and successful project execution. Availability of a range of online software project management tools that can be customized favors adoption from businesses of various sizes.

Rapid advancements in software systems, which includes the ability to integrate and connect various systems, set reminders and due dates are expected to be labelled best online project management software.

North America is anticipated to enjoy the largest slice of online project management software market share by 2022. Substantial adoption of online project management software solutions with the objective of task management for flexible work planning and successful project execution fuels growth of online project management software market of the region.

Besides this, growing focus of enterprises to encourage employee collaboration and increase team efficiency to influence online project management software market size of the region.

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Online Project Management Software Market – Key Findings of the Report

Rapid adoption of software-as-a-service based project management systems by large as well as small businesses is creating ample opportunities in online project management software market. Critical advantages of centralization of project data, improved storage capacity, and mobility stoke demand for cloud-based online project management software solutions
Solid demand for effective project management solutions spells growth of online project management software market. Market analysis of online project management software reveals businesses of all sizes are acquiring software solutions to optimize resources and manage them effectively, which translates into considerable cost savings. Such savings are significant for small enterprises that have low budgets for operations.
Demand for software platforms that offer diverse features and at the same time present market prospects is at an all-time high. The software platforms comprise features to identify critical ways in which negative consequences of unexpected situations can be reduced and recovery strategies be devised.
Availability of exclusive online project management software for the construction industry is a key factor fueling the project management software market. Jonas Premier is an example of cloud-based construction software that helps construction companies automate workflows and capitalize on financial opportunities.
Prospects of exponential growth of the construction sector post COVID-19 especially in developing countries is expected to boost the online project management software market
Asia Pacific is anticipated to display the leading growth rate among other key regions of the online project management software market during the forecast period
Keen players are engaging in innovations in the IT sector to gain expertise in the software segment for improved presence in the online project management software market

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Online Project Management Software Market – Growth Drivers

Hefty investments in technologies from knowledge-based enterprises for automated processes is generating opportunities in online project management software market
Crucial advantage of considerable time savings to enable enterprises to focus on data analysis over data entry propels the online project management software market

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Online Project Management Software Market – Key Players

Some of the key players operating in the online software management software market are;

Atlassian Corporation Plc
Asana Inc.
Microsoft Corporation
Oracle Corporation
Adobe Inc.

The online project management software market is segmented as follows;

Online Project Management Software Market, by Component

Software
Services

Professional Services
Managed Services

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Online Project Management Software Market, by Enterprise Size

SMEs
Large Enterprises

Online Project Management Software Market, by Industry Verticals

Manufacturing
Construction
IT & Telecom
Healthcare
Retail
BFSI
Others

Online Project Management Software Market, by Region

North America
Europe
Asia Pacific
Middle East & Africa
South America

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