The latest market report published by Acute Market Reports “Online Project Management Software Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the online project management software market was valued at US$ 2,946.8 Mn in 2018 and expected to grow at a CAGR of 13.7% during the forecast period from 2019 to 2027.
“Growing adoption of cloud-based solutions worldwide will enhance the demand for Online Project Management Software Market”
The increase in the adoption of cloud-based solutions and surge in need for efficient project management software is expected to drive the online project management software market throughout the projection period from 2019-2027. The aforementioned software has numerous benefits such as easy access to files, real-time data, an advantage to include collaboration features, and others, which are anticipated to further enhance market growth over the forecast period. North America contributed to the highest share in the global market in 2018.
The increasing demand for automated processes in various BFSI and IT industries is one of the major factors, which are creating a path for the adoption of online project management software from various large-scale companies across the globe. These solutions allow the organizations to capably work together with team members across the different regions in real-time. Additionally, the software solutions effectively and efficiently help various organizations in allotment of different resources for a specific job that reduces the overall cost for the work process. Various large organizations in the EMEA regions and America operate work at much higher costs. Therefore, reducing the cost of the work is leading to the high adoption of project management software solutions across the globe. Major manufacturers are updating software by introducing new versions. For instance, in March 2020, Oracle Corporation introduced Update 20B to the online project management software that will help in quick project completion, extend project change orders, and configure task & project notifications and other project-related work.
The global market comprises a huge number of domestic as well as regional players globally, making the world market highly fragmented. Mergers & collaborations, acquisition, and strategic partnerships are anticipated to be the major strategies followed by key market players.
• In September 2019, Deltek, Inc. collaborates with a leading cloud and mobile technology provider Deem, Inc. The integration is expected to simplify travel & expense experience for business travelers and project-based businesses.
Key Market Movements:
• Globally, the online project management software market growing at a CAGR of 13.7% in for the estimated period from 2019 to 2027
• In 2018, North America had the highest share in the global market owing to the presence of key market players coupled with primary technological adoption. Developed nations and hub for startups are some other major factors for regional dominance.
• The Asia Pacific is anticipated to be the fastest-growing segment owing to a surge in investments for project management along with the growing adoption of the software in the region. Developing economies such as India and China are projected to be the key contributor in the years to come.
• Based on the end-user, the large enterprise segment had the largest share in the global market in 2018 due to the rising adoption of project management software in these organizations. On the contrary, the small and medium enterprises segment is anticipated to grow with the fastest CAGR owing to the surge in deployment of cloud-based software in these organizations
• Mergers & acquisitions coupled with collaborations is projected to be the key strategies by the major players
List of Companies Covered:
• Basecamp, LLC
• Deltek, Inc.
• Citrix Systems, Inc.
• Aconex Limited
• Asana, Inc.
• Atlassian Corp PLC (Trello, Inc.)
• Autodesk, Inc.
• Microsoft Corporation
• Oracle Corporation
• Streamline Studios
Browse the full report at https://www.acutemarketreports.com/report/online-project-management-software-market
The Global Online Project Management Software Market is Segmented into:
|Segmentation||By Application (2017–2027; US$ Mn)|
|By End-User (2017–2027; US$ Mn)|
|By Geography Segment (2017–2027; US$ Mn)|
*Complete segmentation list is on the report page
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