Online Project Management Software Market Size, Share | 2031

Report Description

Online Project Management Software Market Outlook 2031

The global online project management software market size was valued at USD 4.36 Billion in 2022 and is likely to reach USD 9.01 Billion by 2031, at a CAGR of 8.4% during the forecast period, 2023-2031. The market growth is attributed to the surge in business process automation and the increasing adoption of cloud-based services for the remote tracking of various assignments.

Online project management software is a web-based application, which is designed for organizations, individuals, and businesses. It plays a crucial role in businesses as it is used for planning, creating, scheduling, managing, tracking, and executing projects. Online project management software offers automation in the business process as it helps users to complete project-related tasks without their interference.

Get Free Sample Report

It includes task management, coordination, collaboration, documentation, and budget planning, which optimizes the overall management process. It saves time in scheduling repeatable tasks and even prevents any form of a potential crisis by providing reports within a given timeline. It ensures workflow by keeping track of how much work is done and how much is left.

Online project management software offers superior features, such as real-time monitoring and status updates regarding projects. It can manage several projects together without spending too much time in the installation process. It also ensures whether the team remains on task or not.

COVID-19 Impact on Online Project Management Software Market

The market report finds that the COVID-19 pandemic impacted moderately on the global online project management software market. The pandemic slowed down the revenue generation of the market due to a sharp decline in demand from various verticals. This reduction was caused by the prolonged shutdown of various enterprises owing to the emergency lockdowns and other restrictions imposed by the government.

There was a slight increase due to the growing adoption of work-from-home, which highly demands for project management software systems during the COVID-19 pandemic. Furthermore, the significant growth is attributed to the increasing demand for online and free software tools due to the rising acceptance of remote working, which is anticipated to fuel the market growth during the projected period.

Online Project Management Software Market Dynamics

The research report presents a complete market overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The global online project management software market report has up-to-date insights about market scenarios that can shape the overall market performance and output during the forecast period, 2022 to 2030.

Get Free Sample Report

What are the Key Trends in Online Project Management Software Market?

Remote working has gained traction since the COVID-19 pandemic. Many companies shift to work in a remote setting as it helps an organization to save revenue in several ways. It reduces the absenteeism of employees, which will be beneficial for an organization to enhance productivity. Thus, the rising acceptance of remote working is expected to increase project management software sales in the coming years.

What are the Key Factors Propelling Online Project Management Software Market?

Rising usage of cloud-based services is a major factor driving the growth of the global market during the projected period. Cloud computing technology servers through internet-connected devices that enable access to files, storage, and software. The rapid expansion of IT and telecom industries demand for cloud-based service due to the increasing requirement for timely and efficient management of work.

Growing requirements for large-scale project management is another major factor driving the growth of the market. Project management software allows for automating the process by ensuring maximum outputs by maintaining a regular follow-up and managing resources. It offers connectivity, which helps to handle project-related queries quickly.

Automated service increases productivity by reducing operation time. Therefore, rising demand from large enterprises for project collaboration along with automation driving the growth of the market in the coming years.

Which Key Factors are Projected to Restrain the Growth of Online Project Management Software Market?

The lack of awareness regarding the use of online project management software among consumers hinders the growth of the market during the assessment period. The advanced software includes a high level of coding. Thus, it requires proper education and guidance to solve those coding, which restrains the market growth at a certain limit.

Data privacy and security concerns hamper the growth of the market due to unauthorized access and data hacking. Cloud-based software and services can easily be infected by malware. The lack of transparency regarding stored information increases the security concern among organizations. Furthermore, the wide availability of free software and open sources hinders the growth of the market.

What are the Key Factors Expected to Create Lucrative Opportunities for Online Project Management Software Market?

Technological advancement in project management software creates an immense growth opportunity for prominent players competing in the market.

Market players are focusing on new advanced technologies to develop automated project management software and minimize security risks. Increasing complexities in projects and rising internet penetration activities owing to digitization attributed to boosting the market growth during the forecast period.

Scope of Online Project Management Software Market Report

The global online project management software market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

Online Project Management Software Market Segment Insights

Deployment Segment Analysis

On the basis of deployment, the online project management software is bifurcated into cloud-based and on-premises. The cloud-based segment held a key share of the market and is anticipated to expand at a significant growth rate during the projected period. It enables easy operation among several sites without worrying about installing software or maintaining supportive hardware.

Cloud-based deployment enhanced the storage capacity. It offers access to files, storage, software, and server through internet-connected devices. It increases the flexibility of the business. Growing large-scale businesses across the globe and the increasing IT industry at a rapid pace demand for cloud services leads to boost the market growth.

The on-premises deployment contributes to segment growth in the coming years due to the rising demand for cost-effective project management software solutions. It has the ability to access and share data with distant workers. Increasing demand from small businesses as their activities are carried out locally and in-network leads to fuel the market growth.

Get Free Sample Report

Service Segment Analysis

Based on service, the online project management software is segmented into professional service and managed service. The professional service segment is further categorized into consulting, support & maintenance, and implementation & integration.

The managed service segment is projected to register a considerable CAGR during the forecast period due to the growing requirement for business management. It helps in managing and tracking all project-related tasks. If a project keeps getting complex, the tasks also increase.

Managed services avoid loss of information and save time by providing task-related reminders which help teams to complete their work within a given timeline. On the other hand, the professional service segment is anticipated to account for a major market share during the assessment period due to the growing adoption of remote working solutions.

Enterprise Segment Analysis

On the basis of enterprise, the online project management software market is segregated into small to medium enterprises and large enterprises. The large enterprises segment accounted for a high share of the market in 2021 and is expected to generate more revenue share in the coming years as it is considered an early user of the project management software.

Project management software helps large organizations to process on multiple projects. It has the ability to minimize the project risk. Therefore, growing various large-scale industries across the globe demand for enterprise process management software, which leads to accelerates the market growth.

Get Free Sample Report

End User Segment Analysis

Based on end-users, the market is fragmented into retail, manufacturing, building & construction, hospitality, IT & telecom, BFSI, government, healthcare, and others. The IT & telecom sector held a major share of the market in 2021 and is estimated to expand at a high CAGR due to the rapid expansion of the IT and telecom sector across the globe.

The acceptance of project management software is high in the IT and Telecom industries as it helps in planning and executing projects quickly and within time. IT industries work with several business units and clients. Thus, it requires advanced software to perform multiple tasks. Therefore, growing IT & telecom industries at a rapid pace accelerate market growth.

The manufacturing segment is anticipated to hold a key share of the market during the assessment period. Manufacturing industries are considered a high adopters of project management software as it enhanced productivity and reduces operational time and cost throughout production. Increasing industrialization in developing countries leads to rising manufacturing industries, which demand for various management software for automation.

The building and construction industry segment is expected to contribute to the segment growth during the projected period owing to the wide use of different software for architecture and interior design. Utilizing project management software enhanced the automation process. Rising urbanization and various infrastructural activities demands for building automation system, which fuels the growth of the market.

Regional Analysis

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounted for a major revenue share in 2021 and is anticipated to dominate the market during the forecast period due to rising technological advancements. The rapid expansion of large enterprises in the region demands for advanced software. However, the presence of IT and software companies in the region boost the market growth.

Asia Pacific is the second largest region, which held a key share of the market and is expected to grow at a high CAGR in the coming years owing to the increasing use of cloud-based and mobile solutions. Rising start-up firms and various businesses due to the rapid expansion of industrialization demand for the automation process, which fuels the regional growth of the market.

Get Free Sample Report