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Digitalization and automation of industries are pushing enterprises to adopt software to automate and optimize their business processes. Project management is a difficult task, as it needs to track and manage all the pieces of works and resource engagement together within a dedicated time. The need for optimizing the project management process has led vendors to adopt automated project management software. The software can plan, schedule, organize, collaborate, and manage all the project workflow and resources within a given timeline. Although, advantageous features of the software like real-time monitoring, sharing feedback, and status updates encourage vendors to adopt project management software. Online project management software becomes favorable in the industries as it can manage several projects together without investing too much time and installation process. Wherein, cloud-based online project management software offers mobility, enhanced storage capacity, and centralization of project data which increases the demand for the system. Although, easy integration capabilities with other applications and remote accessibility makes cloud-based project management software more favorable. Additionally, the capability of minimizing project risks and cost has directed small and medium enterprises to adopt the software for optimization of project management. Growing demand for automation of business process management is also expected to drive the online project management market growth. The customized offering of the industries expected to enhance the demand for project management software in the upcoming period.
Key Market Driver -
• Automation of business processes is increasing the demand for project management software
Key Market Restraint -
• Data security issues restricts adoption of online project management software
To stay ahead in the competition, key players of the online project management software market are enhancing their product portfolio by leveraging innovative technologies. Although, many of the market players are offering a free trial of their online business process management platform to gain the attention of customers towards their product offerings. For instance, in March 2020, Wrike, Inc. announced offering of free licensing for the new customers adapting remote work due to COVID-19 pandemic. Moreover, partnerships and mergers and acquisitions are also carried out by the key players to expand business and product portfolio.
Some of the key competitors in the online project management software market include Zoho Corporation Pvt. Ltd., Atlassian, OpenProject GmbH, Smartsheet, Inc.; Wrike, Inc.; Asana, Inc.; Zapier, Inc.; Nulab, Inc., Basecamp, and ProjectManager.com, Inc.
Increasing demand for project collaboration by large enterprises drive the market of project management software. The cloud-based subscription model offers a cost-effective, mobile, and flexible solution which may be expected to upsurge the growth of the market in the foremost period. On-demand and customized offerings of key players directed industries for the adoption of project management software. However, data privacy and security issues become a challenging factor for the growth of the market.
Based on geography, online project management software divided into five regions, North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Among them, Asia Pacific will be expecting to showcase a pleasant growth rate. This is because of the rising adoption of enterprise process management software among small and medium enterprises. Increasing acceptance of cloud and mobile solutions in developing countries like Singapore, Malaysia, and India expected to raise the demand for the cloud-based infrastructure of online project management software.
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Presence of a large number of technologically developed enterprises within the regions representing major adoption of online project management software in North America and Europe. Further, North America is holding a larger share in the market due to the presence of a large number of market players and start-up firms in the U.S. Middle and Africa is expected to represent the average growth rate in the upcoming years as the region is slower in the adoption of advanced technologies.
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