Project Management Software Systems Market To Experience Significant Growth During The Forecast Period 2016-2022
Since the onset of the millennium, the use of project management software systems in enterprises, both small and large has become the norm. Enterprises began to understand the varied benefits like efficiency, lower costs, better scalability and agility of project management software systems and thus the demand for project management software systems grew. The next big problem in front of the enterprises was to find the right fit for the enterprise that suited its requirements. There were many vendors and enterprises took time to figure out their right fit and this proved a challenge early on for the growth of the market.
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The lack of proper tools and skills to manage the project was the driver for growth in the early days of the project management software systems. But as adoption of the product grew, the increasing automation of the project management process is driving the growth of the market. Digitization across industries and increased investments in developing and deploying new and improved technologies are some of the factors contributing to the growth of the project management software systems market. The factors hindering the growth of the market are strict rules and policies which are hindering faster implementation of solutions, increasing interoperability issues and lack of comprehensive integration strategy.
The Global Project Management Software systems market is segmented into four types on the basis of End-User, Product Type, Application and Geography.
Segmentation by End-User
Small and medium sized enterprises
Large enterprises contribute the most revenue in this segment. The Large enterprises segment is also expected to post the biggest growth in the near future.
Segmentation by Product Type
On-Premises systems account for a majority of the revenues in this segment but SaaS-based systems are projected to grow the fastest.
Segmentation by Application
Banking & Financial Services Industry (BFSI)
Construction and Infrastructure
Information & Technology
Construction & Infrastructure, Banking & Financial Services Industry (BFSI) and Information & Technology dominate the market in terms of revenue. Banking & Financial Services Industry (BFSI) is expected to grow at the fastest rate.
Segmentation by Geography
Middle East and Africa
North America and Europe lead the way in revenues in this segment but Asia Pacific is expected to post the biggest growth rate.
Regional/ Geographic Analysis
North America and Europe are mature markets which have led the market since the begining because of early adoption of project management software systems. Asia Pacific is expected to show stellar growth mainly due to the increasing usage of cloud and mobility solutions in the developing nations of Asia like India & Malaysia, and the rising awareness about the advantages of project management software systems among the small and medium sized enterprises.
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Some of the major players in this market are Microsoft Corporation, Citrix Systems, Inc., Workfront, Inc., Atlassian Corp PLC, Zoho Corporation, Wrike, Inc., Basecamp, LLC, Smartsheet.com, Inc., Mavenlink, Asana Inc, SAP, Oracle, HP, Podio and GBS Project Management.
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