Global Project Management Software Market - Segmented by Type of Deployment (Cloud-Based, On-Premises), Size of Organization (Small and Medium-Sized Enterprises, Large Enterprises), End-User Vertical (BFSI, Healthcare and Life Sciences, Manufacturing, IT and Telecommunications, Retail), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global project management software market is expected to witness a CAGR of 10.14% during the forecast period of 2018–2023. The scope of this report is limited to the type of deployment method used such as cloud-based and on-premises, size of the organization, such as small & medium-sized enterprises and large enterprises, end-user verticals, such as BFSI, healthcare and life sciences, manufacturing, IT & telecommunications, and retail, among others. The regions considered in the scope of the report include North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Project Management Software is intended to manage work between members of a group and enforce order in the projects they are managing. As a tool for organizing and managing work, the use of project management software continues to grow at a rapid pace across industries. As corporations develop in size and complexity, more all-inclusive solutions are needed to coordinate an entire organization's portfolio of projects. These solutions help the management to shuffle plan, workload, budgets and resources, observe projects as they develop, and report on delivery success.
Ability to Connect and Integrate Multiple Disparate Systems
The project management software encompasses disparate systems such as resource management, financial management, time management, demand management, etc., thus enabling you to manage your programs from concept to completion collaboratively. It integrates project management and process controls to reduce the number of project/schedule overruns, thereby reducing project risks and costs.It also automates processes for managing scope, risk, quality, issues, and schedules.
The financial management module provides managers with a single, real-time view of all financial attributes related to the programs, projects, and overall IT portfolio. Thus, managers gain the flexibility needed to rapidly adjust forecasts as business objectives change. The Resource Management module provides managers with comprehensive resource analysis, which includes both operational and strategic activities at any stage in the work lifecycle. The time management module helps managers to focus on value-added activities by streamlining time collection and improving accuracy across the wide range of work performed.
Lack of Skills to Manage the Software
With the growing need for project management software systems, there has been a high demand for new features like project integration. Companies like Oracle, IBM, and HP have come up with several features, which enable the user to work efficiently. However, with growing sophistication, usage of the project management software requires special skills to manage the software in the right way.
81% of the companies in Japan and 64% of the companies in India are finding it difficult to hire qualified talent. As the lack of right resources and right skills leads to improper project staffing, IT and project managers must have an idea of the workload of all their resources, including consultants and outsourced staff. Project management software provides the visibility required to review everyone’s workloads and skills. If project managers do not manage the financials on a regular basis and notify the client, the firm might get into trouble quickly. Lack of methodology increases the workload, as the whole project needs to be re-worked, resulting in delay and additional cost. Defining the scope of a project is an important task, before the start of the project. Project management software provides the platform to store and discuss such tasks, which help project managers to prioritize them. Though there has been an increase in workforce, there is a lack of project managers who can adapt to growing innovations in the software.
Key Developments in the Market