DUBLIN--(BUSINESS WIRE)--Dec 22, 2020--
The "Project Management Software Market - Growth, Trends, Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The Project Management Software market is expected to register a CAGR of 10.67% during the forecast period (2020 - 2025). As today's corporations increase in size and complexity, an all-inclusive solution is needed to manage and coordinate an entire organization's portfolio of different projects. These solutions help the management to shuffle between plans, workload, budgets, and resources, carefully observe the project progress and report on delivery success.
- Project management software (PMS) has now evolved into a strategic function of today's business due to the accelerating pace, technological advancements as well as the digital transformation and disruption happening across almost every industry.
- Some of the factors that are expected to enhance the growth of the Project Management Software (PMS) systems market include increasing usage of software to manage resources, rising demand for the software that minimizes project risk as well as project cost, budget and shuffle plans, help in accessing real-time dashboard anywhere and anytime. On the other hand, the increasing sophistication and rising capabilities such as reminders and setting due dates are also anticipated to provide further impetus to the growth of the market during the forecast period.
- While the factors, such as increased sophistication of software systems, growing awareness among end users, and ability to connect and integrate multiple disparate systems are anticipated to drive the demand, the high installation costs of setting up these systems coupled with high maintenance costs, are dissuading the enterprises in the end user from investing in project management software systems, thus leading to slow market penetration.
- Project management has also evolved into a means of new product development, owing to the emergence of the Internet of Things and the adoption of agile NPD, which has now merged with PMS and has led to the development of new firms like UMT360, GenSight, and Decision Lens in the field of enterprise product creation.
- With the COVID-19 pandemic lurking around, project management software is likely to provide a 360-degree view of analysis in terms of import and fare control, flexibility chain, provincial government strategy, future impact on the business, among others. Hence, the reliance on such digital solutions has greatly increased and is anticipated to witness no retreat even in the post-pandemic era.
- These software systems also help project managers to evaluate the critical ways in which the pandemic affects their teams to mitigate the negative effects and plans to recover, even remotely. It is evident that enterprises are intending to harness digital channels that could provide proper planning and scheduling, team collaboration, project budgeting, among others, and ultimately leading to supplement and further strengthen their relationships with their customers.
Key Market Trends
Oil and Gas Segment to Witness High Growth
- Digital transformation, tight budgets owing to global economic conditions, and the need to provide a growth platform cause an intense change in the Oil & Gas industry. The smallest of delays can cost millions of dollars to an oil and gas or chemical company.
- Projects are increasing in volume, size, and scope, and the need to be scalable has become even more critical. Relying on manual processes and decentralized spreadsheets expose projects to risks and require ample time to prevent errors. The need for accurate forecasts and useful progress reports is essential.
- Oil & Gas organizations are moving towards a more efficient month-end project process. Instead of manually updating information, organizations are utilizing project management software for real-time accurate project data to focus more time on data analysis over data entry. Industry players are focusing on adopting a disciplined approach to capital investment decisions and leveraging digital technologies to achieve higher capital productivity.
- The market vendors are forming partnerships to provide the best solutions with the most upgraded technology to the industry. For instance, in July 2020, AVEVA, a global engineering, and industrial software firm, announced that it had formed a digital twin alliance for the upstream oil and gas sector with engineering and project management company DORIS Group energy management and automation specialist Schneider Electric.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increased Sophistication and Growing Awareness Among End Users
4.2.2 Ability to Connect and Integrate Multiple Disparate Systems
4.3 Market Restraints
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.6 Assessment of Impact of Covid-19 on the Market
5 MARKET SEGMENTATION
5.2 End-user Vertical
6 COMPETITIVE LANDSCAPE
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Oracle Corporation
- Microsoft Corporation
- SAP SE
- Broadcom Inc. (CA Technologies)
- Basecamp LLC
- AEC Software
- Workfront Inc.
- ServiceNow Inc.
- Unit4 NV
- Atlassian Corporation PLC
For more information about this report visit https://www.researchandmarkets.com/r/3c8z86
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INDUSTRY KEYWORD: SOFTWARE TECHNOLOGY ENERGY OIL/GAS
SOURCE: Research and Markets
Copyright Business Wire 2020.
PUB: 12/22/2020 10:52 AM/DISC: 12/22/2020 10:52 AM