PUBLISHER: Grand View Research | PRODUCT CODE: 1301195
PUBLISHER: Grand View Research | PRODUCT CODE: 1301195
The global project management software market size is expected to reach USD 20.47 billion by 2030, expanding at a CAGR of 15.7% from 2023 to 2030, according to the new report by Grand View Research, Inc. The growth of the project management software industry can be attributed to the increasing demand for real-time tracking & monitoring of organizational projects to enhance operational efficiency and minimize business complexities. Further, the rising digitization in various end-use industries such as IT & telecom, manufacturing, BFSI, and healthcare is expected to strengthen the project management software industry demand during the forecast period.
Project management software offers comprehensive solutions to streamline organizational processes, including project planning, scheduling process, tracking resources, and real-time status monitoring. Project management software assists users in tracking and identifying critical tasks, assigning resources, setting deadlines, creating timelines, and keeping track of project stages. Furthermore, with the help of project management software, team members can collaborate remotely at a higher speed as it enables automated communication along with sharing updates with the team involved in a specific project. All these factors are expected to fuel the growth of the project management software industry over the forecast period.
Businesses such as large and small organizations are constantly exploring new ways to enhance their project capabilities, reduce expenditures, and enhance the overall efficiency of numerous plans, projects, tasks, and people. Project management software is one of the key solutions helping organizations keep everything organized while planning or undertaking new projects to ensure predictability, accuracy, and profitability. Project management software enables organizations to undertake projects digitally by eliminating the traditional pattern of recording and managing details manually. Thus, it helps reduce time, resources, and errors while maintaining flexibility and ease of operation capabilities. These are the key factors expected to drive the project management software industry during the forecast period.