PUBLISHER: Orion Market Research | PRODUCT CODE: 1778458
PUBLISHER: Orion Market Research | PRODUCT CODE: 1778458
Global Artificial Intelligence (AI) in Project Management Market Size, Share & Trends Analysis Report by Component (Solutions and Service), by Mode (Cloud and On-Premises), by Application (Project Scheduling & Budgeting, Project Support & Administration, Project Data Management, Risk Management, Resource Allocation, Planning, & Forecasting, Project Task Management & Automation, Data Analytics, Reporting, & Visualization, and Project Monitoring), and by Vertical (BFSI, Healthcare & Life Sciences, Telecommunication, Government & Defense, IT & ITeS, and Others), Forecast Period (2025-2035)
Artificial Intelligence (AI) in the project management market was valued at $2.9 billion in 2024 and is projected to reach $16.4 billion by 2035, growing at a CAGR of 17.2% during the forecast period (2025-2035). Artificial Intelligence (AI) in the Project Management market is growing rapidly, with organizations increasingly relying on AI-enabled tools to grow more efficiently, automate processes, and make better decisions. Project management solutions through AI utilize machine learning, natural language processing, and predictive analysis to maximize the allocation of resources, risk prediction, and prioritization of tasks. The industry is fueled by the increasing demand for automation within project planning, scheduling, and tracking, lowering the risk of human errors, and enhancing productivity overall.
The global AI in project management market is segmented by component, mode, and application. Based on the element, the market is sub-segmented into solution and service. Based on the mode, the market is sub-segmented into cloud and on-premises. Further, based on application, the market is sub-segmented into project scheduling & budgeting, project support & administration, project data management, risk management, resource allocation, planning, & forecasting, project task management & automation, data analytics, reporting, & visualization, and project monitoring. Based on the vertical, the market includes BFSI, healthcare & life sciences, telecommunication, government & defense, IT & ITeS, and others. Among the modes, the cloud sub-segment is anticipated to hold a considerable share of the market owing to the lack of physical hardware means updates, as issues such as user change details and installations can be carried out remotely.
The Services Sub-Segment is Anticipated to Hold a Considerable Share of the Global AI in Project Management Market.
Artificial Intelligence (AI) in the project management market globally is growing rapidly, with the services sub-segment expected to account for a significant share. This is mainly because small and mid-sized companies increasingly adopt AI-based services to reduce human errors and improve project efficiency. According to the PMI (Project Management Institute), AI is the new demand for corporations and industry to manage everything systematically with zero mistakes. Executing the task at the scheduled time, maintaining the data, and helping in the easy availability of required data.
The global AI project management market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to hold a prominent share of the market across the globe, owing to its rapid adoption and various technological advancements. With developments in AI algorithms, machine learning (ML) techniques, and data processing capabilities, the application of AI in project management has grown more sophisticated and effective.
North America is Expected to Grow at a Significant CAGR in the Global AI in Project Management Market.
North America is expected to grow at a significant CAGR during the forecast period. The regional growth is driven by the growing risk of uncertainty and project failure due to poor planning. The US and Canada are among the countries that are well-positioned in the advanced technology industry due to the extensive presence of various AI-based software, solutions, service providers, and developers. A few of the leading technology companies are Oracle Corp., IBM Corp., and Microsoft Corp., among others. These companies are significantly influencing other sector companies to implement AI for various applications, such as project management. For instance, in March 2023, PwC UK announced to collaboration with security company ReversingLabs to create a 3rd party risk management (TPRM) platform to assist companies in mitigating software supply chain security threats. Conversely, ReversingLabs exists to assist customers in adapting legacy TPRM programs into better and modern software supply chains, as making the detection and response to threats operable is what TPRM software inherently comprises.
The major companies that are serving AI in the project management market are Adobe Inc., Google Inc., IBM Corp, Amazon Web Services Inc., Microsoft Corp, among others. The market players are significantly contributing to market growth by implementing various strategies such as mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to remain competitive in the market. For instance, in January 2023, the National Institute of Standards and Technology (NIST) published the NIST AI Risk Management Framework (AI RMF 1.0). The NIST AI RMF is a framework that has been created to mitigate risks to people, organizations, and society that are linked to AI. The framework is designed to be voluntarily applied to enhance the capacity to integrate considerations of trustworthiness into AI products, services, or system design, development, use, and assessment.
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