The global online project management software market will likely rise at a CAGR of 9.3% from 2017 to 2025 to attain a value of US$6.08 bn by 2025.
Keen companies operating in the global online project management software market are trying to diversify their existing product portfolio in order to satisfy the varied needs of their consumers. They are also focusing on increasing their outreach into developing economies of India and China that are still under-penetrated and offer considerable opportunities on account of mushrooming of online activities.
Another noticeable trend in the market is the thrust on partnerships and mergers and acquisitions which is leading to market consolidation. All these have served to stoke impressive growth in the global online project software market.
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Acting as a roadblock to the market, on the flipside, is the strict rules which prevents hassle-free introduction and implementation of innovative solutions and systems in the online project management software market.
Large Enterprises Generate Maximum Revenue
Depending upon end-users, the global online project management software market can be divided into small and medium sized enterprises, large enterprises, and government. Large enterprises, among them, will likely register maximum growth in the next couple of years.
In terms of size too, the large enterprises dominate the market. Government sector follows in the second position.
This is because both of the sectors account for most of the revenue in the market.
SME’s Propel Demand in North America Market
From a geographical standpoint, North America accounts for most of the revenue generated in the global online project management software market. In 2016, the region held 43% share in the market.
The dominant position of the region has been brought about by a high uptake of online project management software in small and large size enterprises that are present in copious number in the region. Furthermore, increase in investments in research and development of the technology has also benefitted the market in the region.
Investments in online project management software technology and partnership between software providers and end users is trending in the North America online project management software industry. The U.S. is at the forefront of driving the online project management software market in the region on account of favorable regulatory policies.
By rising at a 8.0% CAGR from 2017 to 2025, the revenue in the market is projected to reach US$2.32 bn by 2025.
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Europe trails North America in the global online project management software market. The pace of market growth in the region has been hampered by stringent regulations pertaining to adoption and the financial downturn.
The market in Europe is expected to clock a CAGR of 8.8% in the forecast period to become worth US$2.04 bn by 2025.
Vis-à-vis growth rate, Asia Pacific is expected to outshine all other regions on account of the growing awareness among SMEs and increasing investments in cloud and mobility in developing countries such as India, Singapore, and Malaysia. By growing at a CAGR of 13.6% from 2017 to 2025, the market in the region will likely grow its revenue to US$1.18 bn by 2025.
The market in the Middle East and Africa is also predicted to make gigantic strides in the near future.
Companies Mentioned in Report
Major business strategies adopted by key players, their SWOT analysis, and competition matrix has also been identified in the research report. The key market players profiled in this study include Microsoft Corporation, Oracle Corporation, ServiceNow, Inc., SAP SE, Autodesk, Inc., Unit 4, Aconex Limited, NetSuite Inc., Deltek, Citrix Systems, Inc., Workfront, Inc., Atlassian Corp PLC, Zoho Corporation, Wrike, Inc., Basecamp, LLC, Smartsheet.com, Inc., Mavenlink, and Asana, Inc.
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