IT Project management software systematizes task assignments, tracking, and resource allocation for all stages of a project. It handles work between team members and employs the order within projects. It assists the organization to shuffle plan, workload, budgets, & resources, and keep an eye on projects as they progress, and report on delivery success.
The expansion of the global IT project management software market is mainly driven by the rising usage of project management software at a quicker rate across companies for competent managing of projects. In addition, elevated intricacy of software systems, capability to connect & incorporate numerous disparate systems, and rising alertness among end-users are expected to boost the market growth. Also, the growing difficulty of the operations in the organizations along with rising implementation of cloud-based solutions owing to its flexibility considering cost and use will surge market growth during coming years. Moreover, an increase in requirement for business optimization and a requisite to improve productivity & enhance the service’s and product’s quality are projected to propel market growth.
The global IT project management software market can be bifurcated based on enterprise size, deployment type, and region. The global market, by deployment type is divided into on-premises and cloud. The global market, by enterprise size is categorized into large enterprises and small & medium-sized enterprises.
North American is anticipated to govern the global IT project management software market during the forecast period on account of the rising count of enterprises implementing project management software solutions. Further, the growing requirement among organizations to competently manage and track their projects is projected further drive the regional market growth. Middle East & Africa and Asia Pacific are also projected to display considerable expansion during forecast period. the market growth in Asia Pacific region can be credited to the increasing expenditure in IT project management software by companies and employment of this software in large and small size enterprises.
Few of the leading players competing in the global IT project management software market consist of Oracle Corporation, Microsoft Corporation, SAP SE, ServiceNow, Unit4, Autodesk Inc., NetSuite, Aconex Ltd., Citrix Systems, Inc., Deltek, Inc., Atlassian Corp PLC, Workfront, Inc., Wrike, Inc., Zoho Corporation, Smartsheet.com, Inc., Basecamp, Asana, Inc., Mavenlink, Streamline Media Group, Inc., and Monday.com Labs Ltd. To cite, in November 2020, an elite cloud-based project management App was launched by Codlleo Consulting dubbed ‘ProjecLeo’ for SMBs. The app is fortified with commanding project planning and scheduling features with collaboration tools for groups.