Kenneth Research, in its repository of market research reports, have recently added a report on the Project Management Software Systems Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Project Management Software Systems products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
As the scale and scope of today’s companies grow, an all-inclusive approach is required to handle and organize the whole portfolio of various initiatives of the enterprise. Such approaches allow the management to balance schedules, workloads, budgets and money, closely track the development of the project and comment on the performance of the implementation. Significant industry development factors continue to obtain a 360-degree view of project processes and resource management and the increasing need for cloud-based project management software systems solutions. Digitalization across sectors and growing expenditure in creating and implementing innovative and advanced technology are some of the factors that lead to the growth of the demand for project management software systems.
Strict laws and regulations that impede the quick adoption of technologies, improve interoperability problems and lack of a robust development plan are factors that inhibit business growth. Moreover, he integration of social media such as facebook, LinkedIn and others with project management tools will be one of the major trends that will gain traction in the market for project management in the coming years. Because social networking sites allow for direct contact between people, the incorporation of marketing project monitoring tools with social media can provide workers with collaborative management functionality which will also enable them to build chat boards, trade suggestions which share sensitive details across protected communities. The growing adoption of automation in the sector and the growth of the connected ecosystem in the oil and gas sector have further boosted the adoption of PMS with the need for collaboration, mobility, workflow and analytical functions. For instance, in January 2020, InEight has launched new project planning feature for oil and gas sector
The regional analysis of global Project Management Software Systems market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. The North American region accounts for the majority of the market share owing to the growing number of organizations implementing project management software solutions. The growing need for organizations to effectively monitor and maintain their initiatives is driving this market for applications in the field. The usage of job management programs for the efficient implementation of assignments and adaptive work preparation is projected to further boost the industry over the forecast period (2022-2031).
Major market player included in this report are:
GBS Project Management
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Enterprise Application Integration
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2022 to 2031
Target Audience of the Global Project Management Software Systems Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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