Pune, India, November 24, 2021 (GLOBE NEWSWIRE) – The world online project management software market size is expected to grow rapidly due to the rapid emergence and spread of remote work trends around the world amid the COVID-19 pandemic, Fortune Business Insights ™ notes in its report, titled “Online Project Management Software Market Size, Industry Share & Analysis, By Deployment (On-Premises, Cloud), Company Size (Large Enterprise, SMB), By Industry (BFSI, IT & Telecom, healthcare, retail, manufacturing) and regional forecast, 2021-2028”.
The coronavirus pandemic has taken its toll on businesses, which have been forced to set up work-from-home systems for their employees to keep them safe. This has given rise to remote working experience in the corporate world on an unprecedented scale. For example, in the United States, about 4.7 million employees work from home for at least half a week. However, companies continue to grow and expand their operations, requiring the adoption of digital tools to effectively manage their projects. Online project management software solutions have therefore gained popularity in the business world. Zoho Corp, for example, is seeing growing demand for its software solutions, with the company planning further expansions in India and aiming to reach one million customers soon. Thus, the COVID-19 pandemic is expected to create unprecedented opportunities for players in this market.
List of Key Players Covered In The Online Project Management Software Market Report:
- ProjectManager.com, Inc.
- Nulab, Inc.
- Asana, Inc.
- Smartsheet, Inc.
- Zoho Corporation Pvt. Ltd.
- Base camp
- Zapier, Inc.
- Wrike, Inc.
- OpenProject GmbH
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Availability of project management software for the construction industry to promote growth
An important factor fueling the growth of the online project management software market is the increasing availability of project management software for the construction industry. For example, Autodesk’s BIM 360 is an online project management tool specifically designed for the construction industry, allowing managers to accelerate project completion while meeting budget, industry standards. and safety regulations and project requirements. Likewise, Jonas Premier by Jonas Construction was designed as a cloud-based construction software to enable construction companies to automate workflows and access profitable opportunities. These software solutions for the construction industry have added importance in the current pandemic situation, which has hampered construction activities and reduced on-site productivity. However, the global construction industry is still expected to grow exponentially over the next decade, especially in developing economies, which will boost this market.
What does this report offer on Online Project Management Software Market?
- Detailed information on the main market segments;
- Tangible analysis of market trends, drivers and constraints;
- Comprehensive assessment of regional opportunities; and
- In-depth examination of the competitive landscape of the market.
Click here to know the short and long term impact of COVID-19 on this Online Project Management Software market.
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Proliferation of SMEs in Asia-Pacific to enable the region to dominate the market
Asia-Pacific is expected to dominate the online project management software market share for the foreseeable future due to the increasing adoption of advanced business process systems in booming small and medium enterprises (SMEs) of the region. In addition to this, companies in the region are also regularly adopting cloud management solutions to improve efficiency and attract customers, which bodes well for this online project management software market.
In North America, the growing number of tech startups and the strong presence of tech giants like Microsoft and Google will create ideal growth conditions for the market. In Europe, on the other hand, the rapid adoption of advanced software for process optimization will propel the growth of the regional market.
Key players to invest in the development of intelligent management tools
The main competitors in this market are making strategic investments to develop project management tools powered by intelligent technologies such as artificial intelligence (AI) and machine learning (ML). This allows them to design future-proof products that not only strengthen their portfolios but also strengthen their position in the online project management software market.
- October 2020: Wrike announced major upgrades to its project management platform, incorporating AI capabilities to keep individual projects on track and on schedule. The AI upgrade will also provide new solutions for marketers and managers in large organizations.
- January 2020: Clubhouse, a collaborative platform for software teams, has secured Series B funding, bringing its total funding to $ 39 million. With this new funding round, Clubhouse aims to accelerate its capacity for product innovation as the company aims to cross the one million customer mark in 2021.
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