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Overview of the global online project management software market
Market research analysts at Technavio predict that the global online project management software market will grow steadily during the next four years and post an impressive revenue of more than USD 1 billion by 2020. This market research analysis identifies the rise in demand for business optimization as one of the primary growth factors for the project management software market. By developing IT infrastructures, these online project management software help organizations in capacity optimization, reducing operational time and costs, and increasing profits. The software comes with several features including task management, project planning tools, workflow management, task management, and advanced reporting and enable enterprises enhance productivity and improve the quality of their products and services. Moreover, the software also allows organizations to directly involve clients and helps them streamline their current business activities, which will result in increasing their adoption in the coming years.
The integration of social media with project management tools will be one of the major trends that will gain traction in this market in the coming years. Since social media platforms allow instant interaction among users, the integration of project management software with social media will provide employees with social workflow capabilities and also allow them create discussion forums, exchange ideas, and also share confidential information through secure communities.
Competitive landscape and key vendors
Owing to the presence of several multinational and niche vendors, this global market appears to be fragmented. The increasing demand for online project tracking software from industrial sectors such as IT, manufacturing, and construction will intensify the level of competition among existing vendors. To retain their market shares and enhance their global presence, several players in the market have started investing in the development of customized solutions. Since there is less product differentiation, vendors have the need to constantly innovate their offerings to sustain the competitive environment. Established project management software companies have also started focusing on acquiring smaller companies which helps them enhance their product portfolio and increase market shares.
The leading vendors in the market are -
- Citrix Systems
The other prominent vendors in the market are Active Collab, Clarizen, Fog Creek Software, iMeet Central, LiquidPlanner, Planbox, Project Manager, Redbooth, Targetprocess, TeamGantt, Teamwork, and Zoho Corporation.
Segmentation by end-users and analysis of the online project management software market
According to this market research and analysis, the enterprises segment accounted for the major shares and dominated the market during 2015. The need for software project planning, tasks monitoring, communication, and software quality control by the IT sector and the need to manage various projects such as core banking, trading systems, and credit monitoring systems by the BFSI industry, will aid in the growth of the project planning software market.
Geographical segmentation and analysis of the online project management software market
This market study estimates that in terms of geographical regions, the Americas will be the major revenue contributor to the market throughout the forecast period. North America will account for the major revenue shares and this will mainly account to the presence of several online project management software providers, especially in the US. Additionally, the centralization of companies in Canada that led to the adoption of web-based services, resulting in the need for remote data access, will also drive the growth of the market in this region.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global online project management software market?
- What are the key market trends impacting the growth of the global online project management software market?
- What are the challenges to market growth?
- Who are the key vendors in the global online project management software market?
- What are the market opportunities and threats faced by the vendors in the global online project management software market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global online project management software market?
Technavio also offers customization on reports based on specific client requirement.