The global online project management software market was valued at almost $1 billion in 2015 and is expected to generate revenues of more than $2 billion by 2020, says Technavio.
Technavio’s enterprise application portfolio has announced its latest market research report on online project management software for the forecast period, 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global online project management software market during the forecast period. Some of the top vendors listed in this industry analysis include Asana, Atlassian, Basecamp, Citrix, Mavenlink, Microsoft, Smartsheet, Workfront, and Wrike.
As per geographical segmentation, the America will be the largest region in the global market, reaching revenues of around $665 million by 2020. The US, Canada, Brazil, and Argentina will emerge as the key revenue-generators.
“The increasing mobility of workforce and device management increases the need for data analytics and reporting for efficient project management. This software allows project managers to analyze content, monitor the progress of the tasks and track the performance of team or individuals even in remote locations. This software provides project managers access all project activities or tasks from a single platform. The online project management software has features like task monitoring, real-time reporting, analytics, and Gantt charts that provide the status of the progress of the project, team, and individual tasks,” says Ishmeet Kaur, a lead analyst at Technavio for research on enterprise application.
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This new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Increasing automation of project management process
This software is used in business verticals such as IT, manufacturing, and aviation as these include processes comprised of repetitive, predictable, and sequential methods from the beginning to completion. Enterprises are implementing automated workflow using online project management software that helps manage processes performed manually, or semi-automated and reduce bottlenecks. This streamlines communications on one dashboard and enables visibility to all requests, initiated workflow, irregularities, and discussion in the business processes. This software aids in minimizing costs associated with human errors and inefficiencies such as late payments, slow sales approvals, and delayed payments for goods.
Increased need for global project collaboration
The business is using online project management software to communicate and coordinate with the employees, stakeholders, business partners, and clients across the globe about project progress. This software aids in framing project structure, workflow, sharing of information, and getting approvals. This software is integrated with a various business application like customer relationship management, enterprise resource planning, marketing resource management, and supply chain management. It also helps worldwide employees to collaborate with each other across various time zones for efficient project completion.
Growing demand for business optimization
These software solutions help organizations in capacity optimization, time and cost reduction, and increasing profits through developing IT infrastructures. This helps organizations to improve the quality of the products and services, inventory control, and productivity of the firm. This software includes features that help businesses in enhancing task management, project planning tools, automated business operations, workflow management, goal management, task management, advanced reporting, and budget management.
Other prominent vendors identified in this report are Active Collab, Clarizen, Fog Creek Software, iMeet Central, LiquidPlanner, Planbox, Project Manager, Redbooth, Targetprocess, TeamGantt, Teamwork, and Zoho Corporation.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Online Project Management Software Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Construction Estimation Software Market 2016-2020
- Global Cloud Analytics Market 2016-2020
- Global Enterprise Information Management Market 2016-2020
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