Project Management Software Market Size, Share, Growth Analysis, By Deployment(On-premises and cloud), By End-user(Oil and Gas, IT and Telecom), By Enterprise size(Large and SMEs (Small and Medium Enterprise)) - Industry Forecast 2024-2031

Global Project Management Software Market size was valued at USD 5.80 billion in 2022 and is poised to grow from USD 6.43 billion in 2023 to USD 14.60 billion by 2031, growing at a CAGR of 10.8% during the forecast period (2024-2031).

The importance of project management software (PMS) in today's rapidly evolving business landscape is attributed to the rapid pace of technological advancements, digital transformations, and disruptions occurring across various industries. The growth of the project management software (PMS) systems market is expected to be driven by the increasing utilization of software for resource management, the rising demand for software that reduces project risks and costs, streamlines budgeting and scheduling plans, and provides real-time dashboard access from anywhere and at any time. Additionally, the market growth is anticipated to boost from these software systems' growing sophistication and capabilities, such as reminders and setting due dates. Project management has evolved into a valuable tool for new product development, particularly with the emergence of the Internet of Things  and the adoption of agile NPD.

This integration of project management and new product development has given rise to innovative firms like UMT360, GenSight, and Decision Lens in the field of enterprise product creation. Project management software has also proven beneficial during times of crisis, allowing project managers to evaluate the impact on their teams and devise recovery plans. Enterprises are now seeking to leverage digital channels that offer effective planning and scheduling, team collaboration, and project budgeting capabilities, ultimately reinforcing their relationships with customers. Furthermore, project management software (PMS) enables organizations to streamline communication and collaboration among team members, facilitating efficient project execution and delivery. It provides a centralized platform for tracking project progress, assigning tasks, and monitoring timelines, thereby improving overall productivity. The integration of PMS with other business systems, such as customer relationship management (CRM) and enterprise resource planning (ERP), allows for seamless data sharing and enhances decision-making processes. Moreover, project management software offers data analytics and reporting functionalities, empowering stakeholders to gain valuable insights and make informed decisions to drive business growth. Overall, the adoption of project management software has become essential for businesses aiming to stay competitive in today's dynamic and fast-paced market environment.

US Project Management Software Market is poised to grow at sustainable CAGR for the next forecast year