Project Management Software Market Analysis, Trends, Revenue and Forecast
Oct 19, 2019
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Businesses are under a lot of pressure to meet ever increasing customer demands, and they are in intense competition with rivals. This has driven demand for project management software, or PMS, across the board, whereas the software was originally used by IT project managers. That in turn has led to many more project management applications to appear, often with specialized features for particular industries. In this project management software market analysis, we’ll look at the trends in the industry and where we can expect to go in the future.Cloud Computing
There has been a trend for several years of project management software moving to the cloud in addition to offering solutions allowing customers to collaborate via the internet. Expect to see more project management solutions move entirely to the cloud. Companies are attracted to project management tools that have low maintenance requirements, are platform independent and can immediately scale with the company’s needs. Then team members can access the project management tool from any and every type of device. Desktop based solutions will disappear soon.
Integrated Tools
We’re seeing a definite rise in integrated tools. Relying on separate systems for document management, risk management, project planning, labor tracking and helpdesk tracking undermines productivity.
This is driving the sales of integrated software programs and single source solutions that do all of this within a single application. This trend isn’t limited to the development of umbrella project management systems; it is also driving cross domain integration features so that the project management software ties into accounting software, data storage services and various free software programs. That is understandable given the proliferation of open source technology in general.
Greater Functionality
The best project management tools are able to efficiently track and manage massive projects with a large number of people working in a variety of roles. However, the project management tools themselves are adding new functions to meet customer demand.
For example, PMS tools are increasingly providing resource management functionality in addition to labor scheduling. Tracking capital expenditures in addition to labor costs is also becoming more common. There is a definite trend toward greater automation in the form of process automation. For example, the project management software includes more built-in analytic functions and workflows. One firm launched real time resource management software that is based on AI, reducing the number of skilled people required to maintain it.
The Consolidated Marketplace
The project management software market has a moderate level of consolidation. The market itself is very competitive. There are a number of large players, but there are many small players as well. Information technology firms are investing in this space, propelling market growth. Yet the growth of project management software usage in the developing world creates an opportunity for startups in those parts of the world. For example, small and medium enterprises are investing in technologies to improve work efficiency, and they often choose regional market players. The demand for greater functionality is opening the door to more small players who can deliver an enterprise wide solution or one that integrates with everything else the client is using.
Project management software adoption is driven by the increased efficiencies and cost savings it provides. The PMS tools themselves are evolving to meet the changing demands of customers and trying to stay ahead of the competition.
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