Latest News- Online Project Management Software Market: Enterprises is expected to lead the End-user segment during 2024-2028

The Online Project Management Software Market is being driven by Increasing requirements for large-scale project management

The Online Project Management Software Market is expected to grow at a CAGR of 11.53% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4449.9 million. In the wake of the global pandemic, remote work has become a necessity for businesses to ensure the safety and wellbeing of their employees. According to Gartner's 2020 survey, 74% of companies are planning to adopt permanent remote work structures post-COVID-19. This shift towards remote work poses unique challenges for project managers. Online project management software offers a viable solution by enabling seamless deployment for hybrid or remote workforces, allowing them to manage tasks and projects effectively from anywhere, at any time. The software facilitates real-time data capture, enabling project managers to make informed decisions based on accurate and up-to-date information, regardless of geographical locations or shift schedules. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Enterprises
  • Government
• Deployment
  • On-premises
  • Cloud
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing requirements for large-scale project management
• Increasing need for visibility and transparency
• Increasing integration of social media with project management software

However, the market also witnesses some limitations, which are as follows:

• Data security and privacy
• High implementation and operating costs
• Threat from open-source project management software

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Market Scope in Online Project Management Software Market Research Report

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Research Analysis Overview

In the realm of Online Project Management Software, key features include managing task dependencies, setting project milestones, monitoring budgets and deadlines, fostering team collaboration, providing real-time updates and notifications, offering customizable workflows, utilizing Kanban boards and sprint planning, prioritizing projects, managing resources, and monitoring project costs. Additionally, features include quality management, risk assessment and mitigation, project closure, audits, post-mortems, success metrics, failure analysis, documentation, knowledge management, lessons learned, various frameworks, standards, principles, tools, techniques, certifications, consulting, training, leadership, skills, and careers.

Market Research Overview

The global IT software market encompasses businesses specializing in the development and production of application and system software. This sector includes enterprises engaged in creating software for business or consumer applications, such as project planning, task management, collaboration tools, workflow automation, resource allocation, and time tracking solutions. Technavio calculates the market size based on the consolidated revenue of these companies, encompassing both on-premises and cloud-based software offerings. This market excludes entities producing interactive home entertainment software and those focused on systems or database management software.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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