Project Management Software Market Trends

Growth Drivers

• Escalating Utilization in Multiple Industry Such as E-Commerce, IT, Healthcare, and Others   - Majority of industries and mainly, e-commerce and healthcare industries are in high need of software that can handle multiple data, generate automated reports, and help in managing tasks more accurately. Hence, these sectors are employing project management software at a high rate. In 2020, more than 85% of the major healthcare organization across the globe were found to be utilizing automation and strategies to enhance their performance.
• Growing Workforce Management Application Industry- In 2020, the workforce management application industry generated revenue of about USD 2.5 billion. The total revenue from 2018 to 2020 was estimated to be around USD 650 million.
• Significant Expansion in Database Management System Industry- The database management industry is set to expand during the forecast period, the industry generated revenue of approximately USD 75 billion in 2020.
• Up-Surged Information Technology (IT) Spending Associated with Multiple Devices- A rise in the spending by the global population in the IT sector can be observed in recent decades. For instance, spending on PCs, mobile phones, tablets, data center systems, enterprise software, and others was projected to reach around USD 4 trillion in 2021.
• Higher Demand in Business Process Automation (BPA) Industry - Business process automation (BPA) was valued at approximately USD 10 billion in 2021 which increased from around USD 8 billion in 2018.

Challenges

• Possibility of Data Loss Owing to Bugs or Cyber Attacks
• As a result of the increase in frequency and complexity of cyberattacks and digital threats, cybersecurity is now a worldwide problem. But the paucity of new specialists entering the cybersecurity field and the shortage of cybersecurity workers are two of the biggest barriers to combating cybercrime. Web-based attacks have been encountered by 64% of businesses. Social engineering and phishing attempts were experienced by 62%. Malicious code, botnets, and denial-of-service assaults were experienced by 59% of the businesses and 51%, respectively.
• Requirement for Expensive Maintenance Procedure
• Complexity in Understanding and Learning Requisite Tools and Functions