Project Management Software is intended to manage work between members of a group and enforce order in the projects they are managing. As a tool for organizing and managing work, the use of project management software continues to grow at a rapid pace across industries. As corporations develop in size and complexity, more all-inclusive solutions are needed to coordinate an entire organization's portfolio of projects. These solutions help the management to shuffle plan, workload, budgets and resources, observe projects as they develop, and report on delivery success.
Ability to Connect and Integrate Multiple Disparate Systems
The project management software encompasses disparate systems such as resource management, financial management, time management, demand management, etc., thus enabling you to manage your programs from concept to completion collaboratively. It integrates project management and process controls to reduce the number of project/schedule overruns, thereby reducing project risks and costs. It also automates processes for managing scope, risk, quality, issues, and schedules.
The financial management module provides managers with a single, real-time view of all financial attributes related to the programs, projects, and overall IT portfolio. Thus, managers gain the flexibility needed to rapidly adjust forecasts as business objectives change. The Resource Management module provides managers with comprehensive resource analysis, which includes both operational and strategic activities at any stage in the work lifecycle. The time management module helps managers to focus on value-added activities by streamlining time collection and improving accuracy across the wide range of work performed.
Lack of Skills to Manage the Software
With the growing need for project management software systems, there has been a high demand for new features like project integration. Companies like Oracle, IBM, and HP have come up with several features, which enable the user to work efficiently. However, with growing sophistication, usage of the project management software requires special skills to manage the software in the right way.
81% of the companies in Japan and 64% of the companies in India are finding it difficult to hire qualified talent. As the lack of right resources and right skills leads to improper project staffing, IT and project managers must have an idea of the workload of all their resources, including consultants and outsourced staff. Project management software provides the visibility required to review everyone’s workloads and skills. If project managers do not manage the financials on a regular basis and notify the client, the firm might get into trouble quickly. Lack of methodology increases the workload, as the whole project needs to be re-worked, resulting in delay and additional cost. Defining the scope of a project is an important task, before the start of the project. Project management software provides the platform to store and discuss such tasks, which help project managers to prioritize them. Though there has been an increase in workforce, there is a lack of project managers who can adapt to growing innovations in the software.
Key Developments in the Market
- Oct 2017: Zoho launched Agile Project Management Software, Zoho Sprints, which encourages teams to work iteratively and incrementally over short periods of time and quickly release potentially shippable products.
- Mar 2017: Hewlett Packard Enterprise launched Project & Portfolio Management (PPM) version 9.41, which provides the user with flexible business process automation and top-down and bottom-up approach.
Reasons to Purchase the Report
- Analyzing the current and future market in the developed and emerging regions.
- Analyzing various perspectives of the market with the help of Porter’s Five Forces Analysis.
- Identifying the segment that is expected to dominate the market.
- Regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3-month analyst support along with the Market Estimate sheet (in Excel).
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1.1 Scope of the Study
1.2 Executive Summary
2. Research Approach and Methodology
2.1 Key Deliverables of the Study
2.2 Study Assumptions
2.3 Analysis Methodology
2.4 Research Phases
3. Market Insights
3.1 Market Overview
3.2 Industry Attractiveness - Porter's Five Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Consumers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitutes
3.2.5 Competitive Rivalry
4. Market Dynamics
4.1.1 Increased Sophistication and Growing Awareness among End Users
4.1.2 Ability to Connect and Integrate Multiple Disparate Systems
4.1.3 Emerging Economies
4.2.1 High Initial Investment
4.2.2 Lack of Skills to Manage the Software
5. Market Segmentation
5.1 By Type of Deployment
5.2 By Size of Organization
5.2.1 Small & Medium-Sized Enterprises
5.2.2 Large Enterprises
5.3 By End-User Vertical
5.3.2 Healthcare and Life Sciences
5.3.4 IT and Telecommunications
5.4 By Region
5.4.1 North America
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.4.4 Latin America
188.8.131.52 Rest of Latin America
5.4.5 Middle East & Africa
184.108.40.206 Saudi Arabia
220.127.116.11 Rest of Middle-East & Africa
6. Competitive Intelligence - Company Profiles
6.3 CA Technologies
6.4 Collinor Software GmbH
6.5 Deltek Vision
6.6 GBS Project Management
6.7 Hewlett Packard Enterprise
6.8 Microsoft Corporation
6.9 Oracle Corporation
6.13 SAP SE
*List not Exhaustive
7. Investment Analysis
8. Future of the Market