The Global AI in Project Management Market size is expected to reach $5.5 billion by 2028, rising at a market growth of 17.4% CAGR during the forecast period.
AI in project managementis essentiallya system added to the project management cycle to support human tasks. It uses machine learning's infinite processing power to extract meaning and support decision-making for projects. The primary function of AI in project management is to bring value at various points in thelifecycle of the project. For example, AI can help companies or project managers distribute tasks and allocate resources, match the right personnel with the correct talents and responsibilities, and aid in recruiting by identifying the best candidates for the project.
The modeling and imitation of human cognitive operations by computer systems, known as artificial intelligence (AI), enables machines to replicate human abilities (likereasoning, generalizing,or discovering meaning). AI uses algorithms to evaluate large data sets to find features, classify kinds, understand preferences, and anticipate behavior. The sector for project management tools has seen a steady expansion of AI.
Artificial intelligence (AI) hasdevelopedfrom simple task automation to predictive decision management and predictive analytics, whicheliminateshuman bias and error. It is typical for project managers to oversee many teams and projects at once. These initiatives frequently need to work together toward a larger objective. Finding ways to streamline the procedure and increase efficiency is a top priority in a sector with many moving parts.
By streamlining the process, project managers can produce more accurate results and even more effective coaching for specific personnel. In order to handle anything from scheduling to evaluating the habits of a working team and making suggestions, artificial intelligence is gradually being integrated into project management systems and technologies. With these enhanced tools, the future value of AI for project managers is clear.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Hitachi, Ltd. (Hitachi Energy Ltd.), Oracle Corporation, Adobe, Inc., Microsoft Corporation, ServiceNow, Inc., Atlassian Corporation PLC, PMaspire Singapore PTE Ltd., ALICE Technologies, Inc. and Aitheon.
AI in project managementis essentiallya system added to the project management cycle to support human tasks. It uses machine learning's infinite processing power to extract meaning and support decision-making for projects. The primary function of AI in project management is to bring value at various points in thelifecycle of the project. For example, AI can help companies or project managers distribute tasks and allocate resources, match the right personnel with the correct talents and responsibilities, and aid in recruiting by identifying the best candidates for the project.
The modeling and imitation of human cognitive operations by computer systems, known as artificial intelligence (AI), enables machines to replicate human abilities (likereasoning, generalizing,or discovering meaning). AI uses algorithms to evaluate large data sets to find features, classify kinds, understand preferences, and anticipate behavior. The sector for project management tools has seen a steady expansion of AI.
Artificial intelligence (AI) hasdevelopedfrom simple task automation to predictive decision management and predictive analytics, whicheliminateshuman bias and error. It is typical for project managers to oversee many teams and projects at once. These initiatives frequently need to work together toward a larger objective. Finding ways to streamline the procedure and increase efficiency is a top priority in a sector with many moving parts.
By streamlining the process, project managers can produce more accurate results and even more effective coaching for specific personnel. In order to handle anything from scheduling to evaluating the habits of a working team and making suggestions, artificial intelligence is gradually being integrated into project management systems and technologies. With these enhanced tools, the future value of AI for project managers is clear.
COVID-19 Impact Analysis
A drop in the availability ofworkforce, and a shortage of raw materials, the outbreak also posed substantial challenges for the industrial sector. Furthermore, due to the widespread adoption of remote work, the COVID-19 pandemic changed how businesses operated, necessitating the creation of new policies to simplify networks and boost security. Manufacturers were consequently compelled to depend on the reliability of their analytics and data to sustain competitiveness and drive innovation. The AIin project management market was influenced by such factors.Market Growth Factors
Greater need to increase project success rates
Forward-thinking businesses that prioritize project management can continually produce positive business outcomes and remain competitive with the aid of modern technology like AI. Using the proper techniques and processes can result in cost savings, increased productivity, increased stakeholder and customer satisfaction, and a sustained competitive edge. As they develop the necessary expertise among their teams, more organizations are spending time, money, and effort educating their teams in project management best practices and realizing quantifiable outcomes. Therefore, in the coming years, AI in project management market will expand significantly owing to its benefits of AI.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Rising demand for cost optimization across various industries
AI-based project management systems can increase project efficiency overall and lower costs. Project teams can concentrate on more value-added tasks that can lead to better project outcomes by automating repetitive chores like data entry and reporting. Moreover, AI can offer predictive analytics to assist businesses in making data-driven decisions that can improve overall project results and forecast accuracy. Hence, the prominent benefit of cost reduction through AI has gained lots of positive remarks from industries, which in turn, aids in the rapid adoption of AI technologies and market growth.Market Restraining Factors
A rise in worries about data security and privacy
Due to budgetary constraints, SMEscannot afford a private cloud, making these services more susceptible to security threats and hacks. Project management solutions are also more susceptible to data breaches and cyberattacks due to their accessibility on mobile devices. The conclusion that follows is that companies in highly controlled sectors are hesitant to use advancedAl-based project management solutions due to financial constraints or information security concerns. This, in turn, may hamper the advancement of AI in project management market.Component Outlook
On the basis of component, the AI in project management market is bifurcated into solution and services. The services segment procured a considerable growth rate in the AI in project management market in 2021. Organizations may improve processes, increase productivity, and reduce costs by implementing AI project management services. It is also used to decrease managerial errors, automate laborious activities, save money and time, boost productivity, and offer actionable insights. The segment's rise is due to the growing number of companies offering AI project management services.
Application Outlook
Based on application, the AI in project management market is categorized into project data management, project scheduling & budgeting; project monitoring, support & administration; resource allocation, planning & forecasting; risk management; data analytics, reporting & visualization; and others. The project data management, project scheduling and budgeting segment procured the highest revenue share in the AI in project management market in 2021. The segment is rising as more managers implement AI in project budgeting and scheduling processes. The automation of many project planning tasks, including emailing and scheduling, is possible with AI.Deployment Outlook
On the basis of deployment mode, the AI in project management market is divided into cloud and on-premise. The on-premise segment acquired the largest revenue share in the AI in project management market in 2021. The growthmay be attributed to the several advantages of on-premise implementation, such as the high data protection and security level. In addition, the fact that on-premise deployment models provide stronger data security, as well as fewer data breaches,is another factor driving industry demand for on-premise deployment methods.Organization Size Outlook
Based on organization size, the AI in project management market is segmented into large enterprises and small & medium enterprises. The small and medium enterprises segment garnered a remarkable growth rate in the AI in project management market in 2021. In addition to managing activities like resource allocation and dependency identification, its sophisticated provision ofproject tracking tools through AIalso aids in creating projects that must be completed quickly. Furthermore, teamwork and communication are improved by the project management system.Vertical Outlook
On the basis of vertical, the AI in project management market is classified into BFSI, retail & ecommerce, healthcare & life sciences, government & defense, telecom, IT & ITeS, energy & utilities, manufacturing, construction & engineering, and others. The BFSI segment acquired a substantial revenue share in the AI in project management market in 2021. Due to the growing demand for risk andcompliance applications and regulatory and supervisory technology, the BFSI sector has seen a considerable increase in the use of artificial intelligence. The government is increasingly looking at FinTech-based applications used for supervisory, regulatory,and oversight functions for any possible benefits by leveraging AI-based insights in project managementtools in the financial sectors.Regional Outlook
Region wise, the AI in project management market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region garnered the largest revenue share in the AI in project management market in 2021. In this region, one of the jobs that artificial intelligence (AI) is starting to replace or enhance in more traditional commercial situations is project manager. The ability of artificial intelligence (AI) to quickly analyze enormous amounts of commercial data, find patterns, draw inferences from them, and make forecasts is essential for regional companies to lay out their expansion plans.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Hitachi, Ltd. (Hitachi Energy Ltd.), Oracle Corporation, Adobe, Inc., Microsoft Corporation, ServiceNow, Inc., Atlassian Corporation PLC, PMaspire Singapore PTE Ltd., ALICE Technologies, Inc. and Aitheon.
Strategies Deployed in AI in Project Management Market
- Mar-2023: ALICE Technologies collaborated with The Beck Group, the construction and Architecture Company, for its key capital projects. ALICE Technologies' building pioneering platform assists general contractors and owners globally in utilizing the power of generative AI to plan, bid, and execute their significant infrastructure and commercial projects more successfully and at lower risk. The design-build approach of The Beck Group is ideal for ALICE, its platform promotes direct communication between owners and general contractors. ALICE generates countless schedule possibilities for a project using generative AI. Then, it allows GCs and owners to collaborate as they consider how to fine-tune the project to increase timetable efficiency.
- Feb-2023: Atlassian announced the addition of the JIra Product Discovery application to its product suite. Jira Product Discovery made it easier to keep the track of ideas that drives the initiatives of software development of the organizations. Atlassian is also making Jira workflow and toolchain models accessible to help software development teams expand the capabilities of the project management tools they use to keep track of their work. Instead of requiring that each organization create its templates, Atlassian is now making them available in a manner that enables organizations to alter and expand them as necessary.
- Oct-2022: Atlassian announced a partnership with Accenture, a professional services company, for allowing organizations to drive more value from technology investments, enhanced employee and customer experiences, and embracing change and for creating new business value through enterprise agility services. Following this partnership, the companies focus on bringing complete enterprise agility solutions to clients, which is essential not only for the technology organization but also for modernizing how all teams will work in the future.
- Jul-2022: Oracle announced a collaboration with Constru, a company engaged in providing breakthrough computer vision technology. Following the collaboration, Constru integrated with oracle Primavera Cloud, the industry-leading solution for project management scheduling, planning, risk, and resource. With this integration, Constru tracks a job's schedule and progress on the go, finding discrepancies and resolving issues more quickly, which increases efficiency and streamlines building project management using AI.
- Jun-2022: Oracle came into partnership with Kyndryl, the IT Infrastructure service provider. The partnership helped the customers in accelerating their cloud journey by delivering managed cloud solutions to enterprises globally. Customers gain access to best-in-class security capabilities, consistent high performance, straightforward predictable pricing, and the tools and know-how required to move enterprise workloads to the cloud swiftly and effectively with OCI. Additionally, Kyndryl will make use of its membership in Oracle PartnerNetwork (OPN) to broaden the network's access to its capabilities for delivering worldwide cloud services.
- Jan-2022: ALICE Technologies extended its partnership with Align JV, a joint venture of Sir Robert McAlpine, Bouygues Travaux Publics, and VolkerFitzpatrick which is delivering the Central 1 (C1) portion of HS2 Phase One. The Align team used ALICE to investigate various 'what if'situations to make sure they had the most comprehensive work plan. ALICE also assisted the team in determining the best combination of crews to use on the substructure to maximize crew utilization and reduce downtime for both labor and machinery. Align found several methods to add flexibility to their original production schedule using ALICE. In addition, the expansion aims to help address some of the complex construction challenges involved with a project of this magnitude.
- Nov-2021: Oracle introduced Oracle Cloud Infrastructure (OCI) AI services, a suite of services, which made it easier for developers to implement AI services in their applications without the requirement of expertise in data science. With OCI AI services, developers have the option to utilize pre-trained, out-of-the-box models on business-related data or customize the services using data specific to their organization. The six new services assist programmers with numerous challenging jobs, including language, computer vision, and time-series forecasts.
- Feb-2021: Oracle launched Oracle Construction Intelligence Cloud Service, a new line of AI and analytics applications for the construction and engineering sector. This new line utilizes machine learning for analyzing project data managed in Oracle Construction and Engineering solutions continuously for recognizing the potential risks and inefficiencies before time, helping the companies in making better decisions.
Scope of the Study
By Application
- Project Data Management, Project Scheduling & Budgeting
- Project Monitoring, Support & Administration
- Resource Allocation, Planning & Forecasting
- Risk Management
- Data Analytics, Reporting & Visualization
- Others
By Vertical
- Telecom, IT & ITeS
- Construction & Engineering
- Government & Defense
- BFSI
- Healthcare & Life Sciences
- Retail & eCommerce
- Energy & Utilities
- Manufacturing
- Others
By Deployment Mode
- On-premise
- Cloud
By Organization Size
- Large Enterprises
- Small & Medium Enterprises
By Component
- Solution
- Predictive Analytics
- Robotic Process Automation
- Speech Recognition
- Chatbots & Intelligent Virtual Assistant
- Services
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- IBM Corporation
- Hitachi, Ltd. (Hitachi Energy Ltd.)
- Oracle Corporation
- Adobe, Inc.
- Microsoft Corporation
- ServiceNow, Inc.
- Atlassian Corporation PLC
- PMaspire Singapore PTE Ltd.
- ALICE Technologies, Inc.
- Aitheon
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
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- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Competition Analysis - Global
Chapter 4. Global AI in Project Management Market by Application
Chapter 5. Global AI in Project Management Market by Vertical
Chapter 6. Global AI in Project Management Market by Deployment Mode
Chapter 7. Global AI in Project Management Market by Organization Size
Chapter 8. Global AI in Project Management Market by Component
Chapter 9. Global AI in Project Management Market by Region
Chapter 10. Company Profiles
Companies Mentioned
- IBM Corporation
- Hitachi, Ltd. (Hitachi Energy Ltd.)
- Oracle Corporation
- Adobe, Inc.
- Microsoft Corporation
- ServiceNow, Inc.
- Atlassian Corporation PLC
- PMaspire Singapore PTE Ltd.
- ALICE Technologies, Inc.
- Aitheon
Methodology
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