The Global AI In Project Management Market Size is valued at 2.73 billion in 2023 and is predicted to reach 9.04 billion by the year 2031 at a 16.19% CAGR during the forecast period for 2024-2031.
Project management is being revolutionized by AI due to new tools and methods that automate numerous repetitive processes, lower mistake rates, and boost overall effectiveness. The commercial awareness of projects can be increased globally through platforms that use AI and machine intelligence. Al's capacity to identify and anticipate concerns considerably more quickly may allow project management teams to act quickly before hazards threaten project completion. Al uses predictive data analytics and machine learning to give more precise insights into possible outcomes, enabling better and speedier decision-making.
The need for better, more efficient project management solutions has led to a major increase in the market for AI in project management in recent years. The future market for AI in project management is projected to expand due to the demand for more efficient and effective project management solutions in an increasingly complex and data-driven corporate environment.
Furthermore, the need to increase project success rates will only grow, fueling market expansion. As AI technology advances, new project management-specific tools and applications are being developed. This is boosting the market expansion. However, mobile devices are more susceptible to data breaches and cyberattacks due to the accessibility of project management tools. The following conclusion is that companies in highly regulated industries are hesitant to use cutting-edge Al-based project management systems due to financial constraints or information security concerns. This is restricting market expansion.
Recent Developments:
- In February 2023, Hitachi introduced the TXpert Hub of the next generation to digitalize the transformers. By gathering, storing, and interpreting the data collected from the transformer's digital sensors, the TXpert Hub makes monitoring possible.
- In December 2022, the US-based Octo, which offers IT modernization and digital transformation services exclusively to the US federal government, including defense, health, and civilian agencies, announced an agreement to be acquired by IBM.
Competitive Landscape:
Some of the AI in project management market players are:
- IBM (US)
- Oracle (US)
- Hitachi (Japan)
- Adobe (US)
- Microsoft (US)
- TIS (Japan)
- ServiceNow (US)
- Atlassian (Australia)
- Alice Technologies (US)
- Aitheon (US)
- PMaspire (Singapore)
- Forecast (UK)
- ClickUp (US)
- Zoho (India)
- ProofHub (US)
- Azeendo (France)
- Bubblz (France)
- ai (France)
- RationalPlan (Romania)
- ClearStrategy (Ireland)
- Saviom (Australia)
- CodeComplete (Japan)
- monday.com (Israel)
- ImageGrafix (UAE)
- Orangescrum (US)
- Smartsheet (US)
- PSOhub (Netherlands)
- Bitrix24 (US)
- Asana (US)
- Wrike (US)
Market Segmentation:
The AI in project management market is segmented on the basis of component, application, deployment mode, organization size and vertical. Based on product, the market is segmented as Solutions (Robotic process automation, Chatbots & intelligent virtual assistants, Predictive analytics, Speech recognition) and Services (Consulting, Deployment & Integration, Support & maintenance services). By application, the market is segmented into Project scheduling & budgeting; data analytics, reporting, and visualization, Project support & administration; Project data management; risk management; resource allocation, planning, and forecasting; project task management, automation, and prioritization and Project monitoring.
Based on deployment mode, the market is segmented into cloud and on-premises. By organization size, the market is categorized into Large enterprises and SMEs. By vertical, the market is categorized into Banking, financial services, and insurance, Retail & eCommerce, Healthcare & life sciences, Government & defense, IT & ITeS, Energy & utilities, Telecommunications, Manufacturing and Construction & engineering.
Based On Component, The Solution Segment Is Accounted As A Major Contributor In The AI In Project Management Market
The solution category is expected to hold a major share in the global AI in project management market in 2024. An increasing number of industries are using predictive analytics to improve their profitability and competitiveness. Businesses can examine variance and variation using predictive analytics, continually improve their predictions and track their future performance alongside their past success. By making this forecasting data visible and available, service teams can get the information they need when they need it. Businesses can overcome several challenges with the help of this tactic. This entails keeping the projects within budget and authorized time, money, and scope.
Risk Management Segment Witnessed Growth At A Rapid Rate
The risk management segment is projected to grow at a rapid rate in the global AI in project management market during the study period. In project management, risk management identifies, evaluates, and avoids or eliminates project risks that could affect the planned outcomes. Project managers are often responsible for overseeing a project's risk management process. In order to identify any potential roadblocks that can hinder the team's ability to produce results, project managers need a thorough understanding of their objectives. For risk management to be successful, this is essential.
North America AI In The Project Management Market In The Region Holds A Significant Revenue Share
The North America AI in project management market is expected to register the highest market share in terms of revenue in the near future. Some of the world's most significant and forward-thinking technological firms, such as Google, Microsoft, IBM, and Amazon, are based in North America. These businesses are leading the market in innovation for AI in project management through significant investments in AI research and development. As a result of their recognition of the significance of AI technology, the governments of the United States and Canada are supporting research and development in this field. This is accelerating the deployment of AI in project management.
AI In Project Management Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 2.73 Bn |
|
Revenue forecast in 2031 |
USD 9.04 Bn |
|
Growth rate CAGR |
CAGR of 16.19% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Component, Application, Deployment Mode, Organization Size And Vertical |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
IBM (US), Oracle (US), Hitachi (Japan), Adobe (US), Microsoft (US), TIS (Japan), ServiceNow (US), Atlassian (Australia), Alice Technologies (US), Aitheon (US), PMaspire (Singapore), Forecast (UK), ClickUp (US), Zoho (India), ProofHub (US), Azeendo (France), Bubblz (France), Lili.ai (France), RationalPlan (Romania), ClearStrategy (Ireland), Saviom (Australia), CodeComplete (Japan), monday.com (Israel), ImageGrafix (UAE), Orangescrum (US), Smartsheet (US), PSOhub (Netherlands), Bitrix24 (US), Asana (US), and Wrike (US). |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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