Press release
AI in Project Management Market Current Scenario with Forecast to 2031
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global AI in Project Management Market Size, Share & Trends Analysis Report By Component (Solution (Robotic Process Automation, Chatbots & Intelligent Virtual Assistants, Others), Service), Application (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), Deployment Mode (cloud and on-premises), Organization Size (Large Enterprises and SMEs), Vertical (Banking, financial services, and insurance, Retail & eCommerce, Healthcare & life sciences, Government & defense, IT & ITeS, Energy & Utilities, Telecommunications, Manufacturing And Construction & Engineering) - Market Outlook And Industry Analysis 2031"
The global AI in project management market is estimated to reach over USD 8.85 billion by 2031, exhibiting a CAGR of 16.07% during the forecast period.
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Artificial intelligence is being used on several fronts to support project organizations. AI systems can handle scheduling, reminders, and follow-ups, all without the need for human participation. This is one of the many effective ways these systems may help people save time on their multiple chores by ensuring that nothing gets overlooked.
The market for AI in project management has been expanding significantly in recent years due to the increasing desire for better, more effective project management solutions. The demand for more efficient and effective project management solutions in a corporate environment that is becoming more complicated and data-driven is likely to drive the growth of AI in the project management market in the following years. The growing need for improving project success rates will also fuel market expansion. In addition, as AI technology develops, new tools and applications are being created that are intended primarily for project management. The market is growing as a result of this.
List of Prominent Players in the AI in Project Management Market:
• 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)
• Wrike (US)
Market Dynamics:
Drivers-
The expanding availability of data is a key factor driving the industry. There is a need for tools that can interpret this data and offer insights that can be applied to enhance project performance as projects and other sources produce more data. AI can be useful by quickly and reliably evaluating vast amounts of data and by spotting patterns and trends that humans would overlook. Furthermore, project managers are pressured to complete tasks on schedule and within budget. Project managers may make educated decisions and improve project results by using AI to automate repetitive processes, detect risks and opportunities, and provide insights into project performance. This is expected to fuel market expansion.
Challenges:
The integration of AI technology into project management procedures can be difficult and expensive in terms of infrastructure, education, and experience. Smaller companies or those with fewer resources may find this to be a barrier to entry. Additionally, the application of AI to project management may give rise to privacy and security issues, particularly if it uses delicate data like customer or intellectual property information. Businesses must ensure they have sufficient security measures to secure data and uphold compliance with applicable laws, and this limits the growth of the market.
Regional Trends:
The North America AI in the project management market is anticipated to register a significant market share in revenue and is projected to develop at a high CAGR soon. A significant desire for innovation and cutting-edge technologies that can keep organizations competitive characterizes the North American market. Businesses all around the region are quickly adopting artificial intelligence (AI) in project management, which is viewed as a vital area for innovation. The governments of the United States (US) and Canada encourage research and development in this area due to their acknowledgement of the significance of AI technology. This is hastening the adoption of AI in project management.
Besides, Asia Pacific had a considerable share of the market. A significant amount of data is produced daily due to the growing digitization of enterprises in Asia-Pacific. Businesses may now make better-educated decisions as a result of how AI is assisting in making sense of this data and revealing previously hidden insights.
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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.
Segmentation of AI in Project Management Market-
By Component
• Solutions
o Robotic Process Automation
o Chatbots & Intelligent Virtual Assistants
o Predictive Analytics
o Speech Recognition
• Services
o Consulting
o Deployment & Integration
o Support & Maintenance Services
By Application
• 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
• Project Monitoring
By Deployment Mode
• Cloud
• On-Premises
By Organization Size
• Large Enterprises
• SMEs
By Vertical
• Banking, Financial Services, and Insurance
• Retail & eCommerce
• Healthcare & Life Sciences
• Government & Defense
• IT & ITeS
• Energy & Utilities
• Telecommunications
• Manufacturing
• Construction & Engineering
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions.
Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses.
We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products.
Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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