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 management is essentially a 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 the lifecycle 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 (like reasoning, 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) has developed from simple task automation to predictive decision management and predictive analytics, which eliminates human 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.
A drop in the availability of workforce, 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 AI in project management market was influenced by such factors.
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.
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.
Due to budgetary constraints, SMEs cannot 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 advanced Al-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.
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.
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.
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 growth may 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.
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 of project tracking tools through AI also aids in creating projects that must be completed quickly. Furthermore, teamwork and communication are improved by the project management system.
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 and compliance 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 management tools in the financial sectors.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 1.8 Billion |
| Market size forecast in 2028 | USD 5.5 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 17.4% from 2022 to 2028 |
| Number of Pages | 422 |
| Number of Table | 690 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Organization Size, Deployment Mode, Application, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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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.
Free Valuable Insights: Global AI in Project Management Market size to reach USD 5.5 Billion by 2028
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.
By Application
By Vertical
By Deployment Mode
By Organization Size
By Component
By Geography
The global AI in Project Management Market size is expected to reach $5.5 billion by 2028.
Rising demand for cost optimization across various industries are driving the market in coming years, however, A rise in worries about data security and privacy restraints the growth of the market.
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.
The Telecom, IT & ITeS segment acquired maximum revenue share in the Global AI in Project Management Market by Vertical in 2021 thereby, achieving a market value of $1.3 billion by 2028.
The Large Enterprises segment is leading the Global AI in Project Management Market by Organization Size in 2021 thereby, achieving a market value of $3.9 billion by 2028.
The North America market dominated the Global AI in Project Management Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.1 billion by 2028.
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