According to a research report "AI in Project Management Market by Component (Solution (Robotic Process Automation, Chatbots & Intelligent Virtual Assistants, Others), Service), Application, Deployment Mode, Organization Size, Vertical and Region - Global Forecast to 2028" published by MarketsandMarkets, the market for AI in project management is projected to grow from USD 2.5 billion in 2023 to USD 5.7 billion by 2028, at a CAGR of 17.3% during the forecast period. Artificial intelligence (AI) already significantly impacts how people live their lives, and it will only get stronger. As AI advances, technology is being leveraged to increase productivity in business and industry. Project management is being significantly impacted by AI.
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Cloud deployment to account for higher CAGR during the forecast period
The market for AI in project management is bifurcated into cloud and on-premises deployment. The market size for the cloud deployment option is anticipated to be greater and to grow at a faster rate throughout the forecast period. In recent years, cloud computing has become increasingly popular as internet connections have improved, and remote work has become more common. Organizations are building teams across the countries to enhance their project deliverables. Installing and supporting traditional software can be very challenging for a decentralized team, but with cloud-based software, anyone can access the solution remotely.
SMEs to account for higher CAGR during the forecast period
The market for AI in project management is bifurcated based on organization size into large enterprises and SMEs. The CAGR of SMEs is estimated to be highest during the forecast period. Organizations with employee numbers ranging between 1 and 999 are categorized under SMEs. It is very crucial for SMEs to focus on their projects as it dramatically impacts the business. Various business models and frameworks are used by organizations across industries. However, there is still a lack of a single robust roadmap dedicated to SMEs. It combines the applicable concepts of project management and AI techniques simultaneously and provides SMEs with integrated features to assist them in prioritizing and managing business projects.
Asia Pacific to exhibit the highest CAGR during the forecast period
The CAGR of Asia Pacific is estimated to be highest during the forecast period. The market demand for AI in project management is estimated to expand due to the rising acceptance of cloud deployment services by small and medium-sized businesses (SMEs) and the higher prevalence of connected devices in emerging economies. Major market participants have increased their investment in research & development, resulting in the creation of novel solutions, including project management tools based on mobile applications, opening the potential for the sector's future expansion.
Major vendors in the global AI in Project Management market 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), 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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