AI in Project Management Market to reach over USD 8.85 billion by the year 2031 – Exclusive Report by InsightAce Analytic
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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AI Transforms Project Management
Artificial intelligence (AI) is revolutionizing project management by offering intelligent tools and assistance to project teams. AI systems can:
• Automate Repetitive Tasks: AI can handle scheduling, follow-ups, and reminders, freeing up project managers’ time for more strategic tasks.
• Enhance Efficiency and Accuracy: AI automates workflows and reduces human error, ensuring that nothing falls through the cracks and projects stay on track.
The Rise of AI in Project Management Market
The market for AI in project management is experiencing significant growth due to several factors:
• Growing Demand for Efficiency: Businesses are increasingly seeking solutions to streamline project management and optimize resource allocation. AI offers powerful tools to achieve these goals.
• Complexity of Modern Projects: The business landscape is becoming increasingly data-driven and complex. AI helps project managers handle this complexity by analyzing vast amounts of data and providing insights to improve decision-making.
• Focus on Project Success: The demand for higher project success rates is driving the adoption of AI. AI tools can identify potential risks and roadblocks early on, allowing for proactive mitigation strategies.
• Advancement of AI Technology: As AI technology continues to develop, new and specialized project management software is emerging, further fueling market growth.
By automating tasks, enhancing efficiency, and providing valuable insights, AI is transforming project management. As AI capabilities continue to evolve, we can expect even more innovative solutions that empower project teams to achieve success.
List of Prominent Players in the AI in Project Management Market:
• CodeComplete (Japan)
• monday.com (Israel)
• ImageGrafix (UAE)
• Orangescrum (US)
• Smartsheet (US)
• PSOhub (Netherlands)
• Bitrix24 (US)
• Asana (US)
• Wrike (US)
• 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)
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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