The Europe AI in Project Management Market would witness market growth of 17.1% CAGR during the forecast period (2022-2028).
Development of tools for drafting comprehensive plans and resource requests and for streamlining scheduling processes will be enabled by these technologies. Automatic reporting will replace current reports, frequently several weeks old, with real-time data while requiring less effort to compile. These tools will also go further than is currently feasible, providing a clear, objective depiction of team morale, project status, benefits realized, and prospective slippage. Most projects also require testing, which project managers must do frequently and early.
Nowadays, finding a significant project that doesn't involve testing various software and hardware components before going live is uncommon. However, the availability of modern testing systems, which are currently only practical for specific megaprojects, will soon be widespread with the adoption of AI. Soon, early problem identification and self-correcting processes will be possible owing to automated and advanced system testing methods for software projects. As a result, less time will be spent on time-consuming testing tasks, fewer reworks, and solutions that are simple to use and bug-free will ultimately be delivered.
The Commission will support and finance basic and applied research into artificial technologies. This subsequently facilitates the use of AI in project management by many companies. Together with the Federal Ministry of Economics and Technology, the German Federal Government acts as the governing authority for developing technology-specific initiatives and policies. The AI Strategy is one of the main components of the German government's aim to boost digitalization. Along with the numerous businesses using the most recent technology and solutions, governments in the region are also encouraging business digitalization. This would accelerate the regional market's growth in the coming years.
The Germany market dominated the Europe AI in Project Management Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $358.5 million by 2028. The UK market is anticipated to grow at a CAGR of 16.2% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 18% during (2022 - 2028).
Based on Application, the market is segmented into Project Data Management, Project Scheduling & Budgeting, Project Monitoring, Support & Administration, Resource Allocation, Planning & Forecasting, Risk Management, Data Analytics, Reporting & Visualization and Others. Based on Vertical, the market is segmented into Telecom, IT & ITeS, Construction & Engineering, Government & Defense, BFSI, Healthcare & Life Sciences, Retail & eCommerce, Energy & Utilities, Manufacturing and Others. Based on Deployment Mode, the market is segmented into On-premise and Cloud. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium Enterprises. Based on Component, the market is segmented into Solution (Predictive Analytics, Robotic Process Automation, Speech Recognition and Chatbots & Intelligent Virtual Assistant) and Services. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide AI in Project Management Market is Projected to reach USD 5.5 Billion by 2028, at a CAGR of 17.4%
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.
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