The North America AI in Project Management Market would witness market growth of 16.6% CAGR during the forecast period (2022-2028).
Project managers can benefit from AI's useful pattern-monitoring capabilities. According to studies, administrative duties like maintaining updates and dealing with check-ins take up more than half the time project managers allot to them. With existing solutions lowering time spent on tedious work in half, AI bots can step up and do these less demanding duties for the project manager. This huge time saver enables project managers to concentrate more on the intricate procedures that support their management approach. Furthermore, it gives a chance to focus more on the staff, which can help managers empower them and increase efficiency.
The automation of risk management is one of the most advanced areas of project management. New tools employ big data and machine learning to aid executives and project managers in foreseeing hazards that could otherwise go undiscovered. These tools can already suggest risk-reducing measures, and soon they can modify plans autonomously to avoid particular dangers. Similar strategies will soon make project description, planning, and reporting easier. These activities now require much time, repetition, and manual labor. Natural language processing, machine learning, and plain text production will result in successful endeavors.
The US has also launched a multi-stakeholder initiative called the "Global Partnership on Artificial Intelligence" (GPAI), which brings together expert opinions while preserving individual freedom. In addition, many organizations, notably the Office of the Under Secretary of State for Economic Development, Energy, and the Environment, support US scientific and technological businesses through international AI R&D alliances. These government initiatives will encourage individuals to invest more in R&D for artificial intelligence (AI) projects, increasing demand for such products. This will tremendously aid in expanding regional AI in project management market in the coming years.
The US market dominated the North America 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 $1,550 million by 2028. The Canada market is poised to grow at witness a CAGR of 19.3% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 18.2% 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 U.S., Mexico, Canada, and Rest of North America.
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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