The Worldwide AI in Project Management Market is Projected to reach USD 5.5 Billion by 2028, at a CAGR of 17.4%

Published Date: 31-Mar-23

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AI in Project Management Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, 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.

The Resource Allocation, Planning & Forecasting segment is showcasing a CAGR of 17.7% during (2022 - 2028). The segment is expanding as more companies use AI for resource allocation, planning, and utilization, which is made more efficient with AI. The most effective way to use resources like staff, equipment, and materials can be determined by project managers with the aid of AI-assisted algorithms. By doing so, waste can be decreased, and projects' total cost-effectiveness can be increased. A virtual team of the people most suited for a given project can also be created using AI.

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. Growth of the segment is owed to the fact that the IT and telecommunication sectors are one of the biggest consumers of AI in project management tools and technologies. This is because it facilitates the management of intricate software development projects and increases productivity. IT project management entails managing initiatives for IT services implementation, business analytics, data management, hardware installation, network upgrades, cloud computing, and virtualization rollouts.

The Cloud segment has shown the growth rate of 19.1% during (2022 - 2028). The expanding adoption of cloud technologies is the main factor driving the segment's growth. Reduced operational expenses, hassle-free deployment, and great scalability are just a few advantages of the cloud deployment approach. As many businesses have transitioned to private or public clouds, AI solution providers strongly emphasize creating effective cloud-based products for their clients.

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. It is fairly typical for large corporate companies to manage several projects at once. While most projects may not appear related at first look, they are ultimately all connected. They all function for the advantage of the same organization and share a common objective. Large businesses, therefore, require a system to connect all of their sections (departments) and allow for the management of various initiatives.

The Solution segment is generating highest revenue share in the Global AI in Project Management Market by Component in 2021 thereby, achieving a market value of $3.5 billion by 2028. The segment is growing because of technological advancements that enable AI incorporation to change numerous industries, including financial services, healthcare, manufacturing, and many others. In addition, AI project management solutions are also being used considerably more frequently as the volume of data increases.

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. The Europe market is exhibiting a CAGR of 17.1% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 18.2% during (2022 - 2028).

Full Report:

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.

Global AI in Project Management Market Segmentation

By Application

  • Project Data Management, Project Scheduling & Budgeting
  • Project Monitoring, Support & Administration
  • Resource Allocation, Planning & Forecasting
  • Risk Management
  • Data Analytics, Reporting & Visualization
  • Others

By Vertical

  • Telecom, IT & ITeS
  • Construction & Engineering
  • Government & Defense
  • BFSI
  • Healthcare & Life Sciences
  • Retail & eCommerce
  • Energy & Utilities
  • Manufacturing
  • Others

By Deployment Mode

  • On-premise
  • Cloud

By Organization Size

  • Large Enterprises
  • Small & Medium Enterprises

By Component

  • Solution
    • Predictive Analytics
    • Robotic Process Automation
    • Speech Recognition
    • Chatbots & Intelligent Virtual Assistant
  • Services

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Companies Profiled

  • 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.
  • Aitheon

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  • The highest number of Market tables and figures
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Related Reports:

North America AI in Project Management Market size & Opportunities 2022-2028

Europe AI in Project Management Market & Growth Forecast 2022-2028

Asia Pacific AI in Project Management Market Share & Industry Outlook to 2028

LAMEA AI in Project Management Market Growth, Trends & Forecasts 2022-2028

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