AI In Project Management Market Report 2023: Market Growth Forecast, Prominent Drivers And Leading Regions As Per The Business Research Company's AI In Project Management Global Market Report 2023
LONDON, Nov. 01, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s AI In Project Management Global Market Report 2023, the global AI in project management market is poised for remarkable growth, with the market expected to surge from $2.25 billion in 2022 to $2.67 billion in 2023, at a compound annual growth rate (CAGR) of 18.5%. This report anticipates that the market will continue its upward trajectory, reaching $5.09 billion by 2027, growing at a CAGR of 17.5%. The expansion of cloud operations and technological advancements are driving the growth of this dynamic market.
Cloud Operations Fueling Market Growth
The expansion of cloud operations is significantly contributing to the growth of AI in project management market. Organizations are leveraging artificial intelligence (AI) to manage project data, automate processes, enhance decision-making, and increase efficiency in project development. Notably, the adoption of high-end cloud services has witnessed significant growth in the European Union, indicating the widespread utilization of cloud-based AI for project management. As cloud adoption continues to rise globally, AI in project management is set to be an integral part of business operations.
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Technological Advancements Shaping the Market
The AI in project management market is witnessing a significant trend in technological advancements. Major industry players are expanding their AI offerings to encompass a broader range of applications, including construction. For example, Oracle introduced the Construction Intelligence Cloud Service, which leverages AI to analyze historical project data and provide tailored guidance to businesses. This reflects the industry's commitment to enhancing project management processes through AI, contributing to the market's overall growth.
Regional Insights
North America was the largest region in the AI in project management market in 2022, with a robust presence of established players. The Asia-Pacific region is expected to be the fastest-growing region in the AI in project management market, as businesses across various sectors increasingly adopt AI for project management.
Market Segmentation
The global AI in project management market is segmented into several key categories:
- Type: Solutions and Services
- Deployment Model: Cloud and On-Premises
- Organization Size: Large Enterprises and Small and Medium Enterprises
- Application: Project Scheduling and Budgeting, Data Analytics, Reporting and Visualization, Project Support and Administration, Project Data Management, Risk Management, Project Task Management, and Multiple Services
- End User: Banking, Financial Services, and Insurance (BFSI), Retail and E-Commerce, IT and Telecom, Government and Defense, Energy and Utilities, and Other End-Users
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Leading Players
Prominent companies in the AI in project management market include Amazon Web Services, Microsoft Corporation, Intel Corporation, International Business Machines Corporation, Deloitte, Oracle Corporation, SAP SE, Cognizant Technology Solutions Corporation, Adobe Inc., Wipro Ltd., ServiceNow Inc., Infor, Atlassian Corporation, Zoho Corporation, Smartsheet Inc., Automation Anywhere, Asana Inc., Hyperlink InfoSystem, AlphaSense Inc., Moveworks Inc., H2O.ai, Jasper AI Inc., Aitheon, ALICE Technologies Inc., Deeper Insights, ProofHub LLC, and Uizard Technologies.
Stakeholders across industries can harness the valuable insights provided by the AI in Project Management Global Market Report 2023 to make informed decisions and maximize their position in this growing market. With cloud operations and technological advancements driving the AI in project management market's expansion, businesses can benefit from incorporating AI into their project management practices. By understanding the market's segmentation and keeping a close watch on emerging trends, organizations can remain at the forefront of this dynamic and evolving AI in project management market.
AI In Project Management Global Market Report 2023 by The Business Research Company provides insights on the AI in project management market size, AI in project management market segments, AI in project management market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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