According to a new market report published by Transparency Market Research, the global trade in online Project Management Software (such as Oracle’s Primavera P6 EPPM), is set to reach US$6.68 Bn by 2026. These strong figures come on the back of increasing uptake of cloud-based Project Management Solutions – which comes as no surprise when considering the versatility, accessibility and usability of cloud based Project Management offerings now available – such as Oracle Prime – Oracle’s flagship cloud based Project Management Solution.
The modern day Project Manager is younger, and more tech savvy – resulting in the desire to use software instruments with a modernity one would expect in 2018. Online based solutions are often able to satisfy this requirement in terms of presentation and ability to access information at all times and from all locations. It goes without saying that cloud based Project & Portfolio Management solutions will certainly begin to outstrip their standalone/local server counterparts within the near future.
The market is projected to grow at CAGR (compound annual growth rate) of 9.4% during the forecast period from 2018 – 2026. Increasing demand for Project Management Software in emergent, non European markets such as the Middle East and Africa continue to drive demand upwards as historically docile regions begin to scale their construction and engineering projects inline with the rest of the developed world.
Despite sluggish economic growth in certain regions, C-level executives remain acutely aware of the definite requirement for effective project management tools being in place and accessible to their project and portfolio professionals – as to overlook such measures could well result in considerable increase in risk, and unnecessary inefficiencies in project execution. Risks not worth taking for any sizeable company or organisation.
North America is leading the online project management software market with more than a 40% share globally in 2017. This is mainly due to the presence of a large number of well established software enterprises which deploy online project management software (Oracle, Microsoft). Moreover, the U.S. is the hub for a large number of start-ups and established players of online project management software. In terms of opportunities, Asia Pacific and Middle East & Africa (MEA) regions are set to witness healthy growth during the forecast period. Investment in project management by organisations and increasing adoption of this software in small and medium sized enterprises is expected to continue driving the growth of the online project management software market in the Asia Pacific region.
Regardless of where you sit on the offline/local server vs cloud based solution for Project or Portfolio Management, one thing is for certain – Cloud based solutions will carry this software market into the future.
Our expert teams here at Hyde Park Solutions would be happy to have a no-obligations discussion with you to assess any potential Primavera or Project Management solution requirements. Contact us here.