The AI in project management market is estimated to grow from USD 2.5 billion in 2023 to USD 5.7 billion by 2028, at a CAGR of 17.3% during the forecast period. Platforms for AI & machine learning have the ability to improve a project’s commercial visibility from the beginning to the end. Project management teams may take speedier action before hazards threaten project completion because of AI’s ability to recognize and anticipate issues far sooner. The application of AI in project management enables better, quicker decision-making by utilizing machine learning and predictive data analytics to deliver more accurate insights into potential outcomes.
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Cloud deployment to account for higher CAGR during the forecast period
The market for AI in project management is bifurcated into cloud and on-premises deployment. The market size for the cloud deployment option is anticipated to be greater and to grow at a faster rate throughout the forecast period. In recent years, cloud computing has become increasingly popular as internet connections have improved, and remote work has become more common. Organizations are building teams across the countries to enhance their project deliverables. Installing and supporting traditional software can be very challenging for a decentralized team, but with cloud-based software, anyone can access the solution remotely.
SMEs to account for higher CAGR during the forecast period
The market for AI in project management is bifurcated based on organization size into large enterprises and SMEs. The CAGR of SMEs is estimated to be highest during the forecast period. Organizations with employee numbers ranging between 1 and 999 are categorized under SMEs. It is very crucial for SMEs to focus on their projects as it dramatically impacts the business. Various business models and frameworks are used by organizations across industries. However, there is still a lack of a single robust roadmap dedicated to SMEs. It combines the applicable concepts of project management and AI techniques simultaneously and provides SMEs with integrated features to assist them in prioritizing and managing business projects.
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Unique Features in the AI in Project Management Market
By allocating tasks to team members automatically, AI algorithms can optimise resource allocation and boost project efficiency by taking into account each member’s talents, availability, and workload.
Artificial intelligence (AI)-enabled project management solutions employ predictive analytics to estimate project durations, detect possible hazards and obstructions, and suggest preemptive actions to alleviate problems and maintain project progress.
Project managers can use natural language commands to interact with project management software, making task management, status updates, and team communication easier. This is made possible by NLP capabilities.
Artificial intelligence (AI) algorithms optimise project schedules by taking into account a number of variables, including resource availability, dependencies, and restrictions. This reduces delays and maximises project throughput.
Artificial intelligence (AI)-driven sentiment analysis systems examine feedback and team communications to assess project team morale, spot any problems or disputes, and proactively address concerns to preserve a pleasant team atmosphere.
Major Highlights of the AI in Project Management Market
Businesses that use AI in project management have an advantage over rivals who just use conventional project management techniques because they can complete projects faster, manage resources more skillfully, reduce risks, and produce better project results.
Machine learning algorithms are used by AI-powered project management platforms to evaluate previous project data, draw lessons from prior trends and patterns, and gradually enhance project management procedures and results.
AI enables stakeholders to monitor project status, spot bottlenecks, and make data-driven decisions to keep projects on schedule by giving real-time visibility into project progress, milestones, and performance metrics.
Artificial intelligence (AI)-powered project management systems are flexible and scalable, meeting the demands of projects with different scopes and levels of difficulty while meeting the changing needs of businesses in a variety of sectors.
Artificial intelligence (AI)-enabled project management solutions detect and evaluate project risks, rank attempts to mitigate those risks, and suggest preventive actions to reduce the influence of possible hazards on project results.
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Top Companies in the AI in Project Management Market
Key players operating in the AI in project management market include IBM (US), Oracle (US), Hitachi (Japan), Adobe (US), Microsoft (US), TIS (Japan), ServiceNow (US), Atlassian (Australia), Alice Technologies (US), Aitheon (US), PMaspire (Singapore), Forecast (UK), ClickUp (US), Zoho (India), ProofHub (US), Azeendo (France), Bubblz (France), Lili.ai (France), RationalPlan (Romania), ClearStrategy (Ireland), Saviom (Australia), CodeComplete (Japan), monday.com (Israel), ImageGrafix (UAE), Orangescrum (US), Smartsheet (US), PSOhub (Netherlands), Bitrix24 (US), Asana (US), and Wrike (US). These AI vendors in project management have adopted various organic and inorganic strategies to sustain their positions and increase their market shares in the global market.
The International Business Machines Corporation (IBM), an American multinational technology corporation, was incorporated in 1911 and is headquartered in Armonk, New York. It is majorly known for its hardware, middleware, and software products and provides consulting and technology services such as cloud computing, data analytics, and artificial intelligence (AI). IBM’s product portfolio includes IBM Engineering Lifecycle Management, IBM Engineering Requirements Management DOORS Next, IBM Engineering Workflow Management, and IBM Cloud Pak for Data. Within Data & AI, IBM has a strong performance in project management offerings. It enables the company to take advantage of AI-powered technologies. It has a presence in more than 175 countries in North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Hitachi Ltd. operates in various sectors, such as engineering and electronics, nuclear, transportation, and industrial systems. The company manufactures and sells information and telecommunication systems, power systems, social and industrial systems, construction machinery, electronic systems and equipment, automotive systems, and smart life and eco-friendly systems. Its products and services find application in various markets, including manufacturing, communications, finance, healthcare & life science, government, energy & transportation, distribution, industry, and urban. Hitachi caters its services to the global automobile, aerospace, nuclear, and computer industries. It operates through affiliates, subsidiaries, associates, and joint ventures in Asia, North America, and Europe.
Smartsheet has over 3,000 employees and has customers in 190 countries. The company provides professional services. The Smartsheet platform provides various capabilities such as team collaboration, workflow automation, content management, portfolio management at scale, secure request management, integrations, streamlined business apps, governance & administration, intelligent workflows, resource management, and digital asset management. It caters to IT & Ops, construction, healthcare & life sciences, education, financial services, telecommunication, media & entertainment, energy & utilities, manufacturing, retail, and state and local government. With the help of Smartsheet Inc.’s cloud-based work execution platform, teams, and organizations can plan, capture, manage, automate, and report on work at a scale that leads to more effective business operations. It offers various services, including streamlining facility management, managing customer experiences, managing budgets and planning, and other relevant ones. Most of the company’s income comes from subscriptions. Geographically, it operates in the Americas, Europe, and Asia. The US accounted for most of its revenue generation.
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