Owing to benefits such as prioritization, arrangement, and categorization of projects and the conduction of systematic execution of the same, the global resource management software and tool market is experiencing a surge in its demand lately. It has been experiencing a greater adoption as compared to its other alternatives that operate in the market.
The need for efficient and in-time management of projects due to the increasing rate of complexities in them has further pushed the demand for resource management software and tools market upwards. These factors have further propelled the demand for resource management software and tools thus, increasing the dependence on this market.
Rapid end-use applications across industries such as IT and telecom, BFSI, engineering, healthcare, construction, and the like for monitoring purposes as well as for developing solutions with the aim to increase the productivity of their business are fostering remarkable progress in the global resource management software and tools market. The market consistently undergoes a series of developments in order to provide better services.
Advantages such as reduced time consumption, increase utilization and enhanced efficiency, and productivity of a business or organization encourage further adoption of the resource management software and tools market in the long run. Considering these factors, it is reasonable to say that the resource management software and tools market is growing at an appreciable compound annual growth rate (CAGR) of 13.1%. It is expected that the market might acquire a size of USD 19 billion during the period of forecast, that is, 2021-31.
Resource management software and tools are used in order to manage the resources of a company that includes employees, equipment, as well as money and time so as to increase the efficiency of the tasks being operated. In order to ensure the successful completion of a project, it also provides assistance in the project management tasks like planning and optimizing the process of utilization of resources. This software provides an organization with the progress of a specific project along with a customizable KPI dashboard, billing techniques, time tracking, etc.
A significant rise in the demand for resource management software and tools is because of the rapid technological advancements in the market that have opened the doors to new opportunities in the market globally. Various regional and international players also operate in the market thus, indicating the increased rate of growth of the market globally. It helps in the management and allocation of resources in an efficient manner thus, allowing the company to function smoothly in an organized manner. There has been an increase in the usage of cloud-based services in order to track assignments remotely; this has also contributed to the growth of the market at large.
IT and Telecom to Remain the Most Lucrative Segment
On the basis of industry, the resource management software and tools market is segmented into Building and Construction, Retail, Hospitality, IT & Telecom, Energy and Utilities, Manufacturing, Government, and Others. The IT and telecom industry is anticipated to acquire the maximum revenue. This is because these departments have an influx of project requests from different clients across the globe. The use of PMS helps in the prioritization and arrangement of the project at hand. It is crucial to align the aims of the company with the project that is being worked upon. Various key players have also begun to provide online project management services that enable better management of project requests for portfolio managers.
Large Enterprises to Ensure Maximum Revenue
Large enterprises are expected to have a higher rate of growth as compared to the small and medium-sized industries (SMEs) during the period of forecast. Project management software (PMS) helps large enterprises to convey information to each and every member of their team in an easier manner that allows them to keep everyone on the same line. It aids in offering a complete overview of the progress made in the project and the execution of the same.
North America is Expected to Render Ample Investment Avenues
It is expected of North America to hold the largest share of the market during the study period, that is, 2021-31. It is likely to continue its dominance over global resource management software and tools marketing. The main driver is the high employee turnover in this region.
Covid-19 Impact and Market Status
The worldwide crisis of the Covid-19 pandemic was seen to adversely affect the global resource management software and tools market but only in the short run. The investments in this market went downhill owing to the enforcement of a lockdown by the government in order to curtail the spread of the deadly virus. Despite this, people were still largely dependent upon online services and solutions for the needs of their necessities. The resource management software and tools market is expected to adjust to the new working environment very soon while grasping a good rate of growth.
However, the high costs that are involved with the adoption of resource management software and tools act as a restriction in the process of their adoption in the case of end users and SMEs (small and medium-sized industries). This might hamper the growth of the market during the study period. In spite of the limitation, the ability of the software to deliver relevant information within a stipulated period of time has
The key players in the resource management software and tools market are Hub Planner AB, Mavenlink Inc., Celoxis, Float, MS Projects, Forecast ApS, Silverbucket Ltd., TeamGantt, Runn Fast limited, and Smartsheet Inc. among others. These players compete with each other in the market and each of them aims to earn higher profits and acquire a position above that of their competitors in the market.
Latest Innovations in the Global Resource Management Software and Tools Market: a Snapshot
• In January 2021, a software company named Project Manager brought a redesigned mobile application to the market whose motive was to enhance the project and other work management systems for hybrid organizations.
• In February 2022, Oracle made an announcement of its new product “workflow manager”, which would assist the field service teams in delivering consistent and effective services with the help of the new workflow manager.
Resource Management Software and Tools Market Scope
|Revenue forecast in 2032
|USD 19 billion
|CAGR of 13.1% during 2021-2031
|by type, by type of users, by major distributors, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Hub Planner AB, Mavenlink Inc., Celoxis, Float, MS Projects, Forecast ApS, Silverbucket Ltd., TeamGantt, Runn Fast limited, and Smartsheet Inc. among others.
Key Segments of the Global Resource Management Software and Tools Market
By Industry Overview, 2021-2031 (USD Billion)
- Building and Construction
- IT & Telecom
- Energy and Utilities
By Enterprise Size Overview, 2021-2031 (USD Billion)
- Large Enterprises
- Small and Mid-sized Enterprises (SMEs)
By Regional Overview, 2021-2031 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and Africa