Global AI in Project Management Market Report 2023: Rising Demand for Cost Optimization Across Various Industries Drives Growth
Dublin, May 05, 2023 (GLOBE NEWSWIRE) -- The "Global AI in Project Management Market Size, Share & Industry Trends Analysis Report by Application, Vertical, Deployment Mode, Organization Size, Component, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
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.
Key Market Players
List of Companies Profiled in the Report:
Hitachi, Ltd. (Hitachi Energy Ltd.)
Atlassian Corporation PLC
PMaspire Singapore PTE Ltd.
ALICE Technologies, Inc.
AI in project management is essentially a system added to the project management cycle to support human tasks. It uses machine learning's infinite processing power to extract meaning and support decision-making for projects. The primary function of AI in project management is to bring value at various points in the lifecycle of the project.
For example, AI can help companies or project managers distribute tasks and allocate resources, match the right personnel with the correct talents and responsibilities, and aid in recruiting by identifying the best candidates for the project.
The modeling and imitation of human cognitive operations by computer systems, known as artificial intelligence (AI), enables machines to replicate human abilities (like reasoning, generalizing, or discovering meaning). AI uses algorithms to evaluate large data sets to find features, classify kinds, understand preferences, and anticipate behavior. The sector for project management tools has seen a steady expansion of AI.
Artificial intelligence (AI) has developed from simple task automation to predictive decision management and predictive analytics, which eliminates human bias and error. It is typical for project managers to oversee many teams and projects at once. These initiatives frequently need to work together toward a larger objective. Finding ways to streamline the procedure and increase efficiency is a top priority in a sector with many moving parts.
By streamlining the process, project managers can produce more accurate results and even more effective coaching for specific personnel. In order to handle anything from scheduling to evaluating the habits of a working team and making suggestions, artificial intelligence is gradually being integrated into project management systems and technologies. With these enhanced tools, the future value of AI for project managers is clear.
Market Growth Factors
Greater need to increase project success rates
Forward-thinking businesses that prioritize project management can continually produce positive business outcomes and remain competitive with the aid of modern technology like AI. Using the proper techniques and processes can result in cost savings, increased productivity, increased stakeholder and customer satisfaction, and a sustained competitive edge.
As they develop the necessary expertise among their teams, more organizations are spending time, money, and effort educating their teams in project management best practices and realizing quantifiable outcomes. Therefore, in the coming years, AI in project management market will expand significantly owing to its benefits of AI.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The illustration shows the percentage of revenue shared by some of the leading companies in the market.
The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
Rising demand for cost optimization across various industries
AI-based project management systems can increase project efficiency overall and lower costs. Project teams can concentrate on more value-added tasks that can lead to better project outcomes by automating repetitive chores like data entry and reporting.
Moreover, AI can offer predictive analytics to assist businesses in making data-driven decisions that can improve overall project results and forecast accuracy. Hence, the prominent benefit of cost reduction through AI has gained lots of positive remarks from industries, which in turn, aids in the rapid adoption of AI technologies and market growth.
Market Restraining Factors
A rise in worries about data security and privacy
Due to budgetary constraints, SMEs cannot afford a private cloud, making these services more susceptible to security threats and hacks. Project management solutions are also more susceptible to data breaches and cyberattacks due to their accessibility on mobile devices.
The conclusion that follows is that companies in highly controlled sectors are hesitant to use advanced Al-based project management solutions due to financial constraints or information security concerns. This, in turn, may hamper the advancement of AI in project management market.
Scope of the Study
Project Data Management, Project Scheduling & Budgeting
Project Monitoring, Support & Administration
Resource Allocation, Planning & Forecasting
Data Analytics, Reporting & Visualization
Telecom, IT & ITeS
Construction & Engineering
Government & Defense
Healthcare & Life Sciences
Retail & eCommerce
Energy & Utilities
By Deployment Mode
By Organization Size
Small & Medium Enterprises
Robotic Process Automation
Chatbots & Intelligent Virtual Assistant
For more information about this report visit https://www.researchandmarkets.com/r/j9osgq
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