Global AI in Project Management Market is Projected to Reach $5.7 Billion by 2028: Higher Need to Enhance Success Rate of Projects Drives Growth

DUBLIN, April 20, 2023 /PRNewswire/ -- The "Global AI in Project Management Market by Component (Solution (Robotic Process Automation, Chatbots & Intelligent Virtual Assistants, Others), Service), Application, Deployment Mode, Organization Size, Vertical and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The market for AI in project management is projected 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. 

The large enterprises' segment is projected to be the largest market during the forecast period

By organization size, the market is divided into large enterprises and small & medium enterprises. The availability of advanced infrastructure facilities and high economies of scale enable larger enterprises to leverage AI in project management solutions. The adoption of AI in project management solutions in large enterprises is said to be higher than in SMEs. In a highly competitive world, large enterprises leave no stone unturned to capture a higher market share.

They constantly undertake multiple projects to add new product lines or improve and replace existing products/processes. To achieve economies of scale and scope, firms may want to leverage their resources for new technologies, processes, and products. The adoption of AI technologies in large project organizations accelerates the predictive steering of complex projects and thus boosts project success.

The chatbot & intelligent virtual assistant segment is registered to grow at the highest CAGR during the forecast period

A developing trend that will likely help businesses much when integrated into project management is using artificial intelligence (AI) to power virtual project assistants. ChatGPT has the capacity to evaluate enormous data sets and offer timely insights.

Similar to bots or virtual assistants, AI-powered virtual project assistants are used in project management. These assistants offer quick status updates and aid users in updating time and task progress through text, audio, or chat.

Among verticals, the IT & ITeS vertical is anticipated to account for the largest market size during the forecast period

The process of managing, planning, and creating information technology initiatives is known as IT project management. Software development, information security, information systems, communications, hardware, networks, databases, and mobile applications are just a few businesses that use IT projects.

While managers oversee IT projects, project developers produce a good or service. To ensure that IT projects go successfully, managers are responsible for outlining objectives and keeping projects on schedule and under budget.

North America to account for the largest market size during the forecast period

North America is estimated to account for the largest share of the market for AI in project management. The region is one of the leading markets for AI in project management. Artificial intelligence will enable more effective operations across the project lifecycle process by automating and simplifying complicated calculations, especially when combined with efficient software and systems.

Fewer resources are used throughout the project development phase due to efficient procedures, which also have a smaller total environmental effect. Data entry into systems requires a lot of time, effort, and resources; thus, it should not be disregarded as a potential area for increased efficiency on both an economic and environmental level.

Market Dynamics

Drivers

• Higher Need to Enhance Success Rate of Projects
• Increase in Focus on Agile Project Management Methodologies
• Need to Improve Operational Performance to Gain Competitive Benefits

Restraints

• Increase in Concerns Over Data Privacy and Security

Opportunities

• Cost Optimization

Challenges

• Selecting Right Solutions That Align with Organizations' Business Needs
• Blending AI-based Pm Solutions with Legacy Systems

Companies Mentioned

• Adobe
• Aitheon
• Alice Technologies
• Asana
• Atlassian
• Azeendo
• Bitrix24
• Bubblz
• ClearStrategy
• ClickUp
• CodeComplete
• Forecast
• Hitachi
• IBM
• ImageGrafix
• Lili.ai
• Microsoft
• Monday.com
• Oracle
• Orangescrum
• PMaspire
• ProofHub
• PSOhub
• RationalPlan
• Saviom
• ServiceNow
• Smartsheet
• TIS
• Wrike
• Zoho

For more information about this report visit https://www.researchandmarkets.com/r/3pqrpe

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