< Key Hightlight >

"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. There are several commercial uses for artificial intelligence (AI) and machine learning. Users also understand that processing massive volumes of data fast, seeing patterns in data, learning from it, and generating predictions are some of AI's most crucial talents. AI is and will continue to be a growing trend in the project management industry because of its exceptional capacity to monitor specific trends and foresee project scenarios and results.

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.

Breakdown of primaries

In-depth interviews were conducted with Chief Executive Officers (CEOs), innovation and technology directors, system integrators, and executives from various key organizations operating in the AI in project management market.

 By Company: Tier I: 34%, Tier II: 43%, and Tier III: 23%

 By Designation: C-Level Executives: 50%, Directors: 30%, and Others: 20%

 By Region: APAC: 30%, Europe: 30%, North America: 25%, MEA: 10%, Latin America: 5%

The report includes the study of key players offering AI solutions in project management and services. It profiles major vendors in the global market. The major vendors 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).

Research Coverage

The market study covers AI in project management across segments. It aims at estimating the market size and the growth potential across different segments, such as components, application, deployment mode, organization size, vertical, and region. It includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report 

The report would provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market for AI in project management and its subsegments. It would help stakeholders understand the competitive landscape and gain more insights better to position their business and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers: 

• Analysis of key drivers (increasing need to enhance the success rate of projects, growing focus on agile project management methodologies, need to improve operational performance to gain competitive benefits in the market), restraints (increase in concerns over data privacy and security), opportunities (cost optimization), and challenges (selecting right solutions that align with organizations' business needs and blending AI-based PM solutions with legacy systems) influencing the growth of the AI in project management market 

• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the AI in project management market

• Market Development: Comprehensive information about lucrative markets – the report analyses the AI in project management market across varied regions 

• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in AI in project management market strategies; the report also helps stakeholders understand the pulse of the automotive airbags & seatbelts market and provides them with information on key market drivers, restraints, challenges, and opportunities

• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players such as IBM (US), Oracle (US), Microsoft (US), Hitachi (Japan), ServiceNow (US), and Adobe (US), among others in the AI in project management market"