Global Artificial Intelligence (AI) in Project Management

Global Artificial Intelligence (AI) in Project Management

Global Artificial Intelligence (AI) in Project Management Market Size, Share & Trends Analysis Report by Component (Solutions and Service), by Mode (Cloud and On-Premises), by Application (Project Scheduling & Budgeting, Project Support & Administration, Project Data Management, Risk Management, Resource Allocation, Planning, & Forecasting, Project Task Management & Automation, Data Analytics, Reporting, & Visualization, and Project Monitoring), and by Vertical (BFSI, Healthcare & Life Sciences, Telecommunication, Government & Defense, IT & ITeS, and Others), Forecast Period (2023-2030)

The global AI in project management market is anticipated to grow at a CAGR of 17.4% during the forecast period (2023-2030). AI in project management refers to automated software that enables machines to learn and work autonomously and allows computers to analyze vast amounts of data for decision-making. In project management, AI plays a crucial role in automating tasks, analyzing data, and making informed decisions. Companies today rely on AI to accelerate innovation, assess business conditions, and provide enhanced customer experiences. However, implementing AI can present challenges, including a lack of data science expertise, difficulties in training models with relevant business data, and ensuring smooth operation in a live environment. For instance, in November 2021, Oracle announced availability of Oracle Cloud Infrastructure (OCI) AI services, a collection of services that make it easier for developers to apply AI services to their applications without requiring data science expertise. The new OCI AI services give developers the choice of leveraging out-of-the-box models that have been pre-trained on business-oriented data or custom training the services based on their organization’s own data. The six new services help developers with a range of complex tasks from language to computer vision, and time-series forecasts.

Segmental Outlook

The global AI in project management market is segmented on the component, mode, and application. Based on the component, the market is sub-segmented into solution and service. Based on the mode, the market is sub-segmented into cloud and on-premises. Further, on the basis of application, the market is sub-segmented into project scheduling & budgeting, project support & administration, project data management, risk management, resource allocation, planning, & forecasting, project task management & automation, data analytics, reporting, & visualization, and project monitoring. Based on the vertical, the market includes BFSI, healthcare & life sciences, telecommunication, government & defense, IT & ITeS, and others. Among the mode, the cloud sub-segment is anticipated to hold a considerable share of the market owing to the lack of physical hardware means updates, as issues such as user change details and installations can be carried out remotely.

The Services Sub-Segment is Anticipated to Hold a Considerable Share of the Global AI in Project Management Market

Among the components, the services sub-segment is expected to hold a considerable share of the global AI in project management market. The segmental growth is attributed to the increasing uncertainty and human errors causing lack of perfection and wastage of time lead to delay in work and project completion. As a consequence, many small and mid-sized business organizations are adopting AI-based services and investing in effective AI solutions for project management to address these challenges.

Regional Outlook

The global AI in project management market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-pacific is anticipated to hold a prominent share of the market across the globe, AI has seen rapid adoption and various technological advancements, allowing for more sophisticated and effective applications in project management. Developments in AI algorithms, machine learning (ML) techniques, and data processing capabilities have contributed to its increased effectiveness in the field.

Global Artificial Intelligence (AI) in Project management Market Growth by Region 2023-2030

Source: OMR Analysis

North America is Expected to Grow at a Significant CAGR in the Global AI in Project Management Market

Among all regions, North America is anticipated to grow at a considerable CAGR over the forecast period. Countries like the US and Canada hold a strong position in the advanced technology industry, owing to the wide presence of several AI-based software, solutions, and service providers and developers. Major technology organizations such as Oracle, IBM, and Microsoft, among others, play a significant role in driving the adoption of AI across various sectors, including project management. For instance, in March 2023, PwC UK announced a partnership with security firm ReversingLabs to develop a 3rd-party risk management (TPRM) platform, aimed at helping businesses address software supply chain security risks. ReversingLabs, on the other hand, aims to assist customers in modernizing their traditional TPRM programs, leading to improved and modern software supply chains, as detection and mitigation of threats are integral to TPRM software.

Market Players Outlook

The major companies serving the AI in project management market include Adobe Inc., Google Inc., IBM Corp, Amazon Web Service Inc., Microsoft Corp, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in January 2023, The National Institute of Standards and Technology (NIST) has recently released the NIST AI Risk Management Framework (AI RMF 1.0). This framework is designed to manage risks related to AI, affecting individuals, organizations, and society as a whole. The main objective of the NIST AI RMF is to provide a tool for voluntary use, enhancing the ability to integrate trustworthiness considerations into the design, development, use, and evaluation of AI products, services, and systems.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global AI in project management market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.