AI in Project Management Market Size By Component (Solution, Service), By Deployment (Cloud, On-premise), By Application, Industry Analysis Report & Global Forecast, 2023 - 2032

AI in Project Management Market size valued at USD 2 billion in 2022 and is expected to grow at a CAGR of 15% from 2023 to 2032. Artificial Intelligence (AI) is the algorithmic simulation of human intelligence by machines to automate tasks normally performed by humans. AI in project management uses Machine Learning (ML) and predictive analytics to make better & faster decisions.
 

AI tools provide accurate strategic planning and risk mitigation by alerting senior executives of risks and operational status through timely alerts, triggers, and dashboards. The platform improves project accuracy, allowing managers to monitor progress at each stage, manage risks ahead, and allocate resources efficiently so they can make informed decisions and get the desired results.
 

Continuous research & innovation led by technology companies are driving the use of AI in industries such as automotive, healthcare, retail, finance, and manufacturing products. The consistent deployment of cloud-based computing platforms and on-premises hardware for the secure & reliable recovery of large-scale data has opened an expanding avenue for scanning platforms. The increasing R&D investments by leaders will also play an important role in augmenting the use of AI technology.
 

Concerns regarding data and security issues are hindering the AI in project management market growth. AI systems used for security can collect & process large amounts of data, which raises privacy concerns. These files may contain personal information that, if not properly protected, could lead to data breaches, identity theft, or financial fraud.
 

The AI in project management market from cloud segment is poised to grow significantly through 2032. Cloud-based deployment has gained popularity in recent years as internet connection has improved worldwide. The growing focus of companies on improving their project deliverables by building an international team is also a major factor propelling the cloud segment growth.
 

The expansion of various cloud operations and the increasing demand for cloud-based smart services are increasing the demand for business intelligence. The latest AI technology adds an extra dimension to cloud computing. The use of the cloud is beneficial in many sectors. Financial services, e-commerce, and businesses are widely adopting cloud-based AI due to its benefits such as increased capacity, improved efficiency, and reduced costs. These features enhance all the processes necessary for the integration of new technologies, proliferating the AI in project management market growth.
 

Based on the offering, the banking, financial & insurance segment holds a notable market share. AI techniques are derived from human intelligence on a large scale to improve results. The banking sector is using AI for fraud detection activities and securing data. AI and ML are beneficial to banks and fintech as they can process large amounts of customer data. This data and information are compared to get the services/products the customer needs on time, which helps build a good customer relationship. These factors are contributing to the overall market growth.
 

Asia Pacific AI in project management market is anticipated to show tremendous growth during the forecast period, attributed to the increasing spending by regional governments on AI systems. The increasing number of start-ups in the region is fueling the adoption of AI to improve business efficiency and automate processes. For instance, in April 2022, Ottawa based company Uncanny Lab Ltd. made virtual meetings more efficient with its AI that can mimic human meetings. The company offers bluecap technology, which improves meetings for hosts and guests. The company’s social networking solutions include Google Meets and Zoom. They include automatic meeting notes, video comments, and meeting details as key functions of the meeting assistants.
 

Some of the leading companies involved in the AI in project management market include IBM Corporation, Intel Corporation, Microsoft Corporation, Google LLC (Alphabet Inc.), and Amazon Web Services Inc. Companies are focused on meeting consumer demand. These companies engage in mergers, acquisitions, and new product launches to expand their global presence. Ongoing R&D activities allow them to hold a significant position in the market.
 

This AI in project management market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (in USD) from 2018 to 2032 for the following segments:

Market, By Type

• By component
  • Solutions
    • Robotic process automation
    • Chatbots & intelligent virtual assistants
    • Predictive analytics
    • Speech recognition
  • Services
    • Consulting
    • Support & maintenance services

Market, By Deployment Model

• Cloud
• On-premise

Market, By Application

• Project scheduling & budgeting
• Data analytics, reporting, & visualization
• Project support & administration
• Project data management
• Risk management
• Project task management
• Multiple serving

Market, By End Use

• BFSI
• Retail & e-Commerce
• IT & Telecom
• Government & Defense
• Energy & Utilities
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Southeast Asia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • GCC
  • South Africa

What Information does this report contain?