Chicago, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Building unique processes based on anticipated working hours, time-off plans, and historical data may strengthen project planning and help users allocate resources wisely for the projects. Applying AI in project management enables project managers to employ advanced data analysis to look at previous projects, anticipate the amount a project will cost and how it will take, and design an optimized project management process model with a better degree of certainty.
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AI in Project Management 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
List of Key Players in AI in Project Management Market:
- IBM (US),
- Oracle (US),
- Hitachi (Japan),
- Adobe (US),
- Microsoft (US),
- TIS (Japan),
- ServiceNow (US),
- Atlassian (Australia),
- Alice Technologies (US),
- Aitheon (US),
- PMaspire (Singapore)
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Based on components, the market for AI in project management is segmented into solutions and services. The solutions segmentation includes robotic process automation, chatbots & intelligent virtual assistants, predictive analytics, and speech recognition. The service segment is divided into consulting, support & maintenance services, and deployment & integration services. Solutions for AI in project management enhance business operations and operational effectiveness in various sectors, including construction, manufacturing, logistics, retail, and marketing. Most advancements in recent years have been seen in solutions for AI in project management and associated solution development kits. Agile project development frameworks are used by modern PMPs and teams to take advantage of new opportunities. Project managers can quickly analyze complicated project data and find developments that might influence project delivery by combining agility with AI-powered solutions.
Based on deployment mode, the market for AI in project management is segmented into on-premises and cloud. AI in project management solutions can be deployed on-premises and in the cloud, per businesses' requirements. The on-premises deployment mode enables organizations to control all their systems and data. However, in this deployment mode, enterprises must pay the cost of the hardware, software, and other resources used for maintenance. The cloud deployment mode offers various benefits, such as increased scalability, speed, and IT security.
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Based on organization size, the market for AI in project management is segmented into large enterprises and SMEs. The rapid growth in AI technologies and the need to improve project management practices drive the adoption of these solutions. The study of SMEs and large enterprises is essential as they significantly impact the implementation of AI-based project management solutions across regions.
The AI in project management is segmented into five regions: North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. This section offers information on these regional markets' sizes, rates of growth, anticipated trends, and market forces. The use of artificial intelligence (AI) is no longer limited to the most advanced IT and technological applications. The use of artificial intelligence (AI) to supplement or take the role of project managers in more conventional contexts has already started. Administrative chores, including keeping records and logs, scheduling meetings, emailing invites, creating agendas, and taking minutes during meetings, are already automated using AI. It will eventually become more capable of managing more complex project management duties.
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