The Project management software is software which is used for various purposes in a project, such as planning, scheduling, resource allocation, and change management. It allows project managers, stakeholders, and users to control costs and manage budgeting, quality management, and documentation and can also be used as an administration system. It is an online system for collaborating and working on tasks in organizations. These online systems provide real-time information to the managers and make the performance of tasks easy. In addition, they allow organizations to allocate specific resource for specific tasks. Correct allocation can reduce operational cost and the overall risk associated with tasks being performed.
The Project
Management Software assists project managers and their teams in the fulfilment
of customer requirements and the management of time, budget, and limits on
applicability. However, with several high-quality choices available, it can be
challenging to choose the right tool, and customers may often not know where to
start. Online project management software is utilized by many small- to
medium-sized companies across sectors and leverages cloud-based technologies.
This software can be provided through the Software-as-a-Service (SaaS) model by
application service providers.
360Quadrants, the most granular comparison platform, has
released a quadrant on Project Management Software to help businesses make
quicker and more informed decisions. 360Quadrants are generated post analysis
of companies (product portfolios and business strategy). Quadrants will be
updated every three months based on market and regional analyses and
developments in the Project Management Software market. 360Quadrants also lists
the top 10 best Project
Management Software.
360Quadrants combines inputs from various industry experts,
buyers, and vendors, and conducts extensive secondary research inclusive of
annual reports, company press releases, investor presentations, white papers,
and various directories and databases in order to rate the companies in every
quadrant. 360Quadrants conducts an in-depth SWOT analysis and accurately
analyzes the companies considered for evaluation. This helps service providers
learn about new opportunities and areas where they lag behind their peers. It
also helps clients choose the most appropriate vendors for their requirements.
Project
Management Software Quadrant Highlights
360Quadrants evaluated 45 companies in the Project Management Software market, out
of which 23 were categorized as Visionary Leaders, Innovators, Dynamic
Differentiators, and Emerging Companies.
Asana, Smartsheet, Wrike, Airtable, Zoho Projects, Trello, and Monday.com have been identified as
Visionary Leaders, as they have established product portfolios and a robust
market presence & business strategy.
Oracle, SAP, Apptivo, and Workbook have been identified as
Innovators, as they have focused product portfolios and innovative business
strategies, with which they are able to set new trends in the market.
Linkd, Teamwork, OpenProject, Redmine, Nifty, Squish, and Breeze
have been identified as Emerging Companies, as they have niche product
offerings and decent business strategies which help them in having consistent
growth.
Flow, Orangescrum, Float, MeisterTask, and Swit have
been recognized as Dynamic Differentiators, as they are largely dependent on
their competitive R&D activities.
360Quadrants
Scoring Methodology
The top companies in the Project Management Software market will be
rated using the following methodology:
1. A highly experienced team of researchers
and senior analysts conducts extensive research to generate a list of vendors
(competitors).
2. A patent-pending algorithm is used to
collect inputs from key stakeholders—industry experts, buyers, vendors, and
360Quadrants analysts—based on criteria for Product Maturity and Company
Maturity.
a. Criteria
under Product Maturity include breadth and depth of product/service offering,
product features and functionalities, product differentiation, and their impact
on customer value.
b. Criteria
under Company Maturity include geographical footprint, partner ecosystem,
financial stability, and client coverage or sector footprint.
3. Approximately 20+ in-depth parameters will
be considered for research for the Project Management Software market. These
parameters will be updated every six months to ensure the latest developments
are taken into consideration.
4. A weight is assigned to each stakeholder
based on information gathered pertaining to the above criteria as well as
inputs from stakeholders. These inputs follow the order of priority given
below:
a. Buyers
b. Industry
Experts
c. 360Quadrants
Analysts
d. Vendors
(Competitors)
5. The inputs are analyzed, and a final rating
is assigned to each vendor (competitor).
6. After the finalization of ratings, each
vendor is placed in the most relevant quadrant based on its score.
What are the major applications of Project
Management Software?
In Automobile Industry
Project Management Software Solutions in the Automotive Industry help in
effective association across departments and better decision making processes.
The software offers easy, cross-location teamwork and interaction amongst
project members and investors in a central web-based project management system.
It allows automobile professionals to check on the project progress at any time
and from any location. Project Managers can input their tasks centrally in one
system. The central system also shows responsibilities, status, and priority as
well as company-specific information which can also be accessed by the teams.
In the Construction
Industry
Project Management Software in the construction industry manages the
preparation, organization, and implementation of a construction project, be it
agricultural, housing, commercial, official, engineering, and heavy civil, or
environmental. Construction Project Management Solutions generally helps in
managing complex tasks that need strong skills in communication, deep awareness
of the building process, and the ability to troubleshoot.
In Chemical Industry
Project Management
Tools can help the chemical and petrochemical industry, by maintaining a
balance between project lead and project execution teams which otherwise can be
disconnected from each other by a long distance. The software also supports the
project timeline and help in managing costs by offering local project
management expertise.
In the IT Industry
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