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.
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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.
3. Criteria under Product Maturity include breadth and depth of product/service offering, product features and functionalities, product differentiation, and their impact on customer value.
4. Criteria under Company Maturity include geographical footprint, partner ecosystem, financial stability, and client coverage or sector footprint.
5. 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.
6. 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:
b. Industry Experts
c. 360Quadrants Analysts
d. Vendors (Competitors)
7. The inputs are analyzed, and a final rating is assigned to each vendor (competitor).
8. 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
Project Management Software helps businesses in the IT industry in planning, organizing, and defining responsibility for the conclusion of a company’s specific information technology (IT) goals. The project management systems supervise IT projects for software development, hardware systems, network updates, cloud computing, and virtualization rollouts, business analytics and data management, and other IT services.
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