- Resource management software is used to manage companies’ resources such as equipment, money, time, and employees to increase their operational efficiencies. It is also used to address project management tasks such as tracking, planning, and optimizing the utilization of resources for successful project completion.
- Resource management software offers an organization’s project progress reports, real-time customizable KPI dashboard, pre-set templates for quoting and invoicing, time tracking and billing for work, contact management, etc.
- The global resource management software market is projected to expand at a rapid pace during the forecast period, due to the increase in adoption of these solutions among end-users across the globe.
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Global Resource Management Software Market: Dynamics
Global Resource Management Software Market: Key Drivers and Restraints
- Increase in demand to improve efficiency, reduce risks, and enhance business operations among end-users is expected to boost the global resource management software market during the forecast period
- Rise in need to make the allocation task easier for project planners, create predictive project scenarios, and analyze resource demand and capacity is anticipated to fuel the resource management software market during the forecast period
- Growth in technological advancements and changing working culture have encouraged business organizations to adopt advanced software. Thus, demand for resource management software is likely to increase during the forecast period to cater to the fast-changing market needs.
- Resource management software helps provide access of information in real-time environments. This is also expected to boost its demand across the globe.
- Rise in need to reduce downtime and increase utilization are driving the demand for resource management software
- High cost of resource management software restricts its adoption among small-sized end-users. This is anticipated to hamper the resource management software market during the forecast period.
Impact of COVID-19 on Global Resource Management Software Market
- The COVID-19 pandemic is expected to adversely impact the global resource management software market in the short term. Investment in resource management software among organizations has reduced significantly due to the lockdowns enforced by various governments to curb the spread of the COVID-19 pandemic. However, businesses and people are completely dependent on online solutions or services for their essential needs. This coupled with an increase in work-from-home concept is projected to positively impact the global resource management software market during the forecast period. Organizations need to transform or reform their business processes as per new working environments or norms in the COVID-19 scenario.
North America to Hold Major Share of Global Resource Management Software Market
- In terms of region, the global resource management software market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global resource management software market in 2020, due to the significant adoption of resource management software in the region. Employee turnover is high in North America. This is anticipated to negatively impact the organizational performance and profits. Thus, adoption of resource management software is expected to increase in the region during the forecast period.
- The resource management software market in Asia Pacific is projected to expand at a rapid pace during the forecast period. The region is experiencing new technological developments in the service sector with increasing usage of IoT and Artificial Intelligence technology in China, Japan, and India. Growth in number of small and medium enterprises is also likely to create lucrative opportunities for the resource management software market in Asia Pacific in the next few years.
Global Resource Management Software Market: Competition Landscape
Several local, regional, and international players are active and have strong presence in the resource management software market. Rapid technological advancements have led to opportunities in the global resource management software market. Solution vendors of digital operations are focusing on inorganic growth strategies such as strategic collaborations and merger and acquisition activities with technology partners to develop innovative and advanced solutions to improve their offerings and market reach.
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Key Players Operating in the Global Resource Management Software Market:
- eResource Scheduler
- Forecast ApS
- Hub Planner AB
- Mavenlink, Inc.
- monday.com Ltd.
- MS Projects
- ProjectManager.com, Inc.
- Resource Guru Limited
- Runn Fast Limited
- Saviom Software Pty. Ltd.
- Silverbucket Ltd.
- Smartsheet Inc.
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