Unexpected Demand for Innovative Technologies Drives Up Product Management Software Industry, says Market.us
Organizations employ a certain type of software to manage the lifecycle of their products, called product management software. The management of requirements, flaws, revisions, and releases can be a part of this. To handle products more effectively and efficiently, product management software is used. From conception to delivery and even after release, it can help maintain track of all the various facets of a product’s development.
According to Market.us, ” At a Compound Annual Growth Rate (CAGR) of 12.1%, the market for product management software is predicted to increase from USD 3.21 billion in 2021 to USD 10.6 billion by 2032.”
It is anticipated that changing consumer technologies and rising disposable income would drive the industry. Additionally, the market is expected to be driven by rising product demand and innovative goods throughout the anticipated period.
However, it is projected that economic uncertainty and the high prices that come with it will hinder the industry in the years to come.
Anurag Sharma, a senior research analyst at Market.us said,” The rising demand for cloud-based product management software and the expanding trend of digital transformation among businesses are both credited with driving the expansion of the product management software market.”
Due to its benefits over cloud-based products, including lower cost and greater security measures, on-premise product management software retained the greatest share of the worldwide product management software market in 2021.
However, due to its benefits like flexibility, scalability, and lower TCO (Total Cost of Ownership), cloud-based product management software is anticipated to grow at a higher CAGR throughout the projection period.
In regards to revenue share, North America ruled the global market for product management software in 2021. The region is predicted to maintain its dominance throughout the projected timeframe.
This is due to a rise in the demand for cloud-based solutions and the widespread use of cutting-edge technologies like IoT, AI, and machine learning across a variety of sectors, including manufacturing, retail & e-commerce, healthcare & life sciences, and others.
Additionally, the presence of numerous industry players with powerful distribution networks will support regional growth during the predicted period.
A large increase in demand from small and medium-sized businesses is expected to drive significant growth in Asia Pacific over the next seven years (SMEs). Due to cost advantages associated with it, including decreased IT spending coupled with improved productivity gains, these SMEs are implementing product management software more quickly than major corporations, which is enhancing regional growth prospects during the projection period.
Small and medium-sized businesses (SMBs) growing need for product management software due to the complexity of goods and the need for more operational visibility is one of the factors driving the expansion of the industry.
Demand for product management software is also being fueled by the growing acceptance of agile methodology, which necessitates close cooperation between product managers and engineers.
As more businesses look for solutions that may help them manage their mobile devices successfully, the Bring Your Own Device (BYOD) trend is also helping the industry grow.
The market for product management software is expanding as a result of the quick development of technology and the new opportunities it is providing for vendors.
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